Spotlight Innovation Inc (OTCMKTS:STLT) has discontinued advancement of Immunoplex, which is an immune complex vaccine technology, so as use resources on advancing other pipeline programs. Prior to this update, the company reported that it has formulated subsidiary firm Caretta Therapeutics, which has finalized a licensing deal with Dr. Paul Reid. This is for rights to advance and market products made from snake venom that may offer analgesic relief from chronic pain. As per the agreement terms, Dr. Reid has agreed to provide an exclusive, global license to Caretta Therapeutics to advance, manufacture and commercialize the products. Caretta Therapeutics plans to commence manufacturing its first offerings by late 2016 and to commence commercial delivery of over-the-counter medications beginning next year. The latest survey results indicates that almost 50 million adults in the U.S. have considerable severe pain or chronic pain. Click HERE to read the entire research report now.
Earlier in October, Spotlight Innovation reported that it is now an associate of the Medical Alley Association, an advocacy group that promotes innovation, investment, and growth among healthcare firms. Geoffrey Laff, Ph.D., the Senior VP of Business Development, said that they are honored to be a part of MAA’s group of renowned firms. They look forward to associating with the MAA community professionals, all of whom are committed to developing the healthcare business in Minnesota and beyond. The Medical Alley Association is a worldwide pioneer in industry advocacy, content delivery and stakeholder connectivity which help power the growth of healthcare in supporting associates they may revolutionize, succeed and impact the global community.
By leading policy, delivering executable intelligence and linking members with critical resources, the company works to ensure that MAA remains the globe’s robust health technology community. MAA’s affiliation and supporting community spreads throughout the globe, employing over 300,000 Minnesotans. In addition to this update, Spotlight Innovation has updated in September about the debt restructuring via conversion of Convertible Promissory Notes. Cristopher Grunewald, the CEO, reported that this conversion was an encouraging initiative toward simplifying balance sheet. Debt restructuring enables the company to accelerate advancement of product candidates, resulting in increased value for both future and current shareholders.