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Posted: October 16, 2009
Cancer Therapeutics Announces Letter of Intent With NanoTherapies, LLC
(Nanowerk News) Cancer Therapeutics, Inc., 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.
About Cancer Therapeutics, Inc.
Cancer Therapeutics, Inc. is a biotechnology business incubator, with a specific emphasis on disruptive treatments and nanotechnology. It seeks out disruptive cancer research and technology opportunities to invest in, develop, and commercialize. The end result will be therapies, treatments, and pharmaceuticals targeted at more efficiently and effectively attacking cancer. CTI seeks partners to co-develop drugs in various stages in our pipeline.