Breathtec Biomedical Inc. has signed a share exchange agreement to acquire Nash Pharmaceuticals Inc., a privately held clinical-stage pharmaceutical development company focused on drug re-purposing.
Nash Pharma develops re-purposed therapeutic drugs, which is the process of re-purposing an existing medicine to a new disease indication. The Vancouver, British Columbia-based company specifically focuses on chronic kidney disease, inflammatory bowel disease and non-alcoholic steatohepatitis, an inflammation of the liver.
"Nash Pharma through its drug re-purposing research program has discovered a number of compounds, already approved for other indications, that have shown efficacy in three new key disease areas that pose global health issues," said Breathtec CEO Christopher Moreau in an Oct. 9 statement.
Under the definitive share exchange agreement, Breathtec will issue 15,800,000 common shares at a price of 24 Canadian cents apiece, and an additional 14,800,000 warrants to Nash Pharma for acquiring all of the company's issued and outstanding common shares.
The deal is expected to close on or about Oct. 17, subject to certain conditions including Canadian Securities Exchange approval.
Breathtec is also based in Vancouver, British Columbia.