Ault Global Holdings Announces Agreement to Acquire up to 40% of Adtech Pharma, Inc.
June 28 2021 - 6:30AM
Business Wire
Ault Global Holdings, Inc. (NYSE American: DPW) a diversified
holding company (the “Company”), announced it has entered
into a securities purchase agreement to acquire up to 40% of the
current equity in Adtech Pharma, Inc. (“Adtech”), an
innovative biotechnology company, for $3 million.
Adtech is an innovative biotech firm that has developed a novel
formulation of a sole-sourced synthetic cannabinoid therapeutic
targeting glaucoma. Adtech believes that there is a worldwide
marketplace of over $4 billion in annual sales for glaucoma eye
drop therapeutics.
Adtech features a seasoned management team:
- Robert Kupper, PhD, is Adtech’s President and CEO, and was
formerly with the National Institute of Health, WR Grace, Hercules,
Rhodes Technologies, and Rhodes Pharmaceuticals;
- Lex Adjei, PhD, is Adtech’s Vice President of R&D and was
formerly with AbbVie, Kos Pharmaceuticals and Rhodes
Pharmaceuticals;
- Ping Chang, PhD, is Adtech’s Vice President of Operations and
was formerly with Pfizer, Schering Plough, Merck, Rhodes
Technologies, and Rhodes Pharmaceuticals; and
- Iok-Hou Pang, PhD, is Adtech’s Vice President of Product
Development, and was formerly with Alcon, Novartis, and is the
founding chair of the University of North Texas School of
Pharmacy.
The investment in Adtech is being made through Digital Power
Lending, LLC, a wholly owned subsidiary of the Company.
Highlights regarding Adtech and NB-110, a novel ophthalmic
formulation with a unique breakthrough mechanism of action:
- NB-110 comprises of a synthetic cannabinoid Nabilone in the
absence of any preservative and its formulation mimics a human tear
to drive efficacious delivery through the cornea to the retina and
optical nerves in the back of eye;
- Adtech will own the U.S. Patent and Trademark Office registered
intellectual property in composition, method of manufacturing and
use;
- Adtech notes that, to date, no company has demonstrated in
clinical trials that natural cannabinoids are efficacious for
glaucoma despite anecdotal evidence;
- Synthetic Nabilone is a cannabinoid receptor agonist, a
crystalline, and is stable under heat, light and oxygen, an
advantage over natural occurring cannabinoids such as dronabinol
and cannabidiol;
- Based on Adtech’s preclinical findings, NB-110 is targeted to
lower interocular pressure and protect optical nerves for glaucoma
patients;
- Adtech believes its formulation makes this drug unique and
differentiates it from today’s marketed glaucoma medications;
and
- Adtech is pursuing a 505(b)(2) regulatory pathway for NB-110 to
provide an alternate solution for those who find current treatments
inadequate.
Milton “Todd” Ault, III, the Company’s Executive Chairman,
stated, “We are very pleased to partner with Adtech and their very
talented and experienced management team. The strength of Ault
Global’s platform has been affirmed by our recent successes. We
continue to grow our platform and invest in undervalued businesses
and disruptive technologies with a global impact.”
Dr. Robert Kupper, President and CEO of Adtech stated, “I am
excited to partner with Ault Global Holdings to advance Adtech’s
science and technology with a goal to deliver medicines to patients
in need.”
For more information on Ault Global Holdings and its
subsidiaries, the Company recommends that stockholders, investors
and any other interested parties read the Company’s public filings
with the SEC, available at www.sec.gov, and press releases
available under the Investor Relations section at
www.AultGlobal.com.
About Ault Global Holdings, Inc.
Ault Global Holdings, Inc. is a diversified holding company
pursuing growth by acquiring undervalued businesses and disruptive
technologies with a global impact. Through its wholly and
majority-owned subsidiaries and strategic investments, the Company
provides mission-critical products that support a diverse range of
industries, including defense/aerospace, industrial, automotive,
telecommunications, medical/biopharma, and textiles. In addition,
the Company extends credit to select entrepreneurial businesses
through a licensed lending subsidiary. Ault Global Holdings’
headquarters are located at 11411 Southern Highlands Parkway, Suite
240, Las Vegas, NV 89141; www.AultGlobal.com.
Forward-Looking Statements
This press release contains “forward looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements generally include
statements that are predictive in nature and depend upon or refer
to future events or conditions, and include words such as
“believes,” “plans,” “anticipates,” “projects,” “estimates,”
“expects,” “intends,” “strategy,” “future,” “opportunity,” “may,”
“will,” “should,” “could,” “potential,” or similar expressions.
Statements that are not historical facts are forward-looking
statements. Forward-looking statements are based on current beliefs
and assumptions that are subject to risks and uncertainties.
Forward-looking statements speak only as of the date they are made,
and the Company undertakes no obligation to update any of them
publicly in light of new information or future events. Actual
results could differ materially from those contained in any
forward-looking statement as a result of various factors. More
information, including potential risk factors, that could affect
the Company’s business and financial results are included in the
Company’s filings with the U.S. Securities and Exchange Commission,
including, but not limited to, the Company’s Forms 10-K, 10-Q and
8-K. All filings are available at www.sec.gov and on the Company’s
website at www.AultGlobal.com.
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