Aspire Biopharma, Inc. Acquires Technology Assets from Instaprin Pharmaceuticals, Inc.
HUMACAO, PR, March 28, 2022 – Aspire Biopharma, Inc. (“Aspire” or the “Company”), a developer of disruptive drug delivery mechanism technologies, today announced the acquisition of the intellectual property assets (“IP”) of Instaprin Pharmaceuticals, Inc.(“Instaprin”).
The acquisition of Instaprin Pharmaceuticals’ intellectual property assets includes bringing groundbreaking drug delivery technology to the Aspire portfolio. In the transaction, Aspire acquired the patent and all intellectual property of Instaprin’s drug delivery mechanism, as well as the Instaprin trade name, in exchange for a commercialization revenue sharing arrangement in the amount of approximately $3.7mm and additional equity consideration in Aspire.
Kraig Higginson, Executive Chairman, stated, “The heart of our company is the unique IP developed over 10 years by our world-renowned Chief Scientist that gives us a tremendous advantage in the marketplace. We are pleased to have completed this acquisition of the patents and other IP relating to the rapid delivery system including its initial product Instaprin.”
About Aspire Biopharma, Inc. Headquartered in Humacao, Puerto Rico, Aspire Biopharma has developed a disruptive technology through a Novel Soluble Formulation which addresses emergencies, drug efficacy, dosage management, and response time. For more information, please visit www.aspirebiolabs.com.
Safe Harbor Statement. Certain information set forth in this news announcement may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Aspire Biopharma, Inc. Such forward-looking statements are based on current expectations, estimates and projections about the Company’s industry, management beliefs and certain assumptions made by its management. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Information concerning factors that could cause the Company’s actual results to differ materially from those contained in these forward- looking statements can be found in the Company’s Form CF and Form D, filed with the Securities and Exchange Commission. Unless required by law, the Company undertakes no obligation to update publicly any forward-looking statements, whether because of new information, future events, or otherwise to reflect future events or circumstances or reflect the occurrence of unanticipated events.