NewsMONTREAL, QUEBEC, May 07, 2007 (MARKET WIRE via COMTEX News Network) --
Mistral Pharma Inc. (TSX VENTURE: MIP) ("Mistral") announces today the acquisition of CuraMedica (Canada) Inc. ("CuraMedica").
"Mistral is now an integrated pharmaceutical company" said Mr. Bertrand Bolduc, Mistral's President & CEO. "We now combine an exciting pipeline of branded controlled-release products and a soon to be approved product for the Canadian Market. We intend to use our pipeline of products for quid pro quo licensing deals in order to add new products to those coming from the CuraMedica acquisition" explained Mr. Bolduc.
CuraMedica will be integrated into Mistral Pharma and its President, Mrs. Dalal Manoli, has become Mistral's Vice-President Sales & Marketing.
CuraMedica is a privately-held Montreal company that owns the Canadian rights for pharmaceutical products in different therapeutic areas. CuraMedica's first product, Instillagel(R), is an innovative product licensed from Farco Pharma of Germany. It is a sterile gel combining lidocaine and chlorhexidine, a local anesthetic and antiseptic for urology procedures. Instillagel(R) provides a safe and effective solution for patients to ease discomfort in urology procedures. It is expected to be approved by Health Canada in 2007.
Details of the Transaction
Mistral issued 9,950,750 common shares, at a price of $0.06 per share, i.e. 5.65 % of the common shares outstanding giving effect to the transaction. These shares are subject to a 4-month hold period from the date of their issuance. Of the aggregate of 9,950,750 common shares, 7,334,083 were issued at closing while 2,616,667 will be held in escrow until Instillagel(R) is approved by Health Canada.