NEW YORK, Jan. 23, 2018 /PRNewswire/ -- DanDrit Biotech USA, Inc. ("DanDrit") signedan agreement to acquire Enochian Biopharma Inc. ("Enochian"). Enochian is developing an innovative proprietary technology in the field of HIV/AIDS. DanDrit believes that through the acquisition, Enochian's technology will enhance DanDrit's research and
The stockholders of Enochian shall be entitled to receive as consideration (i) 50% of the number of shares of DanDrit's common stock issued and outstanding upon the acquisition, after giving effect to the acquisition, (ii) pro rata shares of DanDrit's common stock upon the exercise or conversion of any of DanDrit's stock options and warrants currently outstanding and (iii) expenses related to the acquisition.
DanDrit plans to change its name to Enochian ImmunoScience, Inc. and relocate to Los Angeles, California.
The acquisition is subject to customary closing conditions, and (i) Enochian will execute a perpetual, sole and exclusive license with Weird Science LLC for its intellectual property rights in its technology for the prevention, treatment and amelioration of HIV in humans satisfactory to DanDrit, (ii) DanDrit, Weird Science LLC and a certain stockholder of DanDrit will enter into an Investor Rights Agreement and a Standstill & Lock-Up Agreement, (iii) DanDrit will have $19,000,000 cash on hand, less a maximum of $1,000,000 of expenses related to the acquisition and (iv) DanDrit will execute agreements with certain persons affiliated with Enochian. DanDrit expects to finalize the acquisition on or before February 15th.
DanDrit Biotech USA, Inc. (OTCQB: DDRT) is a development stage, biopharmaceutical company with 15 year history developing immunotherapies for cancer.
Statements in this press release not strictly historical in nature are forward-looking statements, which are predictions based on current information, involve risks and uncertainties and can be identified by terminology such as "believes, plans" "expects" or similar expressions. Actual events or results may differ materially from those projected in such statements due to various factors, including the risks set forth in DanDrit's most recent Annual Report on Form 10-K and risks specific to the matters described herein, such as the consummation of the acquisition of Enochian and the success of the technology described herein. Readers are cautioned not to place undue reliance on forward-looking statements, which speak as of the date hereof. DanDrit undertakes no obligation to revise or update this press release after the date hereof.
Contact: Eric Leire 510-203-4857 email@example.com
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SOURCE DanDrit Biotech USA, Inc.
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