Safetek is currently conducting further due diligence on Resdevco, based in Jerusalem, Isreal, and its intellectual property, but the company intends that a definitive agreement will be executed within 60 days after the completion of due diligence.
Safetek intends to initially focus on the development of compounds with proven potential against oxidative damage to the retina, and to carry out animal and clinical studies against other diseases involving oxidation caused by free radicals.
“This intended transaction with Resdevco is consistent with our business strategy to leverage the rich source of biopharmaceutical innovation in Israel to create value for our shareholders,” said Amnon Presler, Safetek’s CEO. “We believe the preliminary findings in animal and clinical studies done with Resdevco’s antioxidant compound, along with the diversity of proven and accepted medical benefits of antioxidants, could help propel Safetek toward a strong position by enhancing our drug pipeline and our ability to bring lucrative drugs to the market.”