Metabolic Research obtained an exclusive license to technologies relating to the use of fungi, plants, and/or animals for the production of anti-inflammatory and analgesic products from David Summers and T.W. Owen.
In consideration for the assignment, Metabolic Research issued 2.5 million shares of its common stock to Summers and Owen. Thereafter, the company was restructured, and a majority voted from the shareholders elected Summers as the new CEO and president and Owen as CFO, secretary/treasurer.
The company plans to utilize these tools to further its R&D of a new form of natural anti-inflammatory and analgesic products, both pharmaceuticals and nutraceuticals, for the treatment of arthritis and other inflammatory diseases.
"This agreement now puts the research and development power of the Metabolic Research team in full control of the biomedical technology Owen and I have worked on for years,” notes Summers. The company thus retains all the future profits it may gain from the launch of new drugs and treatments developed using this technology.