February 20, 2018
DanDrit Biotech USA, Inc. ("DanDrit") is pleased to announce the completion of its previously reported acquisition (the "Acquisition") of Enochian Biopharma Inc. ("Enochian") on February 16, 2018. As a result of the Acquisition, DanDrit owns a perpetual, fully paid up, royalty free, sublicensable, exclusive, license to new technology platforms for the treatment of HIV, including combinatory gene therapy methods, and Enochian is now a wholly owned subsidiary of DanDrit.
Simultaneously with the acquisition, DanDrit completed a private placement to investors in the United States and a private placement to investors outside of the United States for total of 1,677,130 shares of common stock at $8.00 per share, and certain of DanDrit's existing shareholders exercised warrants to purchase a total of 2,400,000 shares of common stock.
As consideration for the acquisition, the stockholders of Enochian received 18,081,962 shares of DanDrit's common stock, representing 50% of DanDrit's common stock issued and outstanding, after giving effect to the private placements, the warrant exercises and the acquisition, and expenses related to the acquisition. The stockholders of Enochian will also have the right receive pro rata shares of DanDrit's common stock upon the exercise or conversion of any of DanDrit's warrants currently outstanding.
"We are excited about DanDrit's future and the further development of Enochian's therapies in conjunction with DanDrit's resources and research capabilities," said Eric Leire, MD, DanDritÂ´s Chief Executive Officer. "This acquisition will not only give DanDrit access to new technology, but also bring onboard a team of bright, value-driven, experienced and enthusiastic professionals who are committed to the success of our clinical development programs."