LAS VEGAS--(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.
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.