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Islet Sciences acquires DiaKine, gains diabetes therapeutic
April 2012
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NEW YORK—Islet Sciences Inc. recently announced the establishment of a Share Exchange Agreement to acquire DiaKine Therapeutics Inc. (DTI), a biopharmaceutical company focusing on developing therapeutics for diabetes sufferers. Islet Sciences agreed to issue an aggregate of 200,000 shares of its Series C preferred stock in exchange for all issued and outstanding shares of DTI, in addition to issuing 100,000 shares of common stock to certain of DTI's creditors in satisfaction of DTI's liabilities outstanding as of the agreement's closing. Each share of Series C preferred stock is convertible into 10 shares of common stock.  
 
"DiaKine's drugs have the potential to reshape the diabetes market by stopping the progression of diabetes and reversing damage already caused by the disease … We believe this acquisition will position us to capitalize on the exciting opportunities emerging in our industry," said John Steel, chairman and CEO of Islet Sciences.

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