SAN CLEMENTE, CA--(Marketwired - October 18, 2016) - Smoofi Inc. (OTCQB: SMFI) today announced that the Company has entered into a definitive Asset Purchase Agreement ("Agreement") to acquire all of the assets of GandTex, LLC, a company with biomedical assets focused on advancing human organ transplant technology and medical research. The acquisition will be made through the Company's wholly-owned subsidiary, NuLife BioMed, Inc. ("NuLife"), and is expected to close within 15 business days.
In connection with this agreement, Smoofi intends to file an amendment to its Certificate of Incorporation to change its name to "NuLife Sciences, Inc." and will request FINRA's approval of the name change and change of its ticker symbol and Cusip number. Ticker symbol and Cusip number will be announced once approved and assigned.
The NuLife Technique
With 15 years of committed research supporting the GandTex biomedical assets, NuLife will possess a unique patented proprietary method (newly branded as the "NuLife Technique") that could potentially eliminate the need for an organ or tissue match and the necessity for anti-rejection drugs in human organ transplant. With over 123K candidates waiting for an organ in the U.S. alone, the market need is significant especially considering the potential of utilizing discarded or marginal organs. Additionally, the Company's versatile technique is potentially suitable for a variety of clinical indications, including sepsis, organ failure, wound healing, and other critical health related issues that humans are challenged with today.
With the Discovery phase completed, NuLife intends to enter a preclinical phase involving animal experiments. Data derived from future clinical trials will be submitted to Federal Drug Administration (FDA), Institutional Review Boards (IRB) and/or other regulatory bodies to determine the final pathway to utilization and commercialization.
Upon regulatory approval and successful human surgeries via randomized clinical trials, NuLife plans to build a market for using discarded and marginal organs processed by the NuLife technique for transplantation. Once established and proven, NuLife will target Organ Procurement Organizations (OPO) in all 50 states who would purchase organs processed by NuLife and other centers focused on using the technique for transplantation. The Company believes that this new approach would have the potential to significantly improve the organ transplantation process by reducing the needs for matching as well as reducing the needs for dialysis for patients awaiting a donor organ. It is also expected to significantly reduce or potentially eliminate expenses and adverse events associated with anti-rejection medications.
Strong Management & Advisory Team
In conjunction with the agreement, John Hollister will be leading Smoofi and NuLife going forward as Chief Executive Officer. Mr. Hollister is an executive with over 25 years of leadership experience in large pharmaceuticals, biotech (established and start-up), and medical device (software and diagnostics). He has extensive experience in all aspects of commercialization in the healthcare industry. In particular, strong background in oncology, hematology, vaccines, and diabetes. John was previously CEO of Nemus Bioscience and served as a strategic consultant working with early stage healthcare companies. He served as SVP of Marketing for Tethys Bioscience, a diabetes diagnostic company and CEO of EEG Spectrum International, a private device company. He served in a series of Commercial positions, including the Global Commercial Leader in Oncology at Amgen where he led multiple teams in developing oncology assets from preclinical to phase IV. Prior to Amgen, Mr. Hollister started his pharmaceutical career at SmithKline Beecham. Mr. Hollister has his BA in Economics from Stanford University and his MBA from the Drucker Center at the Claremont Graduate University.
"I am honored to be joining NuLife at such an important inflection point for the Company," said Mr. Hollister. "The necessity for such a game-changing technique for transplantations is overwhelming, as the need for organ transplants continues to exceed supply. 22 people die each day waiting for transplants that can't take place because of the shortage of donated organs. With successful commercialization of our method, organ recipients will not have to wait for a matched organ and we can reduce or eliminate the need for dialysis for patients waiting for a matched organ. As we enter the preclinical phase, we have comprehensive patent and IP protections in place and high entry barrier for competition, positioning us the leader in this emerging field. We look forward to updating our shareholders as our progress to commercialization advances."
Smoofi Inc., through its wholly owned subsidiary, NuLife BioMed Inc., is a biomedical company focused on advancing human organ transplant technology and medical research. NuLife has a patent protected unique proprietary method ("NuLife Technique") that could potentially eliminate the need for an organ or tissue match and the necessity for anti-rejection drugs. With a massive need and market for organ transplants, and over 123K candidates waiting for an organ in the U.S. alone, NuLife's versatile technique is suitable for a variety of clinical indications. The Company has completed discovery phase for its technique is now enter a preclinical phase involving animal experiments on its pathway to commercialization. Smoofi, through its wholly owned subsidiary, NuLife Technologies Inc., will also provide an online marketplace and community to assist in creating jobs and enable entrepreneurs and service providers to offer health related products and services within local markets.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, many of which are beyond the Company's control. The Company's actual results could differ materially and adversely from those anticipated in such forward-looking statements as a result of certain factors, including those set forth below and elsewhere in this press release. All statements, other than statements of historical facts, included in this press release regarding the Company's growth strategy, future operations, financial position, estimated revenue or losses, projected costs, prospects and plans and objectives of management are forward-looking statements. When used in this press release, the words "will," "may," "believe," "anticipate," "intend," "estimate," "expect," "project," "plan" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. All forward-looking statements speak only as of the date of this press release. The Company undertakes no obligation to update any forward-looking statements or other information contained herein. Potential investors should not place undue reliance on these forward-looking statements. Although the Company believes that its plans, intentions and expectations reflected in or suggested by the forward-looking statements in this press release are reasonable, the Company cannot assure potential investors that these plans, intentions or expectations will be achieved. The Company discloses important factors that could cause the Company's actual results to differ materially from its expectations under "Risk Factors" and elsewhere in this press release. These cautionary statements qualify all forward-looking statements attributable to the Company or persons acting on its behalf.