Business
Endonovo Therapeutics Acquires Assets of Electroceuticals Developer, Rio Grande Neurosciences, and Settles Lawsuit
Endonovo Therapeutics Acquires Assets of Electroceuticals Developer, Rio Grande Neurosciences, and Settles Lawsuit.
About this update from Endonovo Therapeutics, Inc.
[{"type":"text","content":"\n\n Endonovo to Fund All Currently Planned and Future Clinical Trials for Traumatic Brain Injury, Post-Concussion Syndrome, Stroke and Other Central Nervous System Disorders\n LOS ANGELES, CA, Dec. 26, 2017 (GLOBE NEWSWIRE) -- Endonovo Therapeutics, Inc. (OTCQB: ENDV) (\"Endonovo\" or the \"Company\"), a clinical-stage developer of non-invasive electroceuticals for the treatment of vascular diseases and inflammatory conditions, today announced it has acquired the PEMF assets of Rio Grande Neurosciences, Inc. (“RGN”) for $4.5 million and settled its lawsuit concerning RGN’s termination of the binding letter agreement to acquire RGN dated July 8, 2016. Under the terms of the settlement agreement, RGN paid $150,000 to Endonovo Therapeutics and granted an exclusive option to Endonovo to acquire the PEMF assets of RGN for $4.5 million, which the Company exercised per the settlement agreement. The settlement has resulted in the dismissal of the case in the Superior Court of California, County of Los Angeles. Endonovo believes settling the case at this time is in the best interest of all parties, and its acquisition of RGN's PEMF assets could result in substantial benefit to its shareholders.  The PEMF assets includes a portfolio of intellectual property, including 27 issued patents with foreign patent protection covering the therapeutic use of PEMF for the treatment of various central nervous system disorders. Endonovo Therapeutics will initiate and fund both currently planned and all future clinical trials to evaluate the use of PEMF in the treatment of central nervous system disorders, including traumatic brain injury, post-concussion syndrome, stroke and multiple sclerosis. The PEMF assets additionally include a portable, disposable PEMF device with a CE Mark and an FDA 510(k) clearance for the treatment of soft tissue injuries and post-surgical pain and edema in addition to medical reimbursement for the treatment of chronic wounds. Endonovo Therapeutics will begin the commercialization of the PEMF assets through licensing and joint venture agreements and the creation of various sales channels and distribution agreements. The Company has posted an overview of the PEMF assets in the presentations page on its investor relations website. About Traumatic Brain Injury: Traumatic Brain Injury (TBI),...