Empower Clinics has signed a letter of intent (LOI) with Inolife R& for US national distribution agreement of needle-free treatments.
Under the agreement, Empower Clinics will make Inolife’s pioneering needle-free injection devices available to patients at Empower’s 15 clinics in Oregon, Washington, and Illinois.
Inolife developed its Inojex 30 and Nanojex devices to be easy-to-use, safe, pain-free, and more efficient in delivering treatment to patients than is possible with traditional needle-based injections. The needle-free category has experienced sustained double-digit growth during the past five years.
Empower CEO Craig Snyder said: “As we continue striving to offer the most efficient and effective ways to deliver treatment to patients, we’re very pleased to be working with a proven leader in Inolife.
“We are closely aligned with Inolife in terms of providing quality and results-focused care and look forward to working with them.”
Inolife president and CEO Michael Wright said: “With 15 clinics in three states, 25,000 active patients and 120,000 historic patients, Empower has a significant and growing footprint and we are excited to further our distribution by working together.
“We look forward to providing Empower and its patients with access to new and very effective methods of administering treatment.”
Empower also announced that it has granted an aggregate of 450,000 stock options, subject to approval of the Canadian Securities Exchange. 200,000 of such options vest immediately, are exercisable at CDN $0.26 per common share, will expire on May 25, 2023 and are otherwise governed by the terms and conditions of the company’s stock option plan.
The remaining 250,000 options vest in 62,500 tranches on January 22, 2019, April 22, 2019, July 22, 2019 and October 22, 2019, are exercisable at CDN $0.26 per common share, will expire on October 22, 2023 and are otherwise governed by the terms and conditions of the company’s stock option plan Following the grant of the options, the company has a total of 7,600,000 stock options outstanding representing approximately 10% of the outstanding common shares of the company.
Empower intends to complete a non-brokered private placement 312,903 units (the “Units”) at an issuance price of CDN $0.31 per Unit for aggregate gross proceeds of CDN $97,000. Each Unit consists of one common share and one warrant to purchase common shares at an exercise price of CDN $0.36 for one year from the date of issuance.
The Units issued pursuant to this private placement will be subject to a hold period of four months and one day from the date of issuance. Empower will also issue 517,132 Units, 1,204,851 common shares (at a deemed issuance price of $0.2325 per share) and 423,076 common shares (at a deemed issuance price of $0.26 per share) to settle $550,442 in outstanding commitments of the company.
Source: Company Press Release