Entia Biosciences, Inc. (OTCMKTS:ERGO) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement
licensing agreement (the License) with GROH Beauty Corp (the
Licensee) under which we granted certain exclusive worldwide
rights to manufacture and distribute our GROH beauty products.
The License calls for a front-end license fee, half of which is
non-refundable and the other half of which is subject to a number
of factors during a due diligence period, as well as royalties
over a period of years, also subject to the completion of the due
diligence period, until the license is paid in full and thereby
becomes an exclusive perpetual license of the Licensee. The total
value of the license fees and royalties to us is $1,150,000. The
License calls for and was accompanied by a separate executed
agreement under which we are to manufacture and sell our ErgoD2
compound exclusively to the Licensee for its use in the cosmetic
and beauty care markets. As this manufacturing agreement provides
for price adjustments and is expected to run for a number of
future years concurrent with the License, its positive value to
us is inestimable at this time. Additionally, the License calls
for a separate agreement through which our Chief Science and
Technology Officer, Dr. Marvin Hausman, will provide consulting
services to the Licensee.
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Exhibit No.
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Description
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99.1
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Press Release
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99.2
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License Agreement between Entia Biosciences, Inc. and
GROH BEAUTY PRODUCTS |
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99.3
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Contract for Sale of Goods between Entia Biosciences,
Inc. and GROH BEAUTY PRODUCTS |
these exhibits. These portions have been omitted and filed
separately with the Securities and Exchange Commission.
About Entia Biosciences, Inc. (OTCMKTS:ERGO)
Entia Biosciences, Inc. develops pharmaceutical-grade organic compounds, including a foundational compound called ErgoD2. The Company also develops and markets health-related nutraceuticals and cosmeceuticals. ErgoD2 is a pharmaceutical-grade organic compound created from whole foods that contain the micro-nutrients L-ergothioneine, an amino acid that has a transporter (SLC22A4) in every human being, and vitamin D2. ErgoD2 improves iron homeostasis and mitigates iron-related disorders presenting in anemia, chronic kidney disease and select neurodegenerative diseases. The Company’s ErgoD2 formulations utilize organically cultivated specialty mushrooms available from various domestic and international suppliers. These mushroom-based products are generally regarded as safe (GRAS). The Company’s market and scientific research has identified mushroom species and suppliers to provide the nutritional profiles for its ErgoD2 formulations. Entia Biosciences, Inc. (OTCMKTS:ERGO) Recent Trading Information
Entia Biosciences, Inc. (OTCMKTS:ERGO) closed its last trading session 00.0000 at 0.0400 with 134,998 shares trading hands.
