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Preveceutical Medical Inc
Symbol PREV
Shares Issued 541,703,359
Close 2024-11-14 C$ 0.02
Market Cap C$ 10,834,067
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Preveceutical Medical closes IP asset sale to BioGene

2024-11-15 15:13 ET - News Release

Mr. Stephen Van Deventer reports

PREVECEUTICAL ANNOUNCES CLOSING OF BIOGENE THERAPEUTICS TRANSACTION

Further to its news release dated Oct. 30, 2024, Preveceutical Medical Inc. has closed the intellectual property asset sale transaction among its affiliate, Preveceutical (Australia) Pty. Ltd., and its wholly owned subsidiary BioGene Therapeutics Inc., effective Nov. 15, 2024.

Pursuant to the intellectual property purchase agreement dated Oct. 29, 2024, among the company, Preveceutical Australia and BioGene, the company and Preveceutical Australia sold certain intellectual property assets to BioGene. The aggregate purchase price for the assets is $1,353,227 (U.S.), comprising: $500,000 (U.S.), which will be paid in cash; and the remaining paid by the allotment and issuance of 16 million common shares in the capital of BioGene at a deemed price of 5.33 cents per consideration share. The cash payment will be paid within 24 months of the closing of the transaction and the consideration shares were issued to the company at closing. The company intends to distribute a portion of the consideration shares to its shareholders at a later date.

For additional information regarding the transaction, the assets and the distribution, please refer to the company's news release dated Oct. 30, 2024, as filed under the company's profile on SEDAR+.

About Preveceutical Medical Inc.

Preveceutical is a health sciences company that develops innovative options for preventive and curative therapies utilizing organic and nature-identical products. Preveceutical aims to be a leader in preventive health sciences and currently has five research and development programs, including: dual gene therapy for curative and prevention therapies for diabetes and obesity; the Sol-gel program; nature-identical peptides for treatment of various ailments; non-addictive analgesic peptides as a replacement to the highly addictive analgesics such as morphine, fentanyl and oxycodone; and a therapeutic product for treating athletes who suffer from concussions (mild traumatic brain injury).

About BioGene Therapeutics Inc.

BioGene is a Texas-based life science company focused on advancing innovative therapies in metabolic health and gene-based treatments. As a key component of BioGene's expansion, BioGene Australia operates as a wholly owned subsidiary of BioGene in Texas, leveraging the strategic benefits of Australia's 43.5-per-cent R&D tax cashback incentive. This subsidiary supports continuing research and development activities in Australia, where BioGene capitalizes on exceptional scientific talent and the nation's commitment to advancing life sciences. Currently, BioGene Australia is engaged in pioneering research into GLP-1 receptor agonists and advanced diabetes treatments, including gene therapies designed to address the growing global diabetes and obesity crisis.

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