North American biopharmaceutical firm Lobe Sciences Ltd (OTCMKTS:LOBEF) is focused on the development and discovery of medicines for patients suffering from rare and orphan diseases. The company was in the news last Friday when it came up with an update with regards to its acquisition of the Vitamind Brand along with its intellection property. It was with regard to an asset purchase that had been made by Lobe Sciences back on April 30, 2021.
Lobe Sciences, Ltd. Provides Update on Vitamind
At the time, the company had issued a total of 2916668 common shares in order to complete the acquisition of Vitamind. The agreement also stipulated certain performance-related milestones which would need to be achieved for the 2916668 consideration shares to be released.
Last Friday the company provided a thorough summary of the dates on which the specific milestones had been achieved and the dates on which the escrow restrictions had been lifted. The company announced that it had managed to satisfy the first and second milestones by the end of the agreement.
The third milestone was met back on May 13, 2021, and that had been met when it went into an exclusive two-year White Label Supply Agreement with the firm GCO Packaging and Manufacturing Inc.