Nutriband Inc. Signs Acquisition Agreement of Carmel Biosciences and FDA Approved Prexxartan™
Nutriband Inc. (OTCQB: NTRB), is pleased to announce it has signed the definitive acquisition agreement to acquire Carmel Biosciences, Inc. The acquisition is expected to be valued at approximately $2,700,000 and will be paid in company stock in the amount of 350,000 restricted common shares.
According to the deal, Nutriband will acquire the NDA and ownership rights to FDA approved Prexxartan™, the ownership and rights to develop and market Carmel's pipeline including CAR-509, CAR-510, CAR-511 and CAR-512 currently in Pre IND phase plus rights to Carmel's clinically tested nutraceutical line. This includes MET-191, a nutritional supplement which has demonstrated benefit of lipid management, appetite control, and weight management, while improving factors that contribute to the metabolic syndrome.
Carmel Biosciences is a pharmaceutical company that addresses critical needs in new drug and liquid reformulation for cardiovascular and metabolic therapies. The Carmel Biosciences team combines a deep understanding of lipid biochemistry and clinical expertise in the cardiovascular and metabolic space.
In December 2017 Carmel Biosciences received FDA approval on its first drug PREXXARTAN, the first and Only approved oral liquid dosage form of the angiotensin receptor blocker (ARB) valsartan in the United States.
Oral liquid dosage medications boast a number of benefits such as being better for patients with discomfort swallowing pills, they can often boast faster absorption and flexibility of dosage.
PREXXARTAN™ (valsartan oral solution) is indicated for treatment of hypertension in adults and children six years and older. PREXXARTAN™ is also indicated for use as therapy for the treatment of heart failure (NYHA class II-IV). Additionally, PREXXARTAN™ has also been indicated for stable left ventricular failure or left ventricular dysfunction after myocardial infarction.
In 2010, valsartan (trade name Diovan) achieved annual sales of $2.052 billion in the United States and $6.053 billion worldwide. The patents for valsartan and valsartan/hydrochlorothiazide expired in September 2012 (Philip Moeller (April 29, 2011). "Blockbuster Drugs That Will Go Generic Soon". U.S.News & World Report.)