N2OFF Closes Merger with MitoCareX Bio
N2OFF, Inc. has completed the acquisition of MitoCareX Bio Ltd., a biotech company focused on developing novel therapies for hard-to-treat cancers, including pancreatic and non-small cell lung cancer, by targeting the mitochondrial SLC25 protein family. As a result of the deal, MitoCareX has become a wholly-owned subsidiary of N2OFF. The transaction involved N2OFF purchasing ordinary shares of MitoCareX from SciSparc for $700,000 and issuing common stock to the sellers, representing 40% of N2OFF's fully diluted capital stock. The sellers are also entitled to a share of N2OFF's financing proceeds, capped at $1.6 million over five years, and may receive milestone-based issuances of up to 25% of N2OFF's common stock. The agreement includes a commitment by N2OFF to support MitoCareX's operations for the next two years.
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