VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 8, 2015) - M Pharmaceutical Inc. (the "Company") (CSE:MQ) announced today that it has granted 1,050,000 stock options to directors, officers, employees and consultants. Each option entitles the holder to acquire one common share of the Company (a "Share") for a period of five years, at a price of $0.17 per Share. These options were issued in accordance with the Company's incentive stock option plan.
In addition, the Company is issuing 2,124,815 Shares to consultants and other service providers pursuant to contractual arrangements, and to settle certain debts of the Corporation owed to insiders and consultants, at a deemed price of $0.17 per Share representing in aggregate $356,625. The Shares, when issued, will be subject to a four month hold period under applicable law.
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.