VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 20, 2015) - M Pharmaceutical, Inc. (CSE:MQ)(OTCQB:MPHMF)(FRANKFURT:T3F2), (the "Company"), a clinical-stage company developing innovative technologies for the monitoring and treatment of obesity, diabetes, and other gastroenterological indications, today announced that the Company has reached agreement with its creditors to settle C$ 743,266.36 of payables in exchange for convertible debenture notes.
Matthew B. Lehman, the Company's Chief Executive Officer, commented: "I am pleased we have reached this settlement with the Company's creditors. This is a significant milestone that restructures the fundamentals of our financial situation. It allows us to develop our Trimeo, Trimtec, and eMosquito technologies with a stronger balance sheet.
The Company debt will be settled by issuing convertible debentures, convertible into common stock at an exercise price of C$ 0.10. The term of the notes is 36 months at 10% annual simple interest. The interest shall be paid up front, through the issuance of Interest Units. Each Interest Unit consists of one share of the Company's common stock (at a deemed price of C$ 0.05 per unit) and one warrant with an exercise price of C$ 0.10 and a term of two years. Common stock issued under this placement is subject to a standard four-month lockup period as required by the CSE.
About M Pharmaceutical Inc.
Formed in early 2015, M Pharmaceutical Inc. is a clinical-stage company developing innovative technologies for the monitoring and treatment of obesity, diabetes, and other gastroenterological indications. The Company has exclusive rights to three technologies: (1) Trimeo capsules, temporary controllable pseudobezoars for non-invasive gastric volume reduction for the treatment of obesity; (2) Trimtec, gastrointestinal neurostimulators implanted laparoscopically for the treatment of obesity and gastroparesis without permanent anatomical modification of the stomach; and (3) eMosquito wearable blood monitor, for automatic and autonomous monitoring of blood glucose by diabetics.
M Pharmaceutical trades on the Canadian Securities Exchange (CSE) under the ticker symbol "MQ" as well as on the OTCQB as "MPHMF" and FWB (Frankfurt Stock Exchange) as "T3F2."
Notice regarding Forward Looking Statements: This news release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. This news release includes forward-looking statements with respect to the commercialization of the rights to the eMosquito, Trimeo and Trimtec biomedical technologies. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this news release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com and the Company's filings to the CSE at www.cnsx.ca. Such risk factors may cause the inability of the Company to successfully commercialize any of its biomedical technologies.
Notice regarding investigational devices: Trimeo, Trimtec, and eMosquito are investigational devices and are not currently available outside of approved clinical trials. Claims regarding the safety and efficacy of these devices have not been evaluated by Health Canada, the U.S. Food and Drug Administration, or any other international regulatory body.
Contact Information:
+1 604 428 0511
info@m-pharma.ca
www.m-pharma.ca