Amarantus Completes Sublicense of ESS, MANF and Ph
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Posted On: 01/02/2020 9:17:38 AM
Amarantus Completes Sublicense of ESS, MANF and PhenoGuard to Emerald Organic Products
• Emerald gains exclusive worldwide development rights to ESS, MANF and PhenoGuard
• Amarantus receives Emerald preferred stock valued at a minimum of $66.6 million
New York, NY, Jan. 02, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Amarantus Bioscience Holdings, Inc. (OTC Pink: AMBS) (“Amarantus,” or AMBS), a biotechnology holding company pursuing proprietary therapeutics and diagnostics through its subsidiaries, today announced that it has completed an exclusive worldwide sublicense agreement for development rights of Cutanogen Corporation’s and MANF Therapeutics, Inc.’s pipelines to Emerald Organic Products (OTCPK: EMOR, or “Emerald”), a diversified cannabidiol (“CBD”)-focused health sciences company. Emerald now has development rights to Engineered Skin Substitute (ESS), mesencephalic astrocyte-derived neurotrophic factor (MANF) and PhenoGuard for all applications. RHK Capital, a boutique Connecticut-based investment bank, advised Emerald on the transaction.
“This agreement provides Emerald with proprietary, cutting edge regenerative therapeutic candidates and world class biopharmaceutical expertise around which we intend to build a leading life sciences division that will separate Emerald from other emerging CBD health sciences companies,” said Ian Parker, President & CEO of Emerald Organic Products. "We now intend to focus on developing these assets through strategic partnerships to unlock their full potential."
Under the terms of the executed agreement, Amarantus is receiving an up-front payment of preferred stock in Emerald to be valued at a minimum of $66.6 million (the “Preferred”), and will receive single digit royalties, with a right to buy into up to double-digit royalties until April 2022. The Preferred is convertible into 33,333,333 shares of Emerald common stock in April 2022. Prior to April 2022, Amarantus may convert the Preferred stock to common stock in Emerald upon the common stock trading above $5 on average volume of 1,000,000 shares traded for a period of 20 days. Gerald Commissiong, Amarantus’ President & CEO, is slated to join Emerald’s Board of Directors. Gerald Commissiong, and Elise Brownell, PhD, Amarantus’ EVP of Operations and Project Management, will enter into employment and/or consulting agreements with Emerald under a newly-formed division of Emerald that will be created specific to life sciences. John Commissiong, PhD, Amarantus’ Chief Scientific Officer, will become a scientific adviser for Emerald.
ESS has completed a Phase 1/2 clinical study for the treatment of pediatric severe burns, for which it has received orphan drug designation (ODD) from the US Food & Drug Administration (FDA). MANF has achieved pre-clinical proof of concept in several disease models, including retinitis pigmentosa (RP), retinal artery occlusion (RAO), glaucoma, Parkinson’s disease, diabetes and myocardial infarction, and has received ODD from the FDA for RP and RAO. PhenoGuard is a discovery and target validation platform that led to the discovery of MANF, and which the companies believe could identify therapeutic applications for various cannabinoids.
Amarantus and Emerald continue to negotiate a transaction for eltoprazine, a product development candidate under development by Elto Pharma, Inc., Amarantus’ joint venture with Psychogenics, Inc.
“We are very pleased to complete the license of ESS, MANF and PhenoGuard to Emerald so that development of these incredibly important assets can move forward, while we continue to work with our partners towards an agreement on eltoprazine,” said Gerald Commissiong, President & CEO of Amarantus. “With this first major milestone now complete, Amarantus is well positioned to continue the recapitalization of its capital structure by initiating its Tier 1 Regulation A offering it filed in September 2019 once it receives clearance by the SEC. We believe that Emerald is positioned to capture significant market share in the CBD space and presents a compelling opportunity for investors to gain exposure to the space. We believe in Emerald’s business plan and intend to work tirelessly to help Emerald become successful.”
