CURE Pharmaceutical has closed on the previously announced acquisition of Chemistry Holdings, a formulation technology company that is develops delivery systems for a variety of industries. The acquisition was an all-stock transaction using common stock. In connection with the signing and closing of this acquisition, CURE received a total of $10M in cash.
“This acquisition brings capital as well as novel intellectual property and scientific expertise to CURE’s capabilities, helping us deliver on our promise to transform patient’s lives with breakthrough medical treatments,” said Rob Davidson, CEO of CURE Pharmaceutical. “This transaction along with capital raised from private placement of shares since April 1, 2019 at $3.30 per share strengthens our balance sheet and bolsters our position as a pioneer and leader in the drug delivery market.”
This acquisition expands CURE’s platform of oral dosage forms beyond dissolving films and allows the company to pursue multiple encapsulations methods for improving the solubility of active ingredients.
The acquired technology includes a novel chewable delivery system, nanoemulsions, microemulsions, microcapsules and taste masking solutions. These technologies complement and expand the CUREfilm™ platform to enable the delivery of a wider range of active ingredients at higher doses. The combined technologies create a versatile platform for both immediate and controlled-release drug delivery.
“Chemistry Holdings was created to address pervasive drug delivery and patient adherence challenges facing the pharmaceutical industry. We focused on developing proprietary formulation technology and dosage forms that can improve drug absorption and efficacy without compromising on palatability, texture and portability – the consumer being always at the center of our product design” said Joshua Held, CEO of Chemistry Holdings. “We anticipate that by joining forces with CURE, we will expand into more markets and make a bigger impact."
Additional information concerning this acquisition can be found in the Company’s Form 8-K filed with the Securities and Exchange Commission on May 14, 2019.