Inspyr Therapeutics Inc. on July 31 acquired privately held biotechnology company Lewis and Clark Pharmaceuticals Inc. in an all-stock transaction.

As consideration for the acquisition, the company agreed to issue an aggregate of 7,122,172 common shares to Lewis & Clark shareholders, resulting in the shareholders owning 50% of the issued and outstanding capital stock of Inspyr after the closing of the transaction.

In addition, Inspyr's board appointed John Montgomery, a principal of Lewis & Clark, to the board in connection with the deal. Montgomery's appointment, effective July 31, increases the size of the board to seven members from six members.