Interactive Capital Partners Corporation has entered into a letter of intent with SkinJect, Inc., effective April 17, 2023, to complete a proposed reverse takeover transaction and apply for listing on the TSX Venture Exchange.
Upon completion of the Proposed Business Combination, (i) SkinJect will become a wholly-owned operating subsidiary of the Company, (ii) the Company is expected to be renamed "Medicus Pharma" (the "Resulting Issuer") and will carry on the business of pharmaceutical drug development focused initially on SkinJect, and (iii) shareholders of SkinJect and subscribers in the Concurrent Financing (defined below) will exchange their shareholdings for a substantial majority equity interest in the Resulting Issuer.
SkinJect, a private equity-backed biological products company headquartered in Pittsburgh, Pennsylvania, is developing ground-breaking pharmaceutical drug treatments. SkinJect™ is a novel, minimally invasive treatment for common forms of non-melanoma skin cancer, basal cell and squamous cell carcinoma. SkinJect's proprietary patch is made up of a thumb-sized array of dissolvable microneedles that delivers a chemotherapeutic agent to kill an existing skin cancer. SkinJect received Investigational New Drug (IND) approval from the United States Food & Drug Administration (FDA) to study the patch for treatment of basal cell carcinoma in 2018. Since then, SkinJect has completed a Phase 1 trial of the patch to assess its safety. The results of this Phase 1 study demonstrated that the SkinJect™ patch is safe and well-tolerated. The next study is anticipated to be a randomized, controlled, double blind, multi-center Phase 2 clinical study to assess both safety and efficacy in basal cell carcinoma patients. The Phase 2 clinical study is expected to randomize 60-100 patients and has been approved by the FDA.
