N2OFF Stockholders Approve Merger with Drug Discovery Company Targeting Resistant Cancers Including Pancreatic and Non-Small Cell Lung Cancer
N2OFF (NASDAQ: NITO) shareholders have approved the acquisition of MitoCareX Bio Ltd., transforming the company from a cleantech solar energy firm into a biotech focused on cancer therapeutics. The deal structure includes a $700,000 cash payment to SciSparc and share exchanges resulting in sellers receiving 40% of N2OFF's fully diluted capital stock.
MitoCareX specializes in developing treatments for resistant cancers by targeting the mitochondrial SLC25 protein family, utilizing 3D modeling and in-vitro screening systems. The transaction includes milestone-based stock issuances of up to 25% additional shares and commits N2OFF to invest $1 million initially in MitoCareX's operations. The deal is expected to close in early October 2025.
N2OFF (NASDAQ: NITO) azioni hanno approvato l'acquisizione di MitoCareX Bio Ltd., trasformando l'azienda da una realtà cleantech nel solare in una biotech focalizzata su terapie oncologiche. La struttura dell'accordo prevede un pagamento in contanti di $700,000 a SciSparc e scambi di azioni che faranno ottenere ai venditori il 40% del capitale sociale totalmente diluito di N2OFF. MitoCareX è specializzata nello sviluppo di trattamenti per tumori resistenti mirati alla famiglia di proteine mitocondriali SLC25, utilizzando modellazione 3D e sistemi di screening in vitro. La transazione prevede emissioni azionarie legate a milestone fino al 25% di ulteriori azioni e impegna N2OFF a investire inizialmente $1 milione nelle operazioni di MitoCareX. L'operazione dovrebbe chiudersi all'inizio di ottobre 2025.
Los accionistas de N2OFF (NASDAQ: NITO) han aprobado la adquisición de MitoCareX Bio Ltd., convirtiendo la empresa de una firma de energía solar limpia en una biotecnológica centrada en terapias para el cáncer. La estructura del acuerdo incluye un pago en efectivo de $700,000 a SciSparc y canjes de acciones que harán que los vendedores reciban el 40% del capital social totalmente diluido de N2OFF. MitoCareX se especializa en desarrollar tratamientos para cánceres resistentes dirigidos a la familia de proteínas mitocondriales SLC25, utilizando modelado 3D y sistemas de cribado in vitro. La transacción incluye emisiones de acciones basadas en hitos de hasta 25% adicionales y compromete a N2OFF a invertir inicialmente $1 millón en las operaciones de MitoCareX. Se espera que el acuerdo se cierre a principios de octubre de 2025.
N2OFF (NASDAQ: NITO) 주주들은 MitoCareX Bio Ltd. 인수를 승인했으며, 이 거래로 회사는 클린테크 태양에너지 기업에서 암 치료제에 중점을 둔 생명공학 기업으로 변모합니다. 거래 구조에는 SciSparc에 $700,000 현금 지급이 포함되며 매도인들은 N2OFF의 완전 희석 자본주식의 40%를 받게 되는 주식 교환이 수반됩니다. MitoCareX는 3D 모델링 및 in-vitro 선별 시스템을 이용해 미토콘드리아 SLC25 단백질 가족 표적 치료제를 개발하는 데 전문화되어 있습니다. 거래에는 이정표 기반으로 최대 25%의 추가 주식 발행이 포함되며 N2OFF는 초기 $1백만을 MitoCareX의 운영에 투자하기로 약속합니다. 거래의 종결은 2025년 10월 초로 예상됩니다.
Les actionnaires de N2OFF (NASDAQ: NITO) ont approuvé l'acquisition de MitoCareX Bio Ltd., transformant l'entreprise d'une firme cleantech spécialisée en énergie solaire en une biotechnologie axée sur les thérapies contre le cancer. La structure de l'accord prévoit un paiement en espèces de $700,000 à SciSparc et des échanges d'actions aboutissant à ce