VANCOUVER, B.C., CANADA June 26, 2015 – M Pharmaceutical Inc., ( the "Company") (CSE:MQ), a Canadian company committed to developing and commercializing innovative biomedical technologies that improve the health and quality of life for people affected by obesity and diabetes, announced today that it has closed the previously announced acquisition of the rights to the intellectual property associated with neural gastrointestinal stimulators through the purchase of Trimtec Biomedical Inc. ("Trimtec"), a private Alberta company.
The Company has issued 1,000 common shares from treasury and assumed the obligations of the exclusive worldwide license agreement covering this technology that Trimtec holds with UTI Limited Partnership at the University of Calgary in Calgary, Alberta.
“This acquisition provides the Company with a third strategic family of medical devices to add to our portfolio, diversifying our product mix and reducing market sector risk,” said Dr. Mintchev, President and CEO of the Company, noting the gastrointestinal neurostimulators join the eMosquito blood glucose monitor and pseudobezoars for non-invasive weight loss already held by M Pharmaceutical. “This exclusive, worldwide license on the technology of neural gastrointestinal electrical stimulation for laparoscopically implanted, minimally-invasive treatment of obesity completes the first phase of our intellectual property development portfolio in the area of obesity.”
The Trimtec method has been tested in several studies on experimental animals chronically implanted with the stimulator, demonstrating its effectiveness. In 2014, a parametrically similar stimulator (but for the gastric vagal nerve located in the proximal stomach) was approved by the FDA as a Class III medical device for the treatment of obesity. The acquired technology is ready for chronic clinical trials on humans for regulatory purposes.
About M Pharmaceutical Inc.
M Pharmaceutical Inc. is committed to developing and commercializing innovative biomedical technologies that improve the health and quality of life for people affected by obesity and diabetes. The Company currently has the exclusive rights to a family of biomedical technologies including (i) the eMosquito, for automatic and autonomous monitoring of blood glucose in diabetics; (ii) temporary controllable pseudobezoars, an innovative method for non-invasive dynamic gastric volume reduction for weight loss that has been recently tested in blind, placebo-controlled human studies; and (iii) gastrointestinal neurostimulators, using a laparoscopically-implantable technique for the treatment of obesity without permanent anatomical modification of the stomach. Commercial development of the eMosquito, the pseudobezoar and the neurostimulator technologies will require successful coordination and execution of a wide variety of technology disciplines.
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FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. This news release includes forward-looking statements with respect to the commercialization of the rights to the eMosquito, the gastric stimulators and the temporary pseudobezoars. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com and such factors as the Company failing to complete the commercialization of the eMosquito, the gastric stimulators and the temporary pseudobezoars.