June 13, 2018 – Nutriband Inc., is pleased to announce that it 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 approximately $3.8 million, through payment of 450,000 restricted common shares of the Company’s stock.
In December 2017, Carmel Biosciences received FDA approval for PREXXARTAN™, the first and only approved oral liquid dosage form of the angiotensin receptor blocker (ARB) valsartan in the United States.
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.
“The Carmel Biosciences team combines a deep understanding of lipid biochemistry and clinical expertise in the cardiovascular and metabolic space,” stated Gareth Sheridan, CEO of Nutriband. “Carmel’s focus in the reformulation of drugs with a high degree of safety and efficacy allows improved access to patients who have difficulty swallowing tablets or capsules and provides enhanced usage of these widely acclaimed products.”
The hypertension therapeutics market is growing at a compound annual growth rate of 3.2% and is expected to reach $4.75 billion by 2024, according to research and consulting firm GlobalData.