Spotlight Innovation, Inc. (OTCPK:STLT) signed a letter of intent to acquire a majority stake in Memcine Pharmaceuticals Inc. on October 14, 2014. Spotlight Innovation, Inc. (OTCPK:STLT) entered into a securities purchase agreement to acquire 82.3% stake in Memcine Pharmaceuticals Inc. for 0.025 million on March 1, 2015. Spotlight Innovation will acquire 0.8225 million shares of Memcine.

The transaction is subject to completion of due diligence within 45 days of the agreement, entry into a shareholder agreement, entry into an agreement with Tony Vanden Bush to serve as an advisor to Memcine, completion of audit of financial statements of Memcine Pharmaceuticals within 45 days of the agreement and Tony Vanden Bush retiring 0.85 million shares of common stock of Memcine and resigning from the position of Executive Officer of Memcine. Simultaneously with the closing of the transaction, Memcine will issue 0.0275 million shares to the University of Iowa. Cristopher Grunewald will be appointed as Chief Executive Officer and Secretary and John Krohn will be appointed as Chief Financial Officer of Memcine.

In addition, Spotlight Innovation agreed to provide Memcine with up to $3 million to fund the operations of Memcine via investment, grants or other means over the course of operations as determined by the board of directors of Memcine. Memcine entered into an agreement with Tony Vanden Bush to serve as Chief Scientific Officer of Memcine.