Business
CURE Pharmaceutical to Acquire Privately-Held Chemistry Holdings Inc., Expanding Its Technology Platform in Oral Drug Delivery
CURE Pharmaceutical to Acquire Privately-Held Chemistry Holdings Inc., Expanding Its Technology Platform in Oral Drug Delivery.
About this update from Avenir Wellness Solutions Inc.
[{"type":"text","content":"\nOXNARD, Calif., April 01, 2019 (GLOBE NEWSWIRE) -- CURE Pharmaceutical (OTC: CURR) (“CURE”), an innovative drug delivery and development company, today announced that it has agreed to acquire Chemistry Holdings Inc. (“Chemistry Holdings”, “CH”), a formulation technology company that is developing innovative delivery systems for a variety of industries, in an all-stock transaction.\n “This transaction will create a pioneering drug delivery engine with the promise to transform patient experience and wellness,” said Rob Davidson, CEO of CURE Pharmaceutical. “We believe that our combined talent, technology and capital will allow us to execute our business goals rapidly.” Key highlights of the agreement include: CURE Pharmaceutical will acquire Chemistry Holdings in an all-stock transaction using common stock.In connection with the signing, CURE is receiving $2 million from CH as a convertible note investment which will convert into CURE common stock at $3.34 per share if the merger does not close by April 30, 2019.Upon closing, Chemistry Holdings will bring at least an additional $8 million in cash to the combined entity.Upon closing, Chemistry Holdings founder and CEO, Joshua Held, will be appointed to CURE’s Board of Directors.Up to 32,072,283 shares will be issuable to the Chemistry Holding’s stockholders in connection with the transaction, subject to certain intellectual property, product development and revenue milestones. Of these shares, 8,018,071 will be issuable upon exercise of warrants at $5.01 per share.The acquisition of Chemistry Holdings is subject to the satisfaction of various closing conditions.The merger is expected to be completed on April 30, 2019. The acquired technology includes a novel chewable delivery system, nanoemulsions, microemulsions, microcapsules and taste masking solutions. These technologies complement and expand the CUREfilm™ platform to enable delivery of a wider range of active ingredients at higher doses. The combined technologies create a highly versatile platform for both immediate and controlled-release drug delivery. “The drug delivery market is poised for tremendous growth and bringing our expertise into the CURE family will only expedite the speed in which we will be able to deliver breakthrough medical ...