Splash Beverage Acquires Exclusive Global Rights for Epilepsy Therapy CannEpil

MT Newswires Live

07/06

Splash Beverage (SBEV) said Monday it has signed an agreement with Argent BioPharma to acquire exclusive global licensing for an initial 20-year term for CannEpil, a cannabinoid-based investigational therapeutic for the treatment of drug-resistant epilepsy.

As part of the deal, Splash has secured a $1 million commitment from C/M Capital Partners to fund the development of CannEpil in the US and other key markets, the company said.

Mercer Street Global Opportunity Fund has also agreed to forgive about $5 million of Argent BioPharma indebtedness and Splash has agreed to issue $5.5 million of newly issued Splash preferred equity.

Splash said that Argent BioPharma is further incentivized to take part in the CannEpil program through a royalty equal to 15% of net revenue generated from worldwide sales of CannEpil.

CannEpil is currently available in multiple international markets like Ireland, the United Kingdom, Germany and Australia, the company added.

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