TORONTO, ON--(Marketwired - Mar 3, 2017) - Easton Pharmaceuticals Inc. (OTC PINK: EAPH) Announces it has closed on an interim financing with additional financing funds committed
Easton Pharmaceuticals has closed on an interim financing facility up to $2,000,000, of which it has been provided access to. This facility also provides for an additional commitment of funds depending upon the company's requirements. Terms of the facility are in the form of a loan, convertible to restricted common shares of Easton stock. Easton intends to use the funds to complete various acquisition targets of revenue generating companies that are strategic in the company's growth plan which includes possibly expanding its licensed products and the utilization of a possible sales force for further sales in Mexico, Central and Latin America.
Although moving slower than expected, the proposed acquisition of iBliss Inc. announced in early February is progressing well with negotiations on various terms and outstanding items nearing consensus. An anticipated closing is to be finalized shortly. There are currently several companies Easton has been in discussions with as target acquisition(s) and / or joint venture opportunities, which includes the Cannabis market. Easton expects to finalize and close on any number, which are expected to deliver millions of dollars in revenues for the company.
Evan Karras, CEO of Easton Pharmaceuticals, stated, "The financing facility is an important step to move the company forward allowing us to finalize some potentially lucrative acquisition(s) / joint ventures which includes a possible expansion of our licensed products and future sales force in Mexico, Central and Latin America as part of our strategic growth plans." Mr. Karras further commented, "We are optimistic with our recent 'Gynofit' product launch through our distribution partners Gedeon Richter and their Mexican subsidiary company, which would complement the anticipated closing of iBliss and their growing international sales of vaporizers, e-liquids and medical marijuana initiatives as drivers of success for 2017 and well into the future for Easton Pharmaceuticals."
Easton and its partner BMV Medica are nearing completion of its late stage negotiations with 2 multi-national pharmaceutical companies on a sub-licensing distribution agreement for 2 other women's diagnostic products which Easton / BMV hold licensing rights for in Mexico and other parts of Central and South America. AL-Sense, one of the 2 products, is an Amniotic Fluid Diagnostic Leak Test, which is a patented women's diagnostic product that is currently being sold in the United Kingdom, and has European Approval. It serves a huge market where the birth rate in Latin America is three times the birth rate of North America and most of Europe. The target market for BMV/Easton has a population exceeding 200 million people. Sales in Latin America for pharmaceutical and diagnostic products are expected to grow at a rate five times that of North America and Europe as a result of a much higher birthrate in the region including other factors.
About Easton Pharmaceuticals
Easton Pharmaceuticals is a diversified specialty pharmaceutical company involved in various pharmaceutical sectors and other growing industries. The Company previously developed and owned an FDA-approved wound-healing drug and currently owns topically delivered drugs to treat cancer and other therapeutic products to treat various conditions that are all in various stages of development and approval. Easton has partnered with BMV Medica SA de C.V. and together, own the exclusive distribution rights in Mexico and Latin America for patented women's diagnostic and preventative care products from CommonSense Of Israel, along with two generic cancer drugs, Paclitaxel and Docetaxel from BioLyse Pharma of St. Catherine's Ontario, Canada.
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This news release may contain forward-looking statements or expressions within the meaning of the Private Securities Litigation Reform Act of 1995 (The "Act"). In particular, when certain words or phrases such as "hope", "positive", "anticipate," "pleased," "plan," "confident that," "believe," "expect," "possible" or "intent to" and similar conditional expressions are expressed, they are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Any investment made into Easton Pharmaceuticals would be classified as speculative and may contain risks. Such risks and uncertainties include, but are not limited to, market conditions, general acceptance of the company's products and technologies, competitive factors, the ability to successfully complete additional or adequate financing, government approvals or changes to proposed laws and other risks and uncertainties further stated in the company's financial reports and filings.