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M Pharmaceutial completes acquisition of RC Global Capital and exclusive dietary technology

Published: 06:22 29 Apr 2015 AEST

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M Pharmaceutical (CSE:MQ) said it has closed its previously announced acquisition of RX Global Capital Inc. to acquire the intellectual property associated with temporary controllable pseudobezoars, a technology that was initially developed as a dietary supplement but has several potential medical device applications.

M Pharmaceutical has purchased RX Global, a private BC-based company, for about $3.0 million in shares. It will also issue about 84.6 million replacement warrants with an exercise price of 25 cents.

Specifically, the Company issued a total of 9,522,400 common shares at a price of $0.25 per share, including 3,500,000 shares to EatLittle Inc. pursuant to the license agreement. The Company also issued 5,664,000 replacement warrants, exercisable at $0.25 per warrant.

RX holds the exclusive worldwide rights to the technology of controllable temporary pseudobezoars developed by Drs. Martin Mintchev, Michel Fattouche and Orly Yadid-Pecht through EatLittle, a private company.

 

"This technology has several exciting applications beyond that of a weight loss implement. We will be pursuing further development into these areas, including as a diagnostic device or a drug delivery system. With the closing of this acquisition, we can now concentrate on moving both the eMosquito and the psuedobezoars technologies forward," said M Pharmaceutical’s President and CEO, Dr. Martin Mintchev.

Pseudobezoars represent an innovative method to reduce gastric volume for the purpose of weight loss using non-invasive methods.

The eMosquito will be developed as a less invasive way for diabetics to take blood samples for glucose level checks, by penetrating the skin to shallower depths, in less sensitive areas of the body. Currently, diabetics prick their fingers to monitor their blood glucose levels, which can be painful.

The eMosquito, however, is designed to be worn like a patch, with small needles to puncture the skin just deep enough to draw blood without damaging any nerves, causing little or no pain at all.

M Pharma is expecting to develop a pilot prototype of the device in the second quarter of this year, as well as prepare a medical device registration strategy by the third quarter. It will proceed to test the prototype in a lab later this year, moving on to animal testing in the final quarter of 2015.

The idea is to have a cuff-based device that automatically draws whole blood samples and monitors blood sugar levels on a regular basis. The medical product is composed of at least six single-use needles that "bite" sequentially at pre-programmed levels.

A commercial strip-based sensor associated with each needle will then measure glucose levels, with the data to be sent wirelessly to a remote device such as a smartphone. The patient need only replace the needles and the strips once every day.

M Pharmaceutical’s shares were trading 12.5% higher today at C$0.18

Last June, the company decided to sell its rights to an oil and gas prospective reconnaissance contract on the Beni Znassen block in Morocco. M Pharmaceutical changed its business focus shortly after the sale, with the company formerly known as First Sahara Energy.

The International Diabetes Federation (IDF) expects the number of people living with diabetes to rise from 387 million in 2014 to 592 million by 2035, which will dramatically increase global demand for treatment and control of the disease.

 

 

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