Therapix Biosciences has signed a non-binding term sheet with CURE Pharmaceutical for the transfer to CURE of the non-pain assets of Therapix, subject to the fulfillment of the certain conditions.
The term sheet entered into is non-binding and subject to ongoing due diligence and the entry into of definitive agreements and the fulfillment of certain agreed conditions. It also provides for confidentiality and no shop provisions. Pursuant to the term sheet, the parties propose that Therapix will receive newly issued shares in CURE in exchange for the assets, and Therapix will as a result become a significant shareholder in CURE. The number of CURE Shares intended to be issued as consideration for the assets shall be mutually agreed by the parties based on an independent third party valuation of the assets and the CURE shares. The term sheet contemplates that Therapix CEO and Chairman, Ascher Schmulewitz, MD PhD, will be appointed to CURE's Board of Directors. The receipt of additional financing is one of the conditions of the acquisition, some of which may be provided by Therapix. There can be no assurance that the proposed transaction contemplated by the term sheet will result in a definitive agreement or a completed transaction.
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Therapix is developing a cannabinoid-based pipeline with drug development programs using dronabinol, a synthetic cannabinoid already approved by the FDA alone and as drug combinations. The proposed transfer of these assets would allow Therapix to focus on its expanding pain programs and precision medicine-based treatment options.
"I believe that integrating these clinical and preclinical assets within CURE's proprietary delivery platform will lead to differentiated therapies and execution efficiencies" said Dr. Shmulewitz. "We believe this could be an important step in accelerating our progress toward helping patients in need."