LOS ANGELES, CA--(Marketwired - Oct 14, 2016) - Endonovo Therapeutics, Inc. (OTCQB: ENDV), a developer of bioelectronic devices and non-invasive electroceuticals for the treatment of inflammatory conditions in vital organs, today provided a corporate update and announced its plan to uplist its common stock onto a national stock exchange.
Research and Development
The Company is currently preparing to conduct several pre-clinical studies evaluating the effectiveness of its Immunotronics technology in accelerating regeneration of the liver and treating inflammatory conditions such as ischemia/reperfusion injury. The Company expects to commence evaluating its Immunotronics technology in accelerating regeneration in the liver during the first quarter of 2017.
"We are excited about demonstrating the value of Pulsed Electromagnetic Fields beyond bone repair," stated Endonovo Chairman and CEO, Alan Collier. "There are several studies already showing the ability of electromagnetic fields to accelerate regeneration in the liver and our intent is to demonstrate Immunotronics' safe, non-invasive and effective treatment for treating/preventing vital organ failure resulting from out of control inflammation."
"Our technology has already shown great promise in regenerating bone not healing under normal conditions and the ability to reduce acute inflammation," added Mr. Collier. "We are now looking to expand this technology in the treatment of inflammatory conditions in vital organs beginning with the liver due to its unique ability to regenerate following injuries."
In addition, the Company is currently studying the effects of Cytotronics, the Company's bioelectronic approach to creating more effective cell therapies and biologics, on the activity of adult stem cells at a major university in Italy.
The Company announced that it has secured a funding agreement with an institutional investor to provide up to $10 million in aggregate financing consisting of:
- $1 million in convertible notes, of which $600,000 has been received by the Company and of which $400,000 is to be received upon receipt of the effectiveness of its registration statement (S-1) from the Securities and Exchange Commission (SEC), which was filed on August 29, 2016; and
- Up to $9 million in financing through a securities purchase agreement after 30 days from the declaration of effectiveness of its registration statement (S-1) by the Securities and Exchange Commission.
The Company intends to use the proceeds from this round of financing to conduct its pre-clinical studies and fund corporate and general expenses.
Restructuring of Convertible Notes and Uplisting
The Company is working in concert with its financial advisor on the restructuring of its existing convertible notes and uplisting its common stock onto a national stock exchange.
To date, the Company has extinguished $156,000 in convertible notes and restructured $355,750 in convertible notes further allowing the Company to preserve shareholder value as it prepares to uplist its common stock onto a national stock exchange.
"We are nearing the completion of our convertible notes restructuring so we can position ourselves to uplist our common stock," stated Mr. Collier. "We intend on uplisting our common stock onto a national stock exchange in order to provide our shareholders with increased value and liquidity as well as securing the funding needed to accelerate our platforms into the clinical stage."
The Company intends to uplist onto a national stock exchange during the first half of 2017.
About Endonovo Therapeutics
Endonovo Therapeutics, Inc. is a leading developer of bioelectronic-applications in cell therapies and non-invasive electroceuticals. Endonovo's Immunotronics™ platform is dedicated to treating patients with life-threatening inflammatory conditions, such as acute liver injury and fulminant hepatic failure, using proprietary non-invasive electroceutical devices. The Company's non-invasive platform is based on magnetically-induced electrical field pathways that target inflammation and cell death.
The Company's Cytotronics™ platform harnesses the bulk electrical properties of cells and tissues, namely magnetically-induced electrical field pathways to expand and enhance the therapeutic potential of cell therapies and produce next-generation biologics.
Safe Harbor Statement
This press release contains information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements, trends, analysis, and other information contained in this press release including words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," and other similar expressions of opinion, constitute forward-looking statements. Any such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from any future results described within the forward-looking statements. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company's reports filed with the Securities and Exchange Commission. The forward-looking information provided herein represents the Company's estimates as of the date of the press release, and subsequent events and developments may cause the Company's estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company's estimates of its future financial performance as of any date subsequent to the date of this press release.
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