Therapy Areas: AIDS & HIV
DanDrit enters into an agreement to acquire Enochian Biopharma
24 January 2018 -

Biopharmaceutical company DanDrit Biotech USA Inc announced on Tuesday that it has executed an agreement to acquire Enochian Biopharma Inc on or before 15 February 2018 subject to customary closing conditions.

As part of the agreement, the stockholders of Enochian shall be entitled to receive 50% of DanDrit's common stock issued and outstanding, pro rata shares of DanDrit's common stock upon the exercise or conversion of any of DanDrit's stock options and warrants currently outstanding as well as acquisition expenses.

Enochian is reportedly developing an innovative proprietary technology in the field of HIV/AIDS.

Through the acquisition, Enochian's technology will enhance DanDrit's research and development efforts and add to its pipeline.

Following closing, DanDrit plans to change its name to Enochian ImmunoScience Inc and relocate to Los Angeles, California.

In conjunction, Enochian will execute a sole and exclusive license with Weird Science LLC for its intellectual property rights in its technology for the prevention, treatment and amelioration of HIV, DanDrit, Weird Science LLC and a certain stockholder will sign an Investor Rights Agreement and a Standstill & Lock-Up Agreement and DanDrit will have USD19m cash on hand, less a maximum of USD1mof expenses related to the acquisition.

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