NAYA Biosciences to acquire Florida Biotechnologies

NAYA Biosciences, a company which has recently signed a definitive merger agreement with INVO Bioscience, announced that it has entered into a binding letter of intent to acquire Florida Biotechnologies, a gene therapy company focusing on the treatment of mitochondrial diseases. “We are impressed by the initial safety and efficacy of the AAV gene therapy developed by Florida Biotechnologies and the University of Miami for the treatment of LHON, a rare and debilitating genetic disease with no currently approved therapeutic regimen,” commented NAYA Chairman & CEO Dr. Daniel Teper. “NAYA is committed to accelerating clinical development and Early Patient Access to this breakthrough therapy, which has the potential to achieve curative results in patients with progressive vision loss and blindness.” NAYA entered into a binding Term Sheet with Florida Biotechnologies to acquire all of the outstanding capital stock of Florida Biotechnologies for $20,000,000 in shares of NAYA post-merger with INVO, or 4,000,000 shares, each worth $5.00. In conjunction with this transaction, Dr. Peter Kash will join NAYA’s board of directors as Vice Chairman.