Splash Beverage Acquires Exclusive Global Rights for Epilepsy Therapy CannEpil
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.
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.