NEW YORK, April 24 /PRNewswire-FirstCall/ -- Safetek International, Inc. today announced that on March 23rd it signed a term sheet with Resdevco Ltd. If the contemplated transaction closes, Safetek will be granted the right to acquire exclusive worldwide licensing rights for all of Resdevco’s intellectual property relating to its antioxidant compounds, including the full scope of potential indications. Safetek intends to initially focus on the development of compounds with proven potential against oxidative damage to the retina, and to carry out animal and clinical studies against other diseases involving oxidation caused by free radicals.
Safetek is currently conducting further due diligence on Resdevco and its intellectual property, but it is intended that a definitive agreement will be executed within 60 days after the completion of Safetek’s due diligence. Safetek will be paying an aggregate of $15,000 for due diligence material regarding Resdevco, and if Safetek decides to proceed with the proposed transaction, it will pay Resdevco a yearly fee and royalties.
“This intended transaction with Resdevco is consistent with our business strategy to leverage the rich source of biopharmaceutical innovation in Israel to create value for our shareholders,” said Amnon Presler, Safetek’s CEO. “We believe the preliminary findings in animal and clinical studies done with Resdevco’s antioxidant compound, along with the diversity of proven and accepted medical benefits of antioxidants, could help propel Safetek toward a strong position by enhancing our drug pipeline and our ability to bring lucrative drugs to the market.”
About Resdevco
Resdevco Ltd. is a research-based pharmaceutical company dedicated to treating and preventing human disease through the discovery, development and commercialization of pharmaceutical and natural products that are directed toward serving unmet medical needs. Resdevco’s drug development program has yielded a portfolio of pharmaceutical compounds with a focus on ophthalmology, dermatology and inflammatory disorders. Resdevco’s innovative developments are based on more than 30 years of research by Prof. Shabtai Dikstein, most of which has been directed to developing new indications for known pharmaceutical agents. Resdevco’s corporate headquarters is located in Jerusalem, Israel.
About Safetek
Safetek International Inc. is a U.S. biopharmaceutical company dedicated to the development of novel healthcare products in areas of critical need. In 2005, Safetek founded its wholly owned subsidiary, Oriens Life Sciences, so as to stay in close contact with leading researchers, universities, hospitals and other R&D institutes in Israel in order to identify, acquire and manage unique biopharmaceutical products with excellent market potential. The company is currently in the final lead optimization phase of its first licensed compound - an anticoagulant thrombin inhibitor for prevention of strokes in patients with atrial fibrillation and prevention and treatment of venous thromboembolism (VTE). For more information, please visit www.oriensls.com.
Certain information contained in this Press Release is considered forward looking statements. Investors and prospective investors are cautioned about significant factors which have in some cases affected our actual results and are in the future likely to affect our actual results and cause them to differ materially from those expressed in any such forward-looking statements. This Press Release contains forward-looking statements relating to future operational and business prospects. The Company’s results may be affected by, among other factors, the inability to raise sufficient funding, lack of Board approval for the proposed transaction with Resdevco ,lack of capital to commence research and development and commercialization of the compound, inadequate results of the r&d, lack of marketability, operating costs, advertising and promotional efforts, the existence or absence of adverse publicity, changes in business strategy or development plans, the ability to retain management, availability, terms and deployment of capital; business abilities and judgment of personnel, availability of qualified personnel, changes in, or failure to comply with various government regulations and slower than anticipated completion of research and development project. Actual results may also differ as a result of factors over which we have no control, including general economic and business conditions; effects of war or terrorists acts on the capital markets or the Company’s activities.
Contact: Dr. Shay Goldstein Telephone: +1-877-818-0919 Fax: +972-3-5613465 Email: info@oriensls.com
Safetek International Inc
CONTACT: Contact: Dr. Shay Goldstein, Telephone: +1-877-818-0919, Fax:+972-3-5613465, Email: info@oriensls.com
