CHARLOTTESVILLE, VA – Islet Sciences has entered into a share exchange agreement to acquire DiaKine Therapeutics (DTI), a development stage company commercializing novel immune modulators for the treatment of diabetes and related complications.
According to the agreement, the company has agreed to issue an aggregate of 200,000 shares of its newly designated shares of Series C preferred stock in exchange for all issued and outstanding shares of DTI.
Following closure of the deal, the company said it will issue 100,000 shares of its common stock in satisfaction of DTI’s liabilities outstanding to certain creditors of DTI .
Islet Sciences chairman and CEO John Steel said DiaKine’s drugs have the ability to reshape the diabetes market by hampering the progression of diabetes and reversing damage already caused by the disease.
Upon completion of the transaction, DiaKine Chairman Jerry L. Nadler will be joining the Board of Directors of Islet Sciences.
Islet Sciences is a development-stage biotechnology company with patented technologies focused on transplantation therapy for people with insulin-dependent diabetes.