Nutriband to acquire Carmel Biosciences

14 June 2018

Florida, USA-based Nutriband (OTCQB: NTRB), has signed a Letter of Intent to acquire 100% of Carmel Biosciences, a pharmaceutical company that addresses critical needs in new drug and liquid reformulation for cardiovascular and metabolic therapies.

Nutriband plans to complete the deal, valued at around $3.8 million, through payment of 450,000 restricted common shares of the company's stock.

In December 2017, Atlanta-based Carmel Biosciences received US Food and Drug Administration approval for Prexxartan, the first and only approved oral liquid dosage form of the angiotensin receptor blocker (ARB) valsartan in the USA. Valsartan is the active ingredient of Novartis’ now off-patent Diovan.

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