Vancouver, British Columbia, Jan 16, 2019 (Newsfile Corp via COMTEX) -- PRESS RELEASE --Resinco Capital Partners Inc. has announced that the company has entered into a definitive agreement to acquire the remaining 51 percent of ReFormation Pharmaceuticals Corp, a medical cannabis company developing therapies to repair vital organs and stem cells by combining cannabinoids and an endogenous trigger of repair. Resinco previously acquired 49 percent of ReFormation's outstanding shares on Oct. 23, 2018.
Specifically, ReFormation Pharmaceuticals has identified a molecule (HMGB1) that primes the body's own stem cells to accelerate repair and regeneration following acute or chronic injury. Through the combination of this molecule and synthetic non-psychoactive cannabinoids they are developing a first-in-class therapy. ReFormation Pharmaceuticals is led by scientist, founder, CEO and chief science officer, Professor Jagdeep Nanchahal, of the University of Oxford.
"Resinco is extremely pleased to finalize this further investment into ReFormation. ReFormation is a tremendously innovative company, with all the attributes to disrupt the medical marijuana pharmaceutical space," says Alex Somjen, president & CEO of Resinco Capital Partners Inc. "The Global Stem Cells Market is estimated to grow to $9.03 billion by 2023 and having a company that focuses on an innovative approach to repair vital organs will be a beneficial investment as we position ourselves as a global investment company with an emphasis in 'Second generation' medicinal marijuana companies."
"This acquisition will provide ReFormation with additional resources to help solve major medical unmet needs," said Prof. Nanchahal. "The repair of major tissues will be another benefit of properly researching and developing the medical activities of cannabis-based products."
Finder's fees will be payable in accordance with the policies of the Canadian Securities Exchange. Pursuant to the terms of the ReFormation Agreement, ReFormation will amalgamate with the company's wholly owned subsidiary, 1189879 B.C. Ltd., in consideration for 29,000,000 common shares of the company. Upon completion of the transaction, Resinco's investment in ReFormation will be held through a wholly-owned subsidiary of the company.
