M Pharmaceutical Inc.
CNSX : MQ

M Pharmaceutical Inc.

February 13, 2015 14:04 ET

M Pharmaceutical Inc. Outlines eMosquito Milestones for 2015 and Final Private Placement Closing

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 13, 2015) - M Pharmaceutical Inc., ( the "Company") (CSE:MQ) wishes to outline its anticipated 2015 milestones in conducting the advancement of the technology and the development of the eMosquito.

George Tsafalas, director of the Company, said, "We believe that 2015 will be a year of significant progress for M Pharmaceutical and our shareholders. Our strategy is working toward achieving both our near-term milestones as well as laying the ground work for long-term growth of both our promising technology and our company."

The following are the Company's current milestone goals, together with an approximate timeline of achieving the same.

  • Development of a pilot prototype of the eMosquito (Q2 2015)
  • Preparation of a medical device registration strategy (Q2-Q3 2015)
  • Pilot prototype testing in laboratory (Q3 2015)
  • PCT Conversion/Continuous patent management (Q4 2015)
  • Pilot prototype testing on experimental animals (Q4 2015)

The Company also announced that it has closed the final tranche of its recently announced financing. The Company has issued an additional 10,250,000 units at $0.02 per unit for gross proceeds of $205,000, for final total gross proceeds of $1,080,000. Each unit consists of one common share in the capital of the Company (a "Common Share") and one Common Share purchase warrant (a "Warrant") entitling the holder to purchase one additional Common Share for $0.05 for a period of 12 months from closing. Proceeds will be used for working capital, including expenses for the acquisition of the rights to the eMosquito, and certain testing and development costs thereof. Securities issued hereunder will be subject to trading restrictions until June 14, 2015.

About M Pharmaceutical Inc.

The Company has signed an arms-length agreement to acquire and commercialize the rights to a biomedical device for the self-monitoring of blood glucose, primarily by diabetics. This device, called the eMosquito, is based on a novel in-plane actuator designed to provide minimally-invasive skin penetration to be used by persons with diabetes. The objective of the eMosquito is to obtain whole blood samples by penetrating the skin to shallower depths and in less sensitive areas of the body. Persons with diabetes have traditionally used the "finger prick" method to monitor/test their blood glucose levels. The blood sample was obtained by pricking the finger tip, a highly sensitive area of the body. The eMosquito is envisioned to be worn like a patch with small needles designed to puncture the skin just deep enough to draw blood without affecting the nerve endings and causing little or no pain. The commercial development of the eMosquito will require the successful coordination and execution of a wide variety of technology disciplines.

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 acquisition and commercialization of the rights to the eMosquito, including the achievment of certain milestones. 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 such factors as the Company failing to close the planned acquisition, the failure to complete the commercialization of the eMosquito and the failure to meet one or more of the proposed milestones.

Contact Information