Sanguine Corporation, a developer of perfluorocarbon based therapies, has announced that it has entered into a Letter of Intent (LOI) to purchase New Alliance Pharmaceuticals, Inc. New Alliance holds an exclusive license for Oxygent, the most clinically advanced perfluorocarbon (PFC) product in the world, with 20 clinical studies and ~250 preclinical studies already completed.
Mr. Frank Marra, the president of SGUI, said, “We are delighted to report to our shareholders that, after a careful due diligence, we have entered into an LOI to acquire New Alliance Pharmaceuticals, licensee of Oxygent. The acquisition of Oxygent is a potential game-changer for us. The extensive clinical history of Oxygent will put us at the forefront of oxygen therapy research and development. We are very much looking forward to closing this transaction and moving to the next phase of our plan.” Mr. Marra added that he expects the acquisition to close by the first quarter of 2013.