Press Release

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Vivione Biosciences Inc. announces agreement with Litmus, LLC for Molecular Design Rights

 

LITTLE ROCK, Arkansas. - Vivione Biosciences Inc. (“Vivione”) (TSXV:VBI) through its wholly owned subsidiary, Vivione Biosciences, LLC, announced today that through a new agreement (the “Amending Agreement”) with Litmus, LLC (“Litmus”), Vivione has acquired Litmus’ 50% royalty interest in net proceeds derived from the Molecular Design technology.

The Molecular Design technology was originally developed by the US Federal Drug Administration (FDA) and is based upon the same physics that are used in clinical MRI imaging, including powerful software algorithms that enable the computer modeling of characteristics for both new drugs and chemicals. Thus far, the technology has been successfully used for a demonstration development of a set of novel compounds for neurological disorders. The Molecular Design technology was originally licensed to Litmus by the FDA, which license was subsequently assigned by Litmus to Vivione in exchange for granting Litmus a 50% royalty interest. Pursuant to the terms of the Amending Agreement, the 50% royalty interest held by Litmus has now been cancelled in consideration of Vivione issuing Litmus warrants (the “Warrants”) to purchase 850,000 Class B Non-Voting Common Shares (“Class B Shares”) of Vivione at an exercise price of CDN$0.30 per Class B Share for a five year term. One-fifth of the Warrants will immediately vest and become exercisable upon the issuance of the Warrants, and upon each one year anniversary from the date of issuance an additional one-fifth of the Warrants will vest and become exercisable. The Warrants will be subject to accelerated expiry and accelerated vesting in certain circumstances.

“This technology has the potential to make a huge impact on the way that drugs are developed by significantly reducing cost and time for successfully identifying new drug candidates, as well as new chemicals that may be environmentally friendly in multiple industries,” said Vivione’s Chief Executive Officer, Kevin Kuykendall. “We believe this technology, coupled with our RAPID-B® system, will enhance our position in the life sciences community of delivering rapid, cost-effective solutions to the clinical diagnostic market.”


About Vivione

Vivione’s business is centered on the commercialization of the RAPID-B system, which is an integrated system of hardware, software and chemical reagents that tests bacteria in key environments. This technology could have potentially diverse applicability from food safety to clinical diagnostics, by identifying and quantifying microorganism levels more rapidly and with greater precision than currently employed techniques.

For further information please contact:

Vivione Biosciences Inc.
Kevin Kuykendall
Chief Executive Officer
Tel: (214) 886-5733


Cautionary Statements

This news release contains "forward-looking statements" within the meaning of applicable securities laws. In particular, this release contains forward-looking information relating to the approval of the option grants, the completion and timing of the Offering and the use of proceeds of the Offering. Although Vivione believes that the expectations reflected in its forward-looking statements are reasonable, such statements have been based on factors and assumptions concerning future events that may prove to be inaccurate. These factors and assumptions are based upon currently available information to Vivione. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the ability of management to raise adequate proceeds from the Offering and the failure to obtain final approval of the Offering from the TSX Venture Exchange. Additionally, this press release contains forward-looking information relating to the commercialization of RAPID-B and independent third party certification of RAPID-B. Readers are cautioned to not place undue reliance on forward-looking statements.

The statements in this press release are made as of the date of this release and, except as required by applicable law, Vivione does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. Vivione undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of Vivione, or its financial or operating results or (as applicable), their securities.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Disclosure

Please read the terms and conditions section of this website carefully before using the Vivione Biosciences Inc. (the “Company”) web site. By accessing or using this site, you agree to the terms and conditions as set out in the terms and conditions section of this web site. You should review the terms and conditions section regularly as it may change at any time at our sole discretion. If you do not agree to any term or condition, you should not access or otherwise use this site.

General information regarding the Company set forth on the following pages of this website, including management's assessment of the Company's future plans and operations contains forward looking statements that involve substantial known and unknown risks and uncertainties. Wherever possible, words such as "may", ''would", "could", "should", "will", "anticipate", "believe", "plan", "expect", "intend", "estimate", "aim", "endeavour" and similar expressions have been used to identify these forward-looking statements. These statements reflect management's current beliefs based on its experience and expertise with respect to future events and are based on information currently available to management. Management uses forward-looking statements because it believes they provide useful information with respect to the Company, and cautions readers that the information may not be appropriate for other purposes and should not be read as guarantees of future performance or results.

Forward looking statements are subject to numerous risks and uncertainties, some of which are beyond the management and the Company’s control, including but not limited to, the impact of general economic conditions, industry conditions, fluctuation of foreign exchange rates, imperfection of estimates, industry competition, availability of qualified personnel and management, stock market volatility, timely and cost effective access to sufficient capital from internal and external sources, ability to integrate and realize anticipated benefits from acquisitions, ability to resell third party network communications at favorable rates, and to effectively manage growth. The Company's actual results, performance or achievement could differ materially from those expressed in or implied by, these forward looking statements and accordingly, no assurance can be given that any of the events anticipated to occur or transpire from the forward looking statements will provide any benefits to the Company. All data presented herein should be read in conjunction with the Company's regulatory filings with the appropriate securities regulatory authorities and the System for Electronic Document Analysis and Retrieval (“SEDAR”). Copies of these filings are available for review under the Company's SEDAR profile at www.sedar.com.