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Published in Stocks and Investing on Thursday, March 26th 2009 at 14:48 GMT, Last Modified on 2009-03-26 14:48:52 by Market WireVANCOUVER, BRITISH COLUMBIA--(Marketwire - March 26, 2009) - Global Health Ventures Inc. (OTCBB:GHLV), a HealthCare Technology Merchant Bank, is pleased to announce the signing of a letter of intent to acquire all the outstanding shares of Posh Cosmeceuticals Inc., a privately-held cosmeceutical company in Vancouver, Canada. Under the terms of the agreement, Global Health Ventures shall purchase Posh Cosmeceuticals for a valuation of $6 million in an all stock transaction. Shareholders of Posh Cosmeceuticals shall exchange their shares of Posh with the shares of Global Health Ventures at a ratio to be decided upon signing of the final agreement. Both parties believe they will reach a final agreement within 2-3 months, following completion of due diligence and other legal and accounting matters.
Posh Cosmeceuticals has two products in various stages of development; an anti-cellulite product which is close to the marketing stage, and a hair growth product in early human testing stage. Global Health Ventures will invest its resources to the completion of human clinical trials for the products and then seek a marketing partner.
About Global Health Ventures
Global Health Ventures is a 'Healthcare Technology Merchant Bank', and is in the business of acquisition and licensing of outstanding healthcare technologies for further development, and re-licensing to major pharmaceutical companies. While venture capital and private equity firms tend to be investment-oriented, Global Health Ventures licenses, or buys the promising technologies from biotech companies with insufficient resources, or lack of appropriate management for further development. The Company develops the technologies to mid-stage Phase III clinical trials and then sells or licenses out to major pharmaceutical, biotechnology or speciality pharma worldwide for upfront fees, milestones, and royalties. Global Health Ventures has built a portfolio of products using its own capital from diverse broker dealers, as well as private and institutional investors.
Safe Harbour Statement
This press release includes forward-looking statements that involve a number of risks and uncertainties, including the success of the products in commercializing. Further, the risks involve the ability of the Company to accelerate the development, and the ability to out-license the products as well as, the ability to raise sufficient funds for the development. Specifically, the risks and uncertainties that could affect the success of the Company include risks associated with clinical developments, the ability of the Company to continue to raise capital to fund its operations and the capital requirements of the licensed-in products. Investors should also review the risk factors listed in the Company's filings with the Securities and Exchange Commission.
