BioCentury
ARTICLE | Company News

Medical Futures, Tribute Pharmaceuticals deal

July 20, 2015 7:00 AM UTC

Tribute acquired Medical Futures for C$8.3 million ($6.7 million) in cash up front; 3.7 million Tribute shares valued at C$6.6 million ($5.2 million) based on Tribute’s close of C$1.78 on June 16, before the deal was announced; a C$5 million ($4.1 million) convertible promissory note; and up to C$6 million ($4.9 million) in milestones. Medical Futures markets 13 OTC and prescription products, including Durela tramadol ER. The once-daily sustained-release formulation of tramadol is marketed in Canada to treat moderate to moderately severe chronic pain. Medical Futures has exclusive, Canadian rights to commercialize Durela from Cipher Pharmaceuticals Inc. (TSX:CPH; NASDAQ:CPHR, Mississauga, Ontario). ...