MINNEAPOLIS, Jan. 5 /PRNewswire-FirstCall/ -- DTLL, Inc. (BULLETIN BOARD: DTLI) and GelStat Corporation (BULLETIN BOARD: GSAC) today announced that DTLL has closed on its acquisition of GS Pharma assets, including an exclusive license to develop and commercialize prescription drug applications for certain compounds discovered and developed by GelStat.
GelStat Corporation received 12.5 million shares of DTLL in the transaction, presently valued at nearly $35 million, and now holds an approximate 94 percent ownership interest in DTLL.
“We are pleased with the opportunity this acquisition brings to shareholders of DTLL,” said the company’s outgoing CEO. “With a lead compound that has demonstrated significant early potential for a number of applications, the resources necessary to carry on development work and a proven management team, including several with a history of having run successful drug development programs, we believe DTLL is well positioned to succeed in the pharmaceutical industry.”
“In addition to GelStat’s successful development of an effective migraine treatment, we believe our discoveries hold potential for application in other major disease states where significant unmet needs remain, especially those where inflammation plays a central role,” said Stephen Roberts, M.D., incoming president and chief executive of DTLL. “As a dedicated pharmaceutical company, DTLL is better able to maximize shareholder value by providing the focus and the resources necessary to execute on the unique challenges and opportunities of the industry.”
DTLL expects shortly to change its name to GS Pharma and will apply for a new trading symbol immediately thereafter.
About DTLL, Inc.
DTLL, Inc. is a development stage pharmaceutical company engaged in the discovery, development and research of novel therapeutic agents to address unmet patient needs in major disease states. The Company intends on developing a portfolio of product candidates based on its present lead compounds, acquired by license from GelStat Corporation. These compounds are believed to be potentially effective anti-inflammatory compounds. As such, the Company’s present research activity is focused primarily in the area of inflammation. Inflammation is central to the pathology of a number of disease states, including autoimmune disease, arthritis, migraine, asthma and many others. The Company may evaluate additional compounds on an ongoing basis, but its initial goal is to bring one or more of its initial product candidates through Phase II clinical trials, after which it will seek partnerships for the completion of Phase III clinical trials, regulatory approval and marketing.
Forward-Looking Statements
This press release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement other than a statement of historical fact should be considered a forward- looking statement. Such forward-looking statements are based on the Company’s current expectations and involve known and unknown risks, uncertainties, or other factors which may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on those forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation and does not intend to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect unanticipated events or developments.
Contact: Media Inquiries: The Carideo Group, Inc. Tony Carideo, 612-317-2880 Investor Relations: Insight Capital Brock Malky, 724-453-1800
DTLL, Inc.
CONTACT: Media, Tony Carideo of The Carideo Group, Inc.,+1-612-317-2880; or Investors: Brock Malky of Insight Capital,+1-724-453-1800
Web site: http://www.gelstat.com/
