DanDrit Biotech USA Inc.

DanDrit Biotech USA Inc. (OTCQB: DDRT) today announced that it has entered into an agreement to acquire privately-held OncoSynergy, Inc. Based in San Francisco, OncoSynergy develops novel oncology drug candidates including the first-in-class FDA orphan drug designated anti-CD29 monoclonal antibody, OS2966. The acquisition is subject to certain conditions, among others the approval from DDRT’s shareholders. The acquisition of OncoSynergy is an asset purchase agreement. The purchase price for the assets is at closing 50% of the fully diluted share capital of DanDrit, including any additional shares that may be issued to the Parties for any additional equity provided prior to Closing.
Included in the broad scope of assets purchased are, notably, several platform drugs developed at world-class institutions, including those by OncoSynergy’s founders at the University of California, San Francisco, as well as the synthetic small molecule invented by Drs.Nicolas Winssinger and Martin Karplus, 2013 Nobel Prize Laureate, while working at the University of Strasbourg. In addition, certain of the respective stockholders of the parties have agreed to provide an equity injection ofUS$ 3 Million each while each party’s funding obligation is reduced by the equity injection already contributed by that party since November 1, 2015, until the closing. Upon the closing of the acquisition, OncoSynergy employees will be integrated into DanDrit Biotech USA Inc. OncoSynergy co-founder and CEO, Shawn Carbonell, MD, PhD will become Chief Science Officer and Anne-Marie Carbonell, MD will assume the role of Chief Medical Officer. DanDrit intends on moving global operations to San Francisco and adopting a new global name – OncoSynergy – upon shareholder approval.