CSE New Listing - Luminor Medical Technologies Commences Trading on the Canadian Securities Exchange - Video News Alert on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - December 6, 2017) - Luminor Medical Technologies (CSE: LMT), a medical diagnostic company focused on acquiring, developing and commercializing medical technologies for unmet clinical needs, is the latest new listing on the Canadian Securities Exchange, trading under the symbol "LMT". The company is in the process of delisting from the TSX Venture Exchange.
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Due to the recent acquisition of Jamaica-Blu Ltd., which holds the exclusive Canadian licence of all current and future cannabis commercial products developed by Rise Research Inc., Luminor management believed trading on the CSE would allow the company more flexibility to pursue other business opportunities in the cannabis sector.
RISE's cannabis commercial products are based on a patent pending formula, currently filed with the U.S. Patent and Trademark Office, to create precise cannabis-based formulations that may produce specifically targeted effects for various ailments including diabetes. Currently, RISE's portfolio consists of cannabis-based formulations which support patients with low libido called Jamaica blū and Jamaica pnk.
Under the terms of the acquisition, Luminor Medical issued 9,500,000 common shares to the shareholders of J-BLU and paid $200,000 to RISE for intellectual property access.
The company has also completed a non-brokered private placement through the issuance of 14,948,798 units at a price of $0.15 per unit for gross proceeds of $2,242,319, with each unit consisting of one common share and one-half a warrant, with each full warrant exercisable at $0.25 for 24 months.
Christian Sauvageau, CEO of Luminor Medical, stated: "J-BLU's technological platform promises to create a wide variety of precise formulations that produce specifically-targeted effects for various types of patients, including people with diabetes. Patients and Health Care providers expect consistent high quality product produced by the best available practices and methods and that is just what J-BLU provides. Although our primary interest is directed toward the J-BLU diabetes formulation, Luminor Medical will capitalise on every formulation developed for the Canadian and Jamaican markets."
The company's other subsidiary, Scout Assessment Corp., markets the Scout DS® device, which has been regulatory cleared in certain markets as a clinical tool to assist in the identification of both prediabetes and type 2 diabetes. It is the first non-invasive testing system designed to provide a highly sensitive and convenient method for measuring prediabetes/type 2 diabetes related biomarkers in the skin, the accumulation of which are accelerated by abnormal blood sugar levels and oxidative stress.
Unlike current testing methods, a Scout DS® test requires no blood draw, no fasting, and no waiting for a lab result. The product has been used and validated in thousands of patients around the world.
The shares are trading at $0.35 and with 33.8 million shares outstanding, the company is capitalized at $11.8 million.
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