Peiwen Yu completed the acquisition of 48.3% stake in Entest Group, Inc. from Regen BioPharma, Inc., Bostonia Partners, Inc, Dunhill Ross Partners, Inc., Bio-Technology Partners Business Trust, David Koos and Sherman Family Trust.
November 27, 2018
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Peiwen Yu entered into an agreement to acquire 48.3% stake in Entest Group, Inc. (OTCPK:ETNI) from Regen BioPharma, Inc. (OTCPK:RGBP), Bostonia Partners, Inc, Dunhill Ross Partners, Inc., Bio-Technology Partners Business Trust, David Koos and Sherman Family Trust for $0.33 million on November 15, 2018. Under the terms of the deal, Peiwen Yu will acquire 23.7 million shares of common stock, 667 shares of Series AA preferred stock, 534 shares of Series AAA Preferred Stock and approximately 1 million shares of Non-Voting Convertible Preferred Stock, of Entest. On the closing date, Peiwen Yu shall pay the amount of $0.33 million, $0.03 million of which shall be continue to be held in the escrow account subsequent to the closing. Prior to the transaction, Regen BioPharma held 8 million common stock and 0.19 million of the Non-Voting Convertible Preferred Stock of Entest Group. Regen BioPharma will receive $0.05 million from sale of the common stock and $1,858.52 from the sale of the Non-Voting Convertible Preferred Stock. The escrow agreement requires that David R. Koos shall resign as Director and Officer of Entest Group, Inc. to be replaced by nominees of the purchaser of the securities. Richard I. Anslow of Ellenoff Grossman & Schole LLP acted as legal advisor to Peiwen Yu. McMurdo Law Group, LLC acted as escrow agent in the transaction.
Peiwen Yu completed the acquisition of 48.3% stake in Entest Group, Inc. (OTCPK:ETNI) from Regen BioPharma, Inc. (OTCPK:RGBP), Bostonia Partners, Inc, Dunhill Ross Partners, Inc., Bio-Technology Partners Business Trust, David Koos and Sherman Family Trust on November 27, 2018. Under the terms of the deal, David Koos resigned as Chairman, Chief Executive Officer, President, Acting Chief Financial Officer and Secretary of Entest and Peiwen Yu became as a Director, Chief Executive Officer and President of Entest, effective November 28, 2018. David Koos will also resign as a Director of Entest.
Regen BioPharma Inc. is a biotechnology company. The Company is engaged on the immunology and immunotherapy space. The Company is focused on novel technologies through pre-clinical and Phase I/ II clinical trials. It is involved on mRNA and small molecule therapies for treating cancer and autoimmune disorders. It is also developing products treating blood disorders using small molecules and gene silencing (DiffronC), treating cancer with cellular immunotherapy (dCellVax, tCellVax, Dura-CAR, KimerApt), modulating key molecular processes in cancer stem cell through its patented molecular targeting approaches (BORIS), and repairing damaged bone marrow in patients with aplastic anemia and chemotherapy/radiotherapy treated cancer patients (HemaXellerate). HemaXellerate is a personalized cellular therapeutic product designed to stimulate blood production in patients. tCellVax is a cell-based immunotherapy that stimulates the patientâs immune system through gene silencing of NR2F6.
Peiwen Yu completed the acquisition of 48.3% stake in Entest Group, Inc. from Regen BioPharma, Inc., Bostonia Partners, Inc, Dunhill Ross Partners, Inc., Bio-Technology Partners Business Trust, David Koos and Sherman Family Trust.