Houston-based AngioSoma Inc. entered into a partially binding letter of intent to acquire Diabetes Relief LLC.
Financial terms of the proposed transaction were not disclosed.
Diabetes Relief, also headquartered in Houston, licenses medical facilities to provide patients with personalized treatments for metabolic disorders, specializing in diabetes. The facilities use patented protocols, processes and intellectual property, according to AngioSoma.
AngioSoma expects Diabetes Relief to book gross revenues of about $2.4 million for 2018, up from about $1.9 million in 2017 and $213,434 in 2015.
The biotechnology company expects Diabetes Relief to see substantial revenue growth while facilitating clinical trials to support the U.S. Food and Drug Administration's approval of Liprostin. Liprostin is meant to treat peripheral artery disease — the narrowing of arteries serving the limbs.