Lobe Sciences Ltd (CSE:LOBE, OTCQB:LOBED) told investors that it signed an amendment to its April 18, 2023, share purchase agreement to acquire Altemia & Company LLC.
The deal includes all of Altemia’s assets, intellectual property and inventory to manage patients suffering from Sickle Cell Disease (SCD), a rare inherited blood disorder marked by defective hemoglobin.
Under the amendment, the company said the 76 million Lobe shares previously issued to the selling Altemia shareholders would be returned and cancelled under a share cancellation agreement.
The shares will be reissued to the Altemia members in four equal tranches on the achievement of milestones that include the closing of the transaction; delivery of inventory to a Lobe-designated storage facility; the first commercial sale allowing the trademark validation; and the successful completion of SAN100 Tech Transfer Documentation and delivery of samples of SAN100 to Lobe.
SAN100 is being developed as a prescription drug alternative for the treatment of SCD uniquely in children.
Altemia is the brand name of a patent-pending oral emulsion consisting of a proprietary mixture of polyunsaturated fatty acid triglyceride esters clinically evaluated to reduce inflammation in adults with SCD.
Contact the author at stephen.gunnion@proactiveinvestors.com