$CURR strengthens balance sheet by $1.4 Million:
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Posted On: 06/15/2020 10:40:21 AM
$CURR strengthens balance sheet by $1.4 Million:
CURE Pharmaceutical Announces Exercise of Warrants for Cash Proceeds of Approximately $1.4 Million and Completes Earn Out Related to 2019 Acquisition
OXNARD, Calif., June 09, 2020 (GLOBE NEWSWIRE) -- CURE Pharmaceutical Holding Corp. (CURR), an innovative drug delivery company that is developing novel ways to deliver active ingredients, announced today that it strengthened its balance sheet with the receipt of $1.4 million in cash from the exercise of warrants to purchase 708,467 shares of CURE’s common stock held by certain stockholders of Chemistry Holdings, Inc. (Chemistry Holdings) at a reduced exercise price of $2.00 per share (which was 10 percent above the market price for CURE’s stock at closing). The warrant exercise is part of the completion of all earn-out arrangements and obligations related to CURE’s acquisition of Chemistry Holdings on May 14, 2019.
“This is a win/win for Chemistry Holdings and CURE stockholders,” said Rob Davidson, CEO of CURE. “With the acquisition of Chemistry Holdings, CURE obtained valuable proprietary formulation and dosage technology that expanded the CUREfilm™ platform with additional patents and know-how for improving drug absorption, efficacy, palatability, texture and portability. The ongoing integration of our resources has enhanced CURE’s research and development capabilities, which we expect will continue to lead to new product offerings and drive potential new revenue streams.
“This progress comes on the heels of other recent positive developments, including the news of our collaboration with PMI, a subsidiary of Mexico-based Factoria Bogar, that encompasses a distribution arrangement for CURE’s wellness products in Mexico, and work on formulations that leverage the CUREform™ novel delivery platform for treatment of multiple GI indications using PMI’s proprietary prebiotic product from agave in combination with CBD,” Davidson concluded.
About CURE Pharmaceutical Holding Corp.
CURE is a vertically integrated drug delivery and development company committed to improving drug efficacy, safety, and patient experience through its proprietary drug dosage forms and delivery systems. CURE has an FDA- and DEA- registered, cGMP manufacturing facility and is a pioneering developer of CUREform™, a patented drug delivery platform.
CUREform™ includes CUREfilm®, one of the most advanced oral thin films on the market today; microCURE™, an innovative emulsion technology utilizing proprietary encapsulation techniques; and CUREpods™ a novel chewable delivery system. CUREform’s combined technologies provide opportunities for both immediate and controlled-release drug delivery of a wide range of active ingredients. CURE partners with biotech, pharmaceutical, and wellness companies worldwide and has positioned itself to advance numerous therapeutic categories, including the pharmaceutical cannabis sector, with partnerships in the U.S., Canada, Israel, and other markets. For more information about CURE, please visit: www.curepharma.com.
Forward-Looking Statements
Statements CURE makes in this press release may include statements which are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”), which are usually identified by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “will,” and variations of such words or similar expressions. CURE intends these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act and is making this statement for purposes of complying with those safe harbor provisions. These forward-looking statements include, without limitation, the ability to successfully market the partnered products, the difficulty in predicting the timing or outcome of related research and development efforts, partnered product characteristics and indications, marketing approvals and launches of other products, the impact of pharmaceutical industry regulation, the impact of competitive products and pricing, the acceptance and demand of new pharmaceutical products, the impact of patents and other proprietary rights held by competitors and other third parties and the ability to obtain financing on favorable terms. The forward-looking statements in this press release reflect the Company’s judgment as of the date of this press release. The Company disclaims any intent or obligation to update these forward-looking statements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of our securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Contact:
Investors:
Ina McGuinness
investor@curepharma.com
805.427.1372
Media:
Deanne Eagle
deanne@planetcommunications.nyc
917.837.5866
CURE Pharmaceutical Announces Exercise of Warrants for Cash Proceeds of Approximately $1.4 Million and Completes Earn Out Related to 2019 Acquisition
OXNARD, Calif., June 09, 2020 (GLOBE NEWSWIRE) -- CURE Pharmaceutical Holding Corp. (CURR), an innovative drug delivery company that is developing novel ways to deliver active ingredients, announced today that it strengthened its balance sheet with the receipt of $1.4 million in cash from the exercise of warrants to purchase 708,467 shares of CURE’s common stock held by certain stockholders of Chemistry Holdings, Inc. (Chemistry Holdings) at a reduced exercise price of $2.00 per share (which was 10 percent above the market price for CURE’s stock at closing). The warrant exercise is part of the completion of all earn-out arrangements and obligations related to CURE’s acquisition of Chemistry Holdings on May 14, 2019.
“This is a win/win for Chemistry Holdings and CURE stockholders,” said Rob Davidson, CEO of CURE. “With the acquisition of Chemistry Holdings, CURE obtained valuable proprietary formulation and dosage technology that expanded the CUREfilm™ platform with additional patents and know-how for improving drug absorption, efficacy, palatability, texture and portability. The ongoing integration of our resources has enhanced CURE’s research and development capabilities, which we expect will continue to lead to new product offerings and drive potential new revenue streams.
“This progress comes on the heels of other recent positive developments, including the news of our collaboration with PMI, a subsidiary of Mexico-based Factoria Bogar, that encompasses a distribution arrangement for CURE’s wellness products in Mexico, and work on formulations that leverage the CUREform™ novel delivery platform for treatment of multiple GI indications using PMI’s proprietary prebiotic product from agave in combination with CBD,” Davidson concluded.
About CURE Pharmaceutical Holding Corp.
CURE is a vertically integrated drug delivery and development company committed to improving drug efficacy, safety, and patient experience through its proprietary drug dosage forms and delivery systems. CURE has an FDA- and DEA- registered, cGMP manufacturing facility and is a pioneering developer of CUREform™, a patented drug delivery platform.
CUREform™ includes CUREfilm®, one of the most advanced oral thin films on the market today; microCURE™, an innovative emulsion technology utilizing proprietary encapsulation techniques; and CUREpods™ a novel chewable delivery system. CUREform’s combined technologies provide opportunities for both immediate and controlled-release drug delivery of a wide range of active ingredients. CURE partners with biotech, pharmaceutical, and wellness companies worldwide and has positioned itself to advance numerous therapeutic categories, including the pharmaceutical cannabis sector, with partnerships in the U.S., Canada, Israel, and other markets. For more information about CURE, please visit: www.curepharma.com.
Forward-Looking Statements
Statements CURE makes in this press release may include statements which are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”), which are usually identified by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “will,” and variations of such words or similar expressions. CURE intends these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act and is making this statement for purposes of complying with those safe harbor provisions. These forward-looking statements include, without limitation, the ability to successfully market the partnered products, the difficulty in predicting the timing or outcome of related research and development efforts, partnered product characteristics and indications, marketing approvals and launches of other products, the impact of pharmaceutical industry regulation, the impact of competitive products and pricing, the acceptance and demand of new pharmaceutical products, the impact of patents and other proprietary rights held by competitors and other third parties and the ability to obtain financing on favorable terms. The forward-looking statements in this press release reflect the Company’s judgment as of the date of this press release. The Company disclaims any intent or obligation to update these forward-looking statements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of our securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Contact:
Investors:
Ina McGuinness
investor@curepharma.com
805.427.1372
Media:
Deanne Eagle
deanne@planetcommunications.nyc
917.837.5866
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