Tickers: XOTC:GPHBF, XTSX:GGG
June 23, 2020 - TheNewswire - Ronkonkoma, NY, USA - G6 Materials Corp (formerly Graphene 3D Lab) (the "Company" or "G6") (TSXV:GGG) (OTC:GPHBF) is pleased to announce that G6's wholly-owned subsidiary, Graphene Laboratories Inc. ("Graphene Laboratories" or "GL"), has entered into a License and Option Agreement (the "Agreement") with a US-based clinical-stage biopharmaceutical company (the "Partner").
As per the Agreement, Graphene Laboratories will receive a one time cash payment of US$220,000 from its Partner. In exchange, GL will grant the Partner an exclusive license to use the Intellectual Property ("IP") for a period of two years (the "License Period"). The Partner will also have an option to purchase the Company's IP rights for US$1,000,000 during the License Period. The US$220,000 cash payment will not apply toward the option price in the event G6's partner elects to execute its option to purchase.
G6 will pay a commission fee in the amount of 7.5% of the proceeds to the third party consultant facilitated this transaction as per prior contractual obligation. Also, G6 is contractually obligated to split the profit pursuant to the Agreement of this transaction in half with the inventor.
The IP pertains to patent US10,472,313, the "Process for synthesis of trifluoroketones" that was granted to G6 last year (see press release October 29, 2019). The Company's patent covers an efficient process for producing trifluoroketones (TFK), which is a building block for the drug being developed by G6's Partner. The process, described in the patent offers an efficient, inexpensive way to make industrial quantities of TFK, which if compared with an alternative process, is free from unwanted and potentially toxic byproducts. The drug is designed to treat certain pulmonary conditions including Idiopathic Pulmonary Fibrosis (IPF).
Daniel Stolyarov, CEO of G6, stated: "We are happy and proud that our technology will be used in the development process for a potential medicine that could have an impact for people dealing with serious respiratory issues. This agreement structure helps deliver cost certainties for our Partner and allocates more resources into further testing, process improvements and ultimately the potential development of an effective drug. For G6, this Agreement marks another milestone for us, as we continue to strive to unlock value from our IP portfolio."
The Company has licensed the IP in the past and helped to establish industrial-scale production of the TFK, in frames of Technology Transfer Agreement as described in the press releases published on March 28, 2018 and on February 21, 2019.
ON BEHALF OF THE BOARD: Daniel Stolyarov, President & CEO
About G6 Materials Corp
G6 Materials Corp. is an innovative technology company operating in the space of advanced materials. The company's work is dedicated to research, development, and commercialization of the groundbreaking properties of graphene and other 2D materials. The company is offering high-tech solutions in several areas, including:
R&D Materials: These diverse materials have a full spectrum of commercial, research, and military applications. The Company's wholly-owned subsidiary, Graphene Laboratories Inc., currently offers over 100 graphene and related products to a client list comprised of more than 14,000 customers worldwide, The Company's suite of products is available online at the company's e-commerce platform www.graphene-supermarket.com.
3D Printing: The 3D printing division of the Company offers a portfolio of 3D printable filaments. These materials can be purchased through multiple distribution networks worldwide or directly from the web-store www.blackmagic3D.com.
High-Performance Epoxies: Adhesive materials produced by the company are distributed under G6-EpoxyTM trade name and can be purchased at www.g6-epoxy.com.
Fine Organic Chemicals: ChemApproachTM is a worldwide supplier of a wide variety of building blocks to R&D facilities in the pharmaceutical/agricultural industries, biotechnology, academic institutions, and hi-tech companies. Please visit http://www.chemapproach.com
The Company's headquarters are located at 760 Koehler Avenue, Ronkonkoma, New York. This 8,000 sq. ft. facility is situated in a tech park near Long Island MacArthur Airport, approximately 45 miles east of New York City. The facility has ample office and R&D space, as well as over 4,000 sq. ft. of production and warehouse space. The facility is equipped with a wet lab for graphene wafer processing and reactors for graphene production as well as twin and single screw extruders and various resin mixing equipment. The research team of G6 Materials operates a state-of-the-art analytical laboratory, developing and testing the quality of materials. The in-house analytical capabilities include rheology measurement station, four-probe conductivity measurement equipment, Universal Test Station for evaluation of materials' mechanical performance, Raman spectroscopy, and optical microscopy.
For More Information:
Chief Executive Officer
Telephone: (631) 405-5113
Telephone: (631) 405-5114
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release may contain forward-looking statements. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address a company's expected future business and financial performance, and often contain words such as "anticipate," "believe," "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the risks associated with outstanding litigation, if any; risks associated with adoption by industries of graphene-based products health and environmental factors affecting adoption of these technologies; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of our common share price and volume; and tax consequences to U.S. Shareholders. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates, and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking statements.The company can not guaranrtee that the Option will be exercised. The Company also has no control over the clinical trials and can not guarantee the outcome of the clinical trials.
Copyright (c) 2020 TheNewswire - All rights reserved.