TRDX Announces Completion of Key Milestone and Provides Details on Closing of Definitive Agreement With Genesis Biopharma, Inc.
September 10 2010 - 3:30PM
Marketwired
SciMeDent Health, Corp. f/k/a Trend Exploration, Inc. ("TRDX" or
the "Company") (PINKSHEETS: TRDX) today confirms it has completed
the structuring of DiabetRX Pharma Corp. ("DiabetRX") which will be
assigned the Sublicense and upon Final Closing will be 100% owned
by TRDX.
In addition, the Company provides the following details
regarding the recently executed Definitive Sublicense Agreement
("Definitive") with Montreal-based Genesis Biopharma, Inc.
("Genesis").
General Terms:
Financing TRDX has committed to a financing of $800,000 for the
continued R&D of Genesis' Painful Diabetic Neurapathy
("PDN") solution
The financing can be completed in tranches, with each
tranche resulting in a pro-rated ownership of DiabetRX.
First Tranche $60,000 required to maintain sublicense and take possession
of the first 7.5% of DiabetRX
Initial Closing The Initial Closing is based on, amongst other items, the
completion of customary due diligence by the parties
Final Closing Final Closing is defined as the completion of the $800,000
financing for the development of the PDN solution
Dr. Jan Stahl, CEO of TRDX, commented: "Since the signing of the
Definitive Agreement, I am very happy with the progress we have
made with Genesis. We feel confident in the current steps we are
taking to complete the Initial Closing and first Tranche financing.
We view DiabetRX as a long term investment with large potential and
look forward to the Final Closing."
About Genesis Biopharma, Inc.
Genesis Biopharma, Inc. (www.genesisbiopharma.com) is a Canadian
corporation founded in 2007 to exploit the commercial potential for
the therapeutic use of peptidomimetic (modified amino acid
peptides) compounds. Amino acids are the building blocks of
proteins, which are found in every cell. Proteins consist of
extremely long and complex amino acid chains. In contrast, a
peptide is a short string of amino acids, joined by chemical bonds
(also called "amide bonds").
About SCIMEDENT f/k/a Trend Exploration, Inc. (PINKSHEETS:
TRDX)
SciMeDent is a company focused on being a leading developer and
marketer of products and services for medicine, dentistry and life
sciences. SciMeDent plans to achieve growth initially through
mergers and acquisitions.
Cautionary Statement Regarding Forward-Looking Statements
A number of statements contained in this press release are
forward-looking statements. These forward-looking statements
involve a number of risks and uncertainties, including the
sufficiency of existing capital resources, technological or
industry changes and uncertainties related to the development of
the Company's business model. The actual results the Company may
achieve could differ materially from any forward-looking statements
due to such risks and uncertainties.
Contact: SciMeDent Health Corp. f/k/a Trend Exploration, Inc.
dmyers@cadenceconsultingllc.com 1-866-383-1374
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