The Company entered into binding letters of intent with an investor group led by the founding investors of MDLive, a virtual healthcare provider that was acquired by Cigna in February of 2021, AND an investor group led by Dr. B.K. Modi (Dr. Modi), who has amassed his fortune from numerous India-based health care, telecom, technology and real estate ventures.
Dr. Modi is the Founder Chairman of the Modi Holdings, a conglomerate having businesses across India, US, Southeast Asia and Africa, one of the founding partners of Fountain Life, a preventive healthcare company using cutting edge technology and also holds the titles of founder of Global Citizen Forum, and the Global Chairman of the Foreign Investors India Forum.
Organicell will use a portion of the proceeds of the investment to fund the start-up of its FDA approved Phase I/ II clinical trials to assess the efficacy, safety, and tolerability of its flagship product Zofin™ as a potential therapeutic for COVID-19 Long Haulers, chronic obstructive pulmonary disease (COPD), as well as osteoarthritis of the knee.
In connection with the investment, Organicell has agreed to implement (a) certain corporate governance changes, including allowing the investors to appoint new independent directors who will compromise a majority of the members of the Board of Directors; (b) changes in management, including Albert Mitrani stepping down as Chief Executive Officer; and (c) modifications to reduce amounts of past due executive compensation and future compensation.
For those that didn't look and are lazy lol. There's more... but they are also providing the ability to kick current directors and Mitrani will be stepping down... AND reduce exec backpay and forward pay. That's a bit of a big deal imo... at least a good start of a big deal.
