DanDrit Biotech Announces Completion Of The Acquisition Of Enochian
LOS ANGELES, Feb. 19, 2018 /PRNewswire/ -- DanDrit Biotech USA, Inc.("DanDrit") is pleased to announce the completion of its previously reported acquisition (the "Acquisition") of Enochian Biopharma ("Enochian") on February 16, 2018. As a result of the Acquisition, DanDrit owns a perpetual, fully paid up, royalty free, sublicensable, exclusive, license to new technology platforms for the treatment of HIV, including combinatory gene therapy methods, and Enochian is now a wholly owned subsidiary of DanDrit.
Simultaneously with the acquisition, DanDrit completed a private placement to investors in the United States and a private placement to investors outside of the United States for total of 1,677,130 shares of common stock at $8.00 per share, and certain of DanDrit's existing shareholders exercised warrants to purchase a total of 2,400,000 shares of common stock.
As consideration for the acquisition, the stockholders of Enochian received 18,081,962 shares of DanDrit's common stock, representing 50% of DanDrit's common stock issued and outstanding, after giving effect to the private placements, the warrant exercises and the acquisition, and expenses related to the acquisition. The stockholders of Enochian will also have the right receive pro rata shares of DanDrit's common stock upon the exercise or conversion of any of DanDrit's warrants currently outstanding.
"We are excited about DanDrit's future and the further development of Enochian's therapies in conjunction with DanDrit's resources and research capabilities," said Eric Leire, MD, DanDrit's Chief Executive Officer. "This acquisition will not only give DanDrit access to new technology, but also bring onboard a team of bright, value-driven, experienced and enthusiastic professionals who are committed to the success of our clinical development programs."
DanDrit Biotech USA, Inc. (OTCQB: DDRT) is a publicly traded, development stage, biopharmaceutical company with a 15 year history in the biotechnology industry developing immunotherapies for various types of cancer. DanDrit is currently engaged in development of innovative treatments for HIV and colon cancer.
Statements in this press release that are not strictly historical in nature are forward-looking statements. These statements are only predictions based on current information and expectations and involve a number of risks and uncertainties. All statements other than historical facts are forward-looking statements, which can be identified by the use of forward-looking terminology such as "believes," "plans," "expects" or similar expressions. Actual events or results may differ materially from those projected in any of such statements due to various factors, including the risks set forth in DanDrit's most recent Annual Report on Form 10-K filed with the SEC and risks specific to the matters described herein, such as the success of the technology described herein. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement and DanDrit undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof.
SOURCE DanDrit Biotech USA, Inc.
Company Codes: OTC-PINK:DDRT, OTC-QB:DDRT