Resinco acquires remaining 51% ReFormation Pharmaceuticals Me. Alexander Somjen reports
RESINCO CAPITAL PARTNERS ANNOUNCES REMAINING ACQUISITION OF REFORMATION PHARMACEUTICALS CORP.
Resinco Capital Partners Inc. has entered into a definitive agreement to acquire the remaining 51 per cent of ReFormation Pharmaceuticals Corp., a medical cannabis company developing innovative, first-in-class therapies to repair vital organs and stem cells by combining cannabinoids and an endogenous trigger of repair. Resinco previously acquired 49 per cent of ReFormation's outstanding shares on Oct. 23, 2018.
Specifically, ReFormation Pharmaceuticals has identified a molecule (HMGB1) that primes the body's own stem cells to accelerate repair and regeneration following acute or chronic injury. Through the combination of this molecule and synthetic non-psychoactive cannabinoids, it is developing a first-in-class therapy. ReFormation Pharmaceuticals is led by world-class scientist, founder, chief executive officer and chief science officer, Professor Jagdeep Nanchahal, of the University of Oxford.
"Resinco is extremely pleased to finalize this further investment into ReFormation. ReFormation is a tremendously innovative company, with all the attributes to disrupt the medical marijuana pharmaceutical space," said Alex Somjen, president and chief executive officer of Resinco Capital Partners. "The global stem cells market is estimated to grow to $9.03-billion by 2023, and having a company that focuses on an innovative approach to repair vital organs will be a beneficial investment as we position ourselves as a global investment company with an emphasis in second-generation medicinal marijuana companies."
"This acquisition will provide ReFormation with additional resources to help solve major medical unmet needs," said Prof. Nanchahal of ReFormation. "The repair of major tissues will be another benefit of properly researching and developing the medical activities of cannabis-based products."
Finders' fees will be payable in accordance with the policies of the Canadian Securities Exchange. Pursuant to the terms of the ReFormation agreement, ReFormation will amalgamate with the company's wholly owned subsidiary, 1189879 B.C. Ltd., in consideration for 29 million common shares of the company. Upon completion of the transaction, Resinco's investment in ReFormation will be held through a wholly owned subsidiary of the company.
About Resinco Capital Partners Inc.
Resinco Capital Partners is a global investment company which specializes in providing early-stage financing to private and public companies, as well as medical cannabis pharmaceutical companies. The company engages in new, early-stage investment opportunities in previously underdeveloped assets and obtaining significant positions in early-stage investment opportunities that adequately reflect the risk profile.
About ReFormation Pharmaceuticals Corp.
ReFormation Pharmaceuticals is a medical cannabis pharmaceutical Company headquartered in Toronto, Ont., with its research and development team at the University of Oxford. The company is focused on an innovative approach to repair vital organs by combining cannabinoids and an endogenous trigger of repair (HMGB1). ReFormation is based on disruptive technology which will deliver a first-in-class therapeutic. The company has identified a molecule that primes the body's own stem cells from a diverse range of tissues to accelerate repair and regeneration following acute or chronic injury.
We seek Safe Harbor.
© 2019 Canjex Publishing Ltd. All rights reserved