Protea Biosciences Group, Inc. cancelled the acquisition of vivoPharm Pty. Ltd. from The Brandt Family, RMIT University, Endowment Arm and another shareholder.
The transaction is subject to conditions including Protea raising not less than $10 million of additional debt or equity financing, the resignations, effective as of the closing, of each Director and officer of vivoPharm other than Brandt, third party consents, due diligence investigation and vivoPharm entering into employment agreement. The deal is also conditional on minimum balance sheet requirement for the working capital of vivoPharm not less than 75% of the average amount of the working capital of vivoPharm for the months of October, November and December 2014 and the mix of assets and liabilities of vivoPharm and its consolidated subsidiaries shall be substantially the same as at December 31, 2014. The transaction will close by the end of the first half of 2015. On June 4, 2015, Protea Biosciences and vivoPharm agreed to extend the closing date to September 7, 2015. As reported on September 23, 2015, Protea Biosciences and vivoPharm agreed to extend the closing date to January 31, 2016. Stephen A. Weiss, Esq of CRK Law, LP acted as legal advisor for Protea Biosciences Group, Inc. DW Fox Tucker acted as legal advisor for vivoPharm Pty. Ltd, The Brandt Family and Royal Melbourne Institute of Technology.
Protea Biosciences Group, Inc. cancelled the acquisition of vivoPharm Pty. Ltd. from The Brandt Family, RMIT University, Endowment Arm and another shareholder on January 31, 2016.