VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 19, 2015) - M Pharmaceutical Inc., (the "Company") (CSE:MQ) announces that it has finalized the acquisition of the intellectual property associated with the eMosquito by the purchase of M Diagnostics Inc., a private company. The Company paid US$ 150,000 on closing, agreed to pay a 3% royalty on the commercial sale of any related products, and issued 8,066,670 common shares, which are subject to a 3 year escrow, with 10% being immediately releasable, and the balance in 6 equal installments over the next 3 years.
The Company has also entered into an agreement to sell its remaining oil and gas and mining assets to an arms-length private company for a deemed price of $250,000, payable by the issue of 10,000,000 private company shares at a deemed price of $0.025.
The Company is actively looking at other strategic medical devices to add to its portfolio so as to diversify its product mix and reduce market sector risk.
About M Pharmaceutical Inc.
The Company has signed an arms-length agreement to acquire and commercialize the rights to a biomedical device for the self-monitoring of blood glucose, primarily by diabetics. This device, called the eMosquito, is based on a novel in-plane actuator designed to provide minimally-invasive skin penetration to be used by persons with diabetes. The objective of the eMosquito is to obtain whole blood samples by penetrating the skin to shallower depths and in less sensitive areas of the body. Persons with diabetes have traditionally used the "finger prick" method to monitor/test their blood glucose levels. The blood sample was obtained by pricking the finger tip, a highly sensitive area of the body. The eMosquito is envisioned to be worn like a patch with small needles designed to puncture the skin just deep enough to draw blood without affecting the nerve endings and causing little or no pain. The commercial development of the eMosquito will require the successful coordination and execution of a wide variety of technology disciplines.
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, including the achievment of certain milestones, and the acquisition of additional products. 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 identify and acquire additional technologies and the failure to complete the commercialization of the eMosquito.