Cannabinoid-Linked, Immunology and Virology focused Biotech Venture
VANCOUVER, BC, June 18, 2020 /CNW/ - Chemistree Technology Inc. (CSE: CHM) (CSE: CHM.wt) (US OTCQB: CHMJF) (the "Company" or "Chemistree"), further to its announcement on June 15, 2020, the Company is pleased to introduce ImmunoFlex Therapeutics Inc. ("ImmunoFlex") and provide a complete description of the investment per the Binding Letter of Intent.
ImmunoFlex is a team unified around a common goal of working with the immune system to prevent and combat disease. The first products are designed to improve the way the world prevents and treats viral infection. ImmunoFlex works to find solutions for people who want to enhance the preparedness of their immune function in defence and combat viral infection; preventing occurrences, and decreasing the severity of viral infections. By learning from the immune system, ImmunoFlex develops products that leverage existing compounds previously unknown ability to provide immune preparedness and resilience.
For the past three months, Chemistree has been regularly solicited with requests for funding by ventures proposing treatments or products related to the current pandemic, most of which lacked the team and development that ImmunoFlex displays. Chemistree's management immediately recognized that the ImmunoFlex team had been working on immunological and virological therapeutics well before the outbreak of the global pandemic. It is this level of high-quality scientific research and logical product development in the field of immune system response that makes ImmunoFlex an important and timely investment.
Chemistree President Karl Kottmeier commented, "We are thrilled to be the primary seed investors into ImmunoFlex. The timeliness of the products under development, driven by the tremendous collective experience and successes of the ImmunoFlex management team makes this truly a compelling investment for Chemistree. It is rare for a small company like Chemistree to get a chance to provide funding to a start up like ImmunoFlex. The track record of Dr. Vernon Oi alone as one of Stanford University's most prolific patent filers and royalty generators would normally place this out of reach for Chemistree. Fortunately, our positioning as a cannabis-focused investment company and ideal timing made this possible. I encourage shareholders and interested investors to go to www.immunoflex.com to get a full understanding of this exciting new opportunity."
ImmunoFlex CEO Chris Wagner stated, "ImmunoFlex works with the immune system to prevent and combat disease. We started with a shared interest in understanding the immune system and how different compounds have the potential to strengthen, support, and enhance our bodies natural surveillance system. Our research led us to form ImmunoFlex, where we develop and commercialize novel patented products that counteract weakened immune systems and diminished immune repertoire caused by a lifetime of battling viruses and disease. We are using genomics and other modern scientific tools to repurpose existing natural health products and studying their ability to enhance the human immune system and its capacity to prevent and combat viral infections. Our first product launch, targeted for late 2020, is pharmaceutical grade and designed to improve adaptive immunity biomarkers. We believe this product will become especially important for researchers, clinical users, and people interested in enhancing their immune system's ability to respond to new threats. Chemistree's support of ImmunoFlex is a strong signal from professional investors who believe we can improve the health of a large group of people."
Chemistree's investment in ImmunoFlex is subject to confirmatory due diligence and the completion of a definitive investment agreement. The investment includes an initial common share purchase of $500,000, together with Chemistree being granted a gross sales royalty on ImmunoFlex's North American sales; a further $500,000 second tranche common share purchase is conditional on certain performance by ImmunoFlex. In addition, Chemistree is entitled to anti-dilution pre-emptive rights and to appoint one person to ImmunoFlex's board of directors.