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M Pharma completes 40J’s acquisition on schedule

Friday, February 17, 2017 7:19
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(Before It's News)

M Pharmaceutical Inc (CNSX:MQ) has successfully closed the acquisition of 40J’s bang on schedule.

The company paid US$300,000 in cash at closing, issued 38,837,000 shares and US$2.5mln in unsecured five-year convertible notes to secure ownership of the assets of Cincinnati-based 40J’s.

The assets include a female sexual dysfunction drug, and menthol and l-arginine patented technology.

M Pharma is also liable for deferred cash payments and possible milestone payments of around $3.45mln and will pay a mid-single digit percentage royalty on sales of the female sexual dysfunction drug once commercialized.

“This is a significant step in the development of M Pharma as a company. This provides us not only with a suite of products that are currently being marketed to the tune of approximately US$800,000 in annual revenue to us now, but we have the basis to develop other applications, including a female dysfunction drug, which will be topical, local and non-systemic, with daily and on demand use, while being non-hormonal and not a central nervous system drug,” said gary Thompson, president and chief executive officer of M Pharma.

 

Story by ProactiveInvestors



Source: http://www.proactiveinvestors.com/companies/news/173339/m-pharma-completes-40j-s-acquisition-on-schedule-173339.html

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