FluoroPharma Announces a Letter of Intent to Acquire Ground Fluor Pharmaceuticals

On Jun 10, 2016

Montclair-based FluoroPharma Medical Inc. (FPMI) announced that it has entered into a nonbinding letter of intent with Nebraska- and Massachusetts-based Ground Fluor Pharmaceuticals, Inc. (GFP) to acquire GFP.

The transaction is conditioned on the close of sufficient financing to fund the operations of the combined company, and due diligence review.

“The addition of the GFP’s intellectual property portfolio and product candidates compliments the late stage PET imaging assets we currently have in development. GFP’s unique platform for producing high value F-18 PET agents enables the preparation of important, previously difficult to prepare agents at a scale required for widespread clinical use. For example, the GFP chemistry can enhance our ability to prepare our current agents on a commercial scale,” said Thomas Tulip, Ph.D., FPMI’s president and CEO. “GFP also provides late stage opportunities for additional product approvals and future revenue. FPMI believes that GFP’s technology and product candidates can have significant value for patients, healthcare providers and for the Company’s shareholders.”

FluoroPharma is a biopharmaceutical company engaged in the discovery and development of proprietary PET imaging products to evaluate cardiac disease at the cellular and molecular levels.

Ground Fluor Pharmaceuticals, Inc. (GFP) is a company that has developed new chemistry technology which transforms complicated and costly fluorine syntheses into simpler, more efficient processes.

Tulip would continue in the role of President and CEO of the combined company.

 

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