Heatwurx, Inc. (OTC: HUWX) recently closed on an Asset Purchase Agreement with Promet Therapeutics, LLC. Following the close of the transaction, Heatwurx intends to change its name to Processa Pharmaceuticals and to apply for an appropriate new trading symbol. The company’s focus will be on developing drug products to improve the survival and quality of life for patients with a high unmet medical need or no alternative treatment options. The Promet equity holders as a group beneficially own 90%, and Heatwurx shareholders as a group beneficially own 10% of the equity of the company. Boustead Securities, an investment banking firm, is acting as adviser to the parties regarding the acquisition. The parties have raised $2.25 million to fund operations and general working capital and will strive to raise a total of at least $8 million in a private equity placement available exclusively to accredited investors.
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About Heatwurx
Heatwurx, Inc., is an asphalt repair equipment and technology company. The company has developed and licensed a patent portfolio surrounding hot-in-place recycling processes that corrects surface distresses within over three inches of existing pavement. The company has also developed and been awarded patents surrounding a vehicle based sensor application that identifies and geographically pinpoints the location of a pothole, uploads to a database, and transmits the information to various end users. Heatwurx intends to list the patent portfolio for sale during the proposed merger transaction. For more information, visit www.heatwurx.com.
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