Proactive Investors - Jolt Health Inc. (CSE:JOLT) announced that it will acquire intellectual property to develop transdermal patch technology for chloroquine (CQ) and hydroxychloroquine (HCQ), expanding its portfolio of biotechnology assets.
The life sciences company said it will acquire several provisional patents and patent applications in the US, Europe, and other countries for the transdermal and oral mucosal delivery of HCQ and CQ, in addition to related IP covering a large geography of potential patient populations.
HPQ is a Food and Drug Administration (FDA)-approved treatment for malaria, lupus and rheumatoid arthritis when delivered orally.
Jolt Health said it would be focused on advancing the transdermal delivery of HPQ for patients with these indications to avoid the side effects associated with oral delivery, including nausea, vomiting, loss of appetite, diarrhea, dizziness, or headache, by providing controlled constant delivery.
It said it will initially seek approval of the patch for HPQ delivery through the FDA’s 505(b)(2) accelerated pathway provisions.
“This acquisition not only diversifies drug delivery options but also enhances our ability to meet the urgent needs of patients dealing with malaria, lupus, and rheumatoid arthritis more effectively,” Jolt Health CEO Gerald Tritt said in a statement.
“By integrating these innovations, we are set to transform the therapeutic experience, reducing the burden of side effects associated with oral medications and significantly improving patient outcomes and deliver value to our shareholders."
Jolt Health will issue 300 million shares at $0.01 per share in consideration for the assets.
200 million shares will be issued upon closing of the deal, 25 million upon FDA approval of the technology, and the final 75 million upon the completion of a successful clinical trial.
The vendor will retain a 3% gross sales royalty which can be purchased by the company for $500,000.