N2OFF Acquires MitoCareX: A New Frontier in Cancer Treatment
N2OFF Acquires MitoCareX Bio, Innovating Cancer Treatment
Neve Yarak, Israel - N2OFF, Inc. (NASDAQ: NITO), a forward-thinking clean tech company, has embarked on an exciting journey by signing a definitive agreement to acquire MitoCareX Bio Ltd. MitoCareX is a cutting-edge biotech company that focuses on drug discovery aimed at developing innovative therapeutics for cancers considered hard to treat.
Details of the Acquisition
The acquisition involves a securities purchase and exchange agreement where N2OFF will fully take over MitoCareX. N2OFF plans to purchase shares from the current owners, including SciSparc Ltd. (NASDAQ: SPRC), Dr. Alon Silberman, and Professor Ciro Leonardo Pierri. As part of the deal, N2OFF will pay $700,000 for 4,961 shares and will exchange a significant number of additional shares, culminating in an ownership stake that represents 40% of MitoCareX’s fully diluted equity.
Moreover, the Sellers will enjoy a fractional entitlement to 30% of N2OFF’s financing proceeds, capped at $1.6 million, for the next five years. This development marks MitoCareX’s transformation into a wholly owned subsidiary of N2OFF, complete with a new board established by N2OFF. This move is subject to the approval of N2OFF’s stockholders.
Commitment to Support
The agreement also includes a pledge by N2OFF to support MitoCareX financially in the initial years post-acquisition. This will consist of an initial cash injection of $1,000,000 to ensure MitoCareX can efficiently operate and expand its research and development activities.
MitoCareX's Mission in Oncology
MitoCareX is dedicated to tackling the challenging field of oncology, particularly in developing therapies that target the mitochondrial SLC25 protein family. By employing sophisticated 3D comparative modeling techniques, MitoCareX aims to discover small molecule therapeutics that can combat various cancer types effectively. Their advanced in vitro screening processes further validate the potential of these molecules as effective cancer treatments.
The global market for cancer therapeutics and biotherapeutics is booming, with projections suggesting it could surge from a valuation of approximately $194.1 billion to $344.1 billion within the coming years. MitoCareX is well-positioned to capitalize on this growth and provide crucial advancements in cancer treatment.
Enhancing Drug Discovery
By merging computational chemistry, structural biology, and precision medicine, MitoCareX can expedite the process of discovering groundbreaking oncology treatments. This unique blend of methodologies enables them to identify novel therapeutic targets and accelerate the development of drugs that could potentially change the landscape of cancer treatment.
Strategic Collaborations within N2OFF
Mr. Amitay Weiss, who is the Chairman of N2OFF's Board of Directors, also holds a similar position at SciSparc, establishing a strategic connection between the two companies. Additionally, Ms. Liat Sidi from N2OFF’s Board of Directors is a member of SciSparc’s Board, facilitating streamlined collaboration and knowledge sharing.
About N2OFF, Inc.
N2OFF, Inc., which has evolved from its previous identity as Save Foods, Inc., is committed to delivering sustainable solutions across clean technology and agri-tech sectors. With a focus on reducing greenhouse gas emissions and enhancing agricultural practices, N2OFF aims to promote eco-friendly and economically viable solutions.
Recently, N2OFF entered the solar photovoltaic market, backing a significant project by Solterra Renewable Energy Ltd. focused on a capacity of 111 MWp. The company is also committed to leveraging innovations in agriculture combat pathogens during post-harvest treatments for fruits and vegetables.
Frequently Asked Questions
What is N2OFF's latest acquisition?
N2OFF has acquired MitoCareX Bio Ltd., a biotech firm specializing in drug discovery for hard-to-treat cancers.
How will MitoCareX enhance N2OFF's offerings?
MitoCareX brings innovative drug discovery capabilities that align with N2OFF's mission of sustainability and health advancements.
What are MitoCareX's primary research focuses?
MitoCareX is focused on developing therapies targeting the mitochondrial SLC25 protein family to treat challenging cancers.
How is N2OFF supporting MitoCareX financially?
N2OFF has pledged an initial cash investment of $1,000,000 to support MitoCareX's operations post-acquisition.
What are the expected market trends for cancer therapeutics?
The cancer therapeutics market is projected to grow significantly, from an estimated $194.1B to approximately $344.1B by 2031.
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