November 09, 2016 11:52 ET
QUEBEC CITY, QUEBEC--(Marketwired - Nov. 9, 2016) - Orletto Capital inc. ("Orletto" or the "Corporation") (TSX VENTURE:OLE.P), a Capital Pool Company and Devonian Health Group Inc. ("Devonian"), a botanical pharmaceutical company based in Québec, are pleased to announce that the shareholders of Devonian, present or represented by proxy at the annual general and special meeting of shareholders of Devonian held on November 8, 2016 (the "Meeting"), unanimously voted in favour of the proposed amalgamation with Orletto. The unanimous approval received at the Meeting represents an important milestone in connection with the previously announced Qualifying Transaction of Orletto. The shareholders of Orletto will be asked to vote on the amalgamation on November 25, 2016.
Orletto is a Capital Pool Company created pursuant to the Policy 2.4 and, to date, has not conducted material operations of any kind, other than to identify and evaluate businesses and assets with a view to completing a Qualifying Transaction. On September 9, 2014, Orletto completed its initial public offering, and the Orletto common shares commenced trading on the Exchange. Since incorporation, Orletto has incurred costs in carrying out its initial public offering, in seeking, evaluating and negotiating potential Qualifying Transactions, and in meeting the disclosure obligations imposed upon it as a reporting issuer.
Devonian is a late stage botanical pharmaceutical company with novel therapeutic approaches targeting unmet medical needs. Devonian's core strategy is to develop prescription botanical drugs. This strategy is supported by US-FDA set of regulatory guidelines favouring a more efficient drug development pathway versus traditional prescription medicines. Devonian is based on a broad-based platform originating from over ten years of research. This platform provides a unique process of extraction, purification, stabilization and conditioning of a molecular complex responsible for the photosynthetic process in plants and algae: The Supra Molecular Complex Extraction and Stabilisation Technology (SUPREX). The "Thykaminetm" is the first product issued from this platform. The potent anti-inflammatory and anti-oxidative activities of "Thykaminetm" have been demonstrated in several pre-clinical experiments as well as in a Phase 2a "proof of concept" clinical study in patients with mild-to-moderate distal ulcerative colitis. The product is now moving into large phase 2 clinical trials in two therapeutic areas: Ulcerative Colitis and Atopic Dermatitis. While the development of prescription botanical drugs is its core business, Devonian is also involved in the development of high value derma-cosmeceutical products as part of a secondary strategy to generate short-term revenues and optimize manufacturing efficiency.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Benoit ChotardPresident and DirectorOrletto Capital inc.(778) email@example.comAndre BouletPresident and Chief Executive OfficerDevonian Health Group inc.(514) firstname.lastname@example.org
See all RSS Newsfeeds