Read More: https://investorshangout.com/recentnews/AMBS#ixzz69sn2Pcv0
• Emerald gains exclusive worldwide development rights to ESS, MANF and PhenoGuard
• Amarantus receives Emerald preferred stock valued at a minimum of $66.6 million
New York, NY, Jan. 02, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Amarantus Bioscience Holdings, Inc. (OTC Pink: AMBS) (“Amarantus,” or AMBS), a biotechnology holding company pursuing proprietary therapeutics and diagnostics through its subsidiaries, today announced that it has completed an exclusive worldwide sublicense agreement for development rights of Cutanogen Corporation’s and MANF Therapeutics, Inc.’s pipelines to Emerald Organic Products (OTCPK: EMOR, or “Emerald”), a diversified cannabidiol (“CBD”)-focused health sciences company. Emerald now has development rights to Engineered Skin Substitute (ESS), mesencephalic astrocyte-derived neurotrophic factor (MANF) and PhenoGuard for all applications. RHK Capital, a boutique Connecticut-based investment bank, advised Emerald on the transaction.
“This agreement provides Emerald with proprietary, cutting edge regenerative therapeutic candidates and world class biopharmaceutical expertise around which we intend to build a leading life sciences division that will separate Emerald from other emerging CBD health sciences companies,” said Ian Parker, President & CEO of Emerald Organic Products. "We now intend to focus on developing these assets through strategic partnerships to unlock their full potential."
Under the terms of the executed agreement, Amarantus is receiving an up-front payment of preferred stock in Emerald to be valued at a minimum of $66.6 million (the “Preferred”), and will receive single digit royalties, with a right to buy into up to double-digit royalties until April 2022. The Preferred is convertible into 33,333,333 shares of Emerald common stock in April 2022. Prior to April 2022, Amarantus may convert the Preferred stock to common stock in Emerald upon the common stock trading above $5 on average volume of 1,000,000 shares traded for a period of 20 days. Gerald Commissiong, Amarantus’ President & CEO, is slated to join Emerald’s Board of Directors. Gerald Commissiong, and Elise Brownell, PhD, Amarantus’ EVP of Operations and Project Management, will enter into employment and/or consulting agreements with Emerald under a newly-formed division of Emerald that will be created specific to life sciences. John Commissiong, PhD, Amarantus’ Chief Scientific Officer, will become a scientific adviser for Emerald.
ESS has completed a Phase 1/2 clinical study for the treatment of pediatric severe burns, for which it has received orphan drug designation (ODD) from the US Food & Drug Administration (FDA). MANF has achieved pre-clinical proof of concept in several disease models, including retinitis pigmentosa (RP), retinal artery occlusion (RAO), glaucoma, Parkinson’s disease, diabetes and myocardial infarction, and has received ODD from the FDA for RP and RAO. PhenoGuard is a discovery and target validation platform that led to the discovery of MANF, and which the companies believe could identify therapeutic applications for various cannabinoids.
Amarantus and Emerald continue to negotiate a transaction for eltoprazine, a product development candidate under development by Elto Pharma, Inc., Amarantus’ joint venture with Psychogenics, Inc.
“We are very pleased to complete the license of ESS, MANF and PhenoGuard to Emerald so that development of these incredibly important assets can move forward, while we continue to work with our partners towards an agreement on eltoprazine,” said Gerald Commissiong, President & CEO of Amarantus. “With this first major milestone now complete, Amarantus is well positioned to continue the recapitalization of its capital structure by initiating its Tier 1 Regulation A offering it filed in September 2019 once it receives clearance by the SEC. We believe that Emerald is positioned to capture significant market share in the CBD space and presents a compelling opportunity for investors to gain exposure to the space. We believe in Emerald’s business plan and intend to work tirelessly to help Emerald become successful.”
Read More: https://investorshangout.com/recentnews/AMBS#ixzz69sn2Pcv0
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