BioNxt Solutions Inc. reported that it has signed a non-binding letter of intent with two European-based parties to acquire 100% of the intellectual property rights, which are currently co-owned by BioNxt, and to co-develop an oral dissolvable film ("ODF") drug reformulation incorporating an active pharmaceutical ingredient ("API") that is approved by the United States Food and Drug Administration ("FDA") and the European Medicines Agency ("EMA") for multiple indications (the "Product"), including the treatment of a major neurodegenerative disease. Consideration for the acquisition and co-development consists of Euro 150,000 cash in milestone payments and 2,600,000 common shares based on eight milestone targets including EMA commercial registration of the Product. The Parties will retain the right to 20% of any future third-party license fees paid to BioNxt in relation to the Product.

BioNxt will retain the exclusive right to additional ODF and transdermal formulations developed by the Parties. BioNxt and the Parties are working toward a definitive agreement and will provide an update in due course. Sales of the primary name-brand product based on a tablet form of the approved API grew organically by over 15% in 2022 reaching global sales exceeding Euro 850 million.