EastGate Biotech Provides Update on Investment From Genluiching Mining Corporation
EastGate to Receive the First Non-dilutive Investment Tranch from the Total Funding up to $5 million USD as per the Terms of the Definitive Agreement
WEST CALDWELL, NJ and TORONTO, ON / ACCESSWIRE / July 24, 2018 / EastGate Biotech Corp. (OTC PINK: ETBI), a pharmaceutical company that focuses on innovative technological developments specifically in insulin drug delivery for the treatment of type 2 diabetes, announced that it is to receive the first tranch of the investment from Genluiching Mining Corporation as per the definitive agreement signed in April. As per the previously announced executed Definitive Agreement, Genluiching Mining will invest up to $5 million USD in tranches. The first non-dilutive tranche will be paid at the end of July 2018.
As announced previously, the investment will be focused specifically on the development of the liquid insulin mouth rinse for the Philippines. Genluiching agrees to fund this development until regulatory approval and registration of the insulin mouth rinse is achieved in the Philippines. The funds will also be used for administrative and operations in relation to EastGate and the EastGate Philippines’ office. Genluiching along with EastGate Biotech and EastGate Philippines will be participating in a Profit Sharing arrangement from the future proceeds of the liquid insulin mouth rinse.
“We are pleased to receive this initial investment and initiating the regulatory path for our liquid insulin mouth rinse solution in the Philippines,” said Anna Gluskin, CEO of EastGate Biotech. “We will be able to engage the expertise available to us in order to map out the road to approval. Genluiching remains committed to the business opportunity as well as the humanitarian benefits of our products and the impact it will have on the diabetes population which will allow for an early safe and efficacious delivery of insulin without needles.”
“I personally thank Genluiching, William Abajian, Global Licensing and Business Development of EastGate Biotech and Rose C. Perri, President of EastGate Biotech of working diligently to get the non-dilutive investment secured,” added Anna Gluskin.
About EastGate Biotech
EastGate Biotech focuses on innovative technological developments and produces and distributes innovative drug compounds and healthy nutraceuticals that are based on natural therapies absorbed by the body. We utilize advanced nanotechnologies and alternative delivery systems that take difficult to deliver compounds and deliver them using our nanotechnology platform which ultimately increase the bioavailability to the body. Using our methods of delivery, provides healthy alternatives to conventional pharmaceuticals that all-too-often create dangerous side-effects and unexpected consequences for those trying to attain and maintain a healthy lifestyle. EastGate’s wholly owned subsidiary Omni Surgery and Anti-Aging Centre is the first of many surgery centers to come under the Omni umbrella as we plan to roll up existing business under the Omni brand and expand our footprint globally.
About Genluiching Mining Corp.
Genluiching Mining Corporation is a mining and metal company based in Makati City, Philippines. The company led by CEO Jet Tupas, currently conducts mining operations in Asia.
Cautionary statement on forward-looking information
All statements, other than statements of historical fact, contained or incorporated by reference in this news release constitute “forward-looking information” or “forward-looking statements” within the meaning of certain securities laws, including the provisions for “safe harbour” under the United States Private Securities Litigation Reform Act of 1995 and are based on expectations, estimates and projections as of the date of this news release.
The words “anticipates”, “plans”, “expects”, “indicate”, “intend”, “scheduled”, “estimates”, “forecasts”, “focus”, “guidance”, “initiative”, “model”, “methodology”, “outlook”, “potential”, “projected”, “pursue”, “strategy”, “study”, “targets”, or “believes”, or variations of or similar such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, or “should”, “might”, or “way forward”, “will be taken”, “will occur” or “will be achieved” and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies. The risks, estimates, models and assumptions contained or incorporated by reference in this release, include those identified from time to time in the reports filed by EastGate with the SEC, which should be considered together with any forward-looking statement. EastGate undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: EastGate Biotech Corp.