Published on October 19, 2009 at 1:58 AM
Cancer Therapeutics, Inc. (OTCBB: CTHP), an emerging biotechnology business incubator with a specific emphasis on disruptive cancer treatments and nanotechnology, announced today it has signed a letter of intent to acquire another 26 percent interest in NanoTherapies, LLC which would give Cancer Therapeutics a total of 51 percent and controlling interest of NanoTherapies.
Terms of the agreement, which include six million restricted shares to NanoTherapies, are subject to formal approval by the Managing Member and Governing Board of Directors of NanoTherapies, LLC. In addition, a full audit of NanoTherapies needs to be completed as well for a binding agreement.
Recently, Cancer Therapeutics announced the completion of a 25 percent stake in NanoTherapies, making it the company's first acquisition. Chene Gardner, President and CEO of Cancer Therapeutics, said he anticipates finalizing the new agreement to come within the next 90 days.
NanoTherapies develops life-changing therapies for cancer treatment based on an evolving set of intellectual properties and patents derived from the exploitation of calcium phosphate nanoparticles for therapeutic and diagnostic applications.
SOURCE: Cancer Therapeutics, Inc.