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Emerald Organic gains license to develop Amarantus products

Amarantus BioScience Holdings Inc. said it was selling the rights to its therapeutic products to medical cannabis company Emerald Organic Products Inc. in exchange for $100 million in preferred stock.

Amarantus has entered a binding term sheet agreement with Emerald Organic, and is expected to receive the preferred stock in 2022 plus royalties on the sales of products that are commercialized. The products are treatment candidates for Alzheimer's, attention deficit hyperactivity disorder, or ADHD, Parkinson's, severe burns and vision loss; they are called eltoprazine, engineered skin substitute, mesencephalic astrocyte-derived neurotrophic factor and PhenoGuard.

New York-based biopharmaceutical company Amarantus said members of its team will become part of Emerald's emerging life sciences unit once the transaction closes. The agreement is subject to shareholder approval of Amarantus.

Amarantus, which has never made profit or generated revenue in at least the past five years, said the agreement will help create shareholder value given its debt and capital structure. The company had $31.4 million in total liabilities at the end of 2018, according to S&P Global Market Intelligence data.

Following the agreement, Eden Prairie, Maine-based Emerald plans to start a tender offer to acquire all outstanding shares of Amarantus, subject to certain conditions.

Additionally, Amarantus and Coeptis Pharmaceuticals Inc. have agreed to not go forward with the pending merger of Elto Pharma Inc. and Coeptis. In June 2018, Amarantus said it was looking to either launch an IPO or sell its wholly owned unit Elto Pharma.

The unit, which was formed in 2017, is developing eltoprazine for treating dyskinesia — uncontrolled movement associated with treatment by Parkinson's disease drug Levodopa.