Ljubljana, Slovenia, Aug. 04, 2020 (GLOBE NEWSWIRE) — Rafarma Pharmaceuticals, Inc. OTC:(RAFA) is pleased to announce that it has reached an agreement to be acquired by R. & D. Biocogency Laboratories Inc. Ltd (“Biocogency”). Under the agreed terms, Bio-cogency will acquire majority control of Rafarma Pharmaceuticals Inc. upon completion of Biocogency’s transition to GAAP reporting standards and finalization of acquisition agreements.
For Biocogency, this acquisition will be an opportunity to add to its already strong portfolio of biotech companies and expand its global footprint. With Rafarma, this enhanced portfolio of companies intends to expand its biotechnology business into North America, and use the synergy of the portfolio to conduct joint research projects for new health product development.
Currently, Biocogency is privately-owned with an existing portfolio of companies that manufacture and distribute generic drugs, equipment and drugs for nuclear medicine, research on new drugs, as well as a complex of vivarium laboratories that develop high technology drugs in biotechnology sector.
For the 2019 reporting year, the Biocogency group reported consolidated earnings of $73 Million and gross profits of $17 Million at fiscal year-end. It should be noted that gross investments of Bio-cogency into its own development and development of new drugs and technological platforms from 2012 to the present amounted to more than USD $120,000,000.
The Biocogency Portfolio companies include Bebig (http://en.bebig.ru/), Kras Pharma (http://kraspharma.ru/en/ image) and Slavich (http://www.slavich.ru).
It is expected that this acquisition will greatly enhance Rafarma shareholder value, given Biocogency’s immense value and profitability in vibrant biotech sector and will allow Rafarma to achieve an unprecedented level of market capitalization and liquidity of shares.
Forward-Looking Statements: This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. Except for historical matters contained herein, statements made in this press release are forward-looking statements. Without limiting the generality of the foregoing, words such as “may”, “will”, “to”, “plan”, “expect”, “believe”, “anticipate”, “intend”, “could”, “would”, “estimate,” or “continue”, or the negative other variations thereof or comparable terminology are intended to identify forward-looking statements. Forward-looking statements involve known and unknown risk, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Also, forward-looking statements represent our management’s beliefs and assumptions only as of the date hereof. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company’s filings with OTC Markets. Except as required by law, we assume no obligation to update these forward-looking statements publicly or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
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Rafarma Pharmaceuticals, Inc.