WEST DES MOINES, IA--(Marketwired - June 10, 2014) - Spotlight Innovation, Inc. (OTCQB: STLT) today announced that effective June 4, 2014, Celtic Biotech Iowa, Inc. (a subsidiary of Spotlight Innovation, Inc.) has completed a share exchange agreement with biopharmaceutical company Celtic Biotech Ltd.
Pursuant to the share exchange agreement, Celtic Biotech Ltd. is a subsidiary of Celtic Biotech Iowa, Inc., and gains access to Spotlight Innovation's intellectual property commercialization and business development expertise.
Paul F. Reid, Ph.D., co-founder of Celtic Biotech Ltd., said, "With this new relationship, we are positioned to continue developing a suite of cancer treatment and pain therapies that have been progressing through clinical trials. We are tremendously excited and motivated to bring these highly-promising products to bear in the fight against cancer."
Cristopher Grunewald, President and CEO of Spotlight Innovation and Director of Celtic Biotech Iowa, said, "Celtic Biotech Iowa's mission directly supports our goal of positively impacting the health and well-being of as many people as possible. Celtic Biotech Ltd.'s novel, development-stage cancer and pain therapeutic products for treatment in humans, derived from naturally specialized receptor-binding proteins, have the potential to reduce treatment costs, increase survivability, and improve the quality of life for cancer patients. We look forward to fulfilling their promise."
About Spotlight Innovation, Inc.
Spotlight Innovation, Inc. provides solutions for healthcare-focused companies commercializing healthcare intellectual property developed by major centers of academia in the United States. The company focuses on identifying, validating and acquiring/cooperating with early stage companies developing healthcare technologies including pharmaceuticals, devices and equipment, diagnostic products and healthcare IT. Additional information available at www.spotlightinnovation.com.
About Celtic Biotech Iowa, Inc.
Celtic Biotech Iowa, Inc. is a subsidiary of Spotlight Innovation, Inc. Additional information available at www.spotlightinnovation.com/celticbiotech.
About Celtic Biotech, Ltd.
Celtic Biotech Ltd has developed novel, clinical trial-phase therapeutic products for the treatment of cancers and pain in humans. Derived from naturally specialized receptor-binding proteins, these products have the potential to reduce treatment costs, increase survivability, and improve the quality of life for cancer patients.
Forward Looking Statements
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications, which may arise, could prevent the prompt implementation of any strategically significant plan(s) outlined above. The Company undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.