Therapix Signs Non-Binding Agreement to Acquire Dekel Pharmaceuticals Ltd.
TEL AVIV, Israel, Oct. 21, 2014 (GLOBE NEWSWIRE) -- Therapix Bio (TASE:TRPX) (OTCQB:THXBY) announces that it recently entered into a Term Sheet for the acquisition of Dekel Pharmaceuticals Ltd., a privately-held company engaged in the research and development of drug therapies based on synthetic cannabinoid substances. Dekel's product candidates target indications including chronic pain and inflammation. In addition to its cannabinoid-related R&D drug programs, Dekel holds the IP rights to a disposable, dose-controlled inhalation device, which can be used in the delivery of drug compounds, including cannabinoids.
Under the terms of the acquisition, Therapix would acquire all outstanding share capital in Dekel from its existing investors in exchange for Therapix common shares. Dekel's current investors include, among others, Dr. Asher Shmulewitz, Chairman of Therapix. The specific and final terms of the proposed acquisition, including the number of Therapix shares to be issued, will be contingent upon completion of due diligence and fulfillment of additional suspending conditions, including the execution of a definitive and binding share-transfer agreement and receipt of additional approvals and conditions, including a preliminary capital raise by Therapix. In any event, the Therapix shares to be issued shall not entitle more than 50% of Therapix issued and outstanding share capital (upon closing of the definitive and binding agreement).
"The proposed acquisition of Dekel is another important step forward in the execution of our long-term growth strategy, which focuses on building a portfolio of synthetic cannabinoid-based pharmaceutical assets. Dekel's pharmaceutical product candidates are exciting, and we believe they possess the potential to provide patients with an effective treatment option that may be safer than currently available therapies. In addition, Dekel's unique, proprietary one-time-use inhaler has significant promise as a tool for the delivery of our own cannabinoid-based therapeutic products as well as a variety of other inhalable compounds," said Jan Turek, CEO of Therapix. "This transaction, coupled with our recent investment in Lara Pharm, is expected to provide us with a strong scientific foundation on which to build through both internal R&D and additional strategic investments. We look forward to working with the Dekel team toward completing the acquisition."
About Therapix
Therapix is a specialty pharmaceutical company focused on synthetic cannabinoid-based therapies with attractive risk/return profiles that target large, high value, under-served markets.
Therapix is executing its strategy through acquisitions of cannabinoid-focused companies and technologies. It continues to identify unique opportunities and is building a robust pipeline based on synergistic integration of unique technologies. As part of the strategy to invest in and acquire cannabinoid assets, the company announced on June 15, 2014, that a definitive investment agreement was signed between the company and Lara Pharm Ltd., a private company engaged in the field of medical cannabis. Its lead product, LP-306 is a unique synthetic formulation of THC administered through an inhaler, constituting a pharmaceutical substitution for medical marijuana.
The Company's portfolio also includes an orally administered anti-CD3 antibody for the treatment of various inflammatory diseases such as Non Alcoholic Steato Hepatitis (fatty liver disease).
Forward Looking Statements
This statement may constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities legislation, including, but not limited to, estimations relating to expected ADR's listing effects and forecasts relating to the area of synthetic cannabinoid-based pharmaceutical products.
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CONTACT: Lee Roth / Joseph Green The Ruth Group 646-536-7012 / 7013 lroth@theruthgroup.com / jgreen@theruthgroup.comHelp employers find you! Check out all the jobs and post your resume.