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Global Health Ventures and Critical Sign Memorandum of Understanding for an Anti-Obesity Drug
27th January 2009,Vancouver, BC and Nottingham, UK
Global Health Ventures and Critical Pharmaceuticals Sign Memorandum of Understanding for an Anti-Obesity Drug
Vancouver, BC and Nottingham, UK (January 27, 2009) – Global Health Ventures Inc. (OTCBB: GHLV), a HealthCare Technology merchant bank is pleased to announce the signing of a memorandum of understanding for the acquisition of an anti-obesity nasal drug product from Critical Pharmaceuticals Ltd. Under the terms of the agreement, Critical Pharmaceuticals licenses an anti-obesity drug product that they have developed using their patented technology known as CriticalSorb to Global Health Ventures on worldwide exclusive basis. A different version of the drug is currently in the late stage of development with some major pharmaceutical companies, but Critical management believes their formulation is far more effective than the current formulation being tested. The parties plan to reach final agreement in the near future, subject to completion of some outstanding conditions. The entire financing for the project will be committed by Global Health Ventures; and Critical Pharmaceuticals will benefit from the marketing of the product through royalties, milestones and research contracts agreed by the two companies.
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