FluoroPharma announces letter of intent to buy Ground Fluor Pharmaceuticals
FluoroPharma Medical has entered into a nonbinding letter of intent to acquire Ground Fluor Pharmaceuticals (GFP).
The transaction is conditioned on the close of sufficient financing to fund the operations of the combined company, and due diligence review. FPMI intends to execute the transaction with a subsidiary of FPMI acquiring all shares of closely held GFP by payment with restricted stock, not to exceed a majority of FPMI's outstanding shares.
"The addition of the GFP's intellectual property portfolio and product candidates compliments the late stage PET imaging assets we currently have in development. GFP's unique platform for producing high value F-18 PET agents enables the preparation of important, previously difficult to prepare agents at a scale required for widespread clinical use. For example, the GFP chemistry can enhance our ability to prepare our current agents on a commercial scale," said Thomas Tulip, Ph.D., FPMI's President and CEO.
"GFP also provides late stage opportunities for additional product approvals and future revenue. FPMI believes that GFP's technology and product candidates can have significant value for patients, healthcare providers and for the Company's shareholders."
Dr. Tulip would continue in the role of President and CEO of the combined company.
Allan Green, MD, PhD, and CEO of GFP added, "The combination of Ground Fluor's products and technology with FluoroPharma's portfolio and management provides the opportunity to advance exciting new approaches to help patients with heart disease, cancer and degenerative neurological conditions. We're delighted by the prospect of this exciting combination of valuable Molecular Imaging assets."
Additionally, FPMI is planning an investor call on Tuesday, June 21st. Details will be made available in the near future.
Published 10 June 2016