Breathtec to Open New Drug Development Division, Signs LOI to Acquire 100% of Clinical Stage Nash Pharmaceuticals Inc.

Breathtec to Open New Drug Development Division, Signs LOI to Acquire 100% of Clinical Stage Nash Pharmaceuticals Inc. (Globe Newswire)

UF startup Breathtec Biomedical Inc. is pleased to announce that it will be opening a new drug development division and has signed a Letter of Intent (“LOI”) to acquire 100% of the shares of Nash Pharmaceuticals Inc. Nash Pharma is a clinical stage pharmaceutical development company focused on drug repurposing in the areas of non-alcoholic steatohepatitis (NASH), chronic kidney disease (CKD) and inflammatory bowel disease (IBD). Through its ongoing research programs, Nash Pharma has developed data that supports the advancement of up to 7 drug candidates into phase II trials.

Pursuant to the LOI, Breathtec Biomedical will enter into a definitive agreement whereby Breathtec, prior to the closing of the transaction, will complete a consolidation of its securities on a 2-to-1 basis. This will result in it having 28,682,012 common shares, 6,005,833 outstanding warrants and 2,147,500 outstanding options. Further, Breathtec will acquire all of the issued and outstanding common shares of Nash Pharma in consideration for the issuance of 15,800,000 common shares and will issue an additional 14,800,000 warrants at a price equal to the exercise price of the Nash Pharma warrants.

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