Business
OncBioMune Broadens Portfolio, Partners and Product with Vitel Acquisition
OncBioMune Broadens Portfolio, Partners and Product with Vitel Acquisition.
About this update from Theralink Technologies Inc.
[{"type":"text","content":"\nOncBioMune Broadens Portfolio, Partners and Product with Vitel Acquisition\n\nOncBioMune Broadens Portfolio, Partners and Product with Vitel Acquisition\n\nBATON ROUGE, LA--(Marketwired - November 11, 2016) - OncBioMune Pharmaceuticals, Inc. (OTCQB: OBMP) (\"OncBioMune\" or the \"Company\"), a clinical stage biopharmaceutical company engaged in the development of novel cancer products and a proprietary vaccine technology, is pleased to provide shareholders additional insight as to the Company's ongoing initiative to acquire Mexican Joint Venture partner Vitel Laboratorios, S.A. de C.V. (\"Vitel\"). In September, OncBioMune disclosed negotiating a potential merger, which resulted in the signing of a non-binding term sheet, as disclosed on November 3, 2016. The legal teams for each company are actively working on definitive agreement documents to create a binding arrangement, which would entail Vitel becoming a wholly owned subsidiary of OncBioMune. Currently, OncBioMune and Vitel have agreed in principle that the acquisition will transfer rights to Vitel's portfolio of products to OncBioMune, as well as establish new relationship between OncBioMune and Vitel's current network of distribution, proprietary rights, Joint Venture and licensing partners.Vitel presently has Mexican territorial rights through licensing agreements with Roha Arnzemittel, GmbH (\"Roha\") for Bekunis® (for constipation) and Cirkused® (for stress), as well as licensing rights to the remainder of Roha's pipeline at Vitel's discretion. These products were commercialized in September by Vitel and have generated approximately $100,000USD in revenue in approximately six weeks of an initial re-launch to the Mexican markets. Vitel also has Mexican territorial rights through licensing agreements with Cheplapharm Arzneimittel GmbH for Vesanoid® (for cancer); Kamada for KamRab® (for rabies), KamRho® (an Rh immunization) and Glassia® (for Anti-D deficiency); Aqvida for Imatinib (for cancer), Docetaxel (for cancer), Azathriopine (an immunosuppressive drug); and QPharma for Androferti (a male fertility drug).For Mexico, Central and Latin America, Vitel has Joint Venture partnerships forged for development and commercialization of several products, including, Gem Pharmaceuticals for GPX-150 (for sarcoma); EOC Pharma for Telatinib (for first...