(MENAFN- Investor Brand Network) QSAM Biosciences (OTCQB: QSAM) , a clinical-stage biotechnology company developing next-generation therapeutic radiopharmaceuticals, including Samarium-153-DOTMP (CycloSam), for the treatment of bone cancer and other diseases and conditions, has signed a nonbinding term sheet with Telix Pharmaceuticals (U.S.) Inc., a subsidiary of
Telix Pharmaceuticals Limited. Telix is a biopharmaceutical company focused on the development and commercialization of diagnostic and therapeutic radiopharmaceuticals and associated medical devices. The agreement outlines terms for the acquisition of QSAM by Telix through a merger. Included in the agreement is Telix paying a $2 million preclosing collaboration and option fee to support QSAM's development efforts while also providing 60 days of exclusivity pending completion of diligence and execution of a definitive acquisition agreement. The acquisition is subject to the satisfactory completion of diligence by both parties, execution of definitive agreements and approval by the QSAM shareholders.
“We are thrilled to commence working with Telix by virtue of the collaboration fee to advance our technology and pursue a definitive agreement leading to the acquisition of QSAM by Telix,” said QSAM executive chair and cofounder Dr. C. Richard Piazza in the press release.“Over the last few months, we have gotten to know Telix's unique strengths and resources in the radiopharmaceutical space and believe a business combination with them would provide the greatest chances of success for CycloSam(R)
and for our shareholders. We will be working diligently to try to get this transaction completed in the first quarter of 2024.”
To view the full press release, visit
About QSAM Biosciences
Inc.
QSAM Biosciences is developing next-generation nuclear medicines for the treatment of cancer and other diseases. QSAM's initial technology, CycloSam (Samarium-153 DOTMP), is a clinical-stage, bone-targeting radiopharmaceutical developed by IsoTherapeutics Group LLC, pioneers in the nuclear medicine space that also developed the FDA-approved Quadramet(R) (Samarium-153 EDTMP), which is indicated for bone cancer pain palliation. QSAM is led by an experienced executive team and board of directors that have completed numerous FDA approvals and multiple successful biotech exits. For more information about the company, please visit
NOTE TO INVESTORS:
The latest news and updates relating to QSAM are available in the company's newsroom at
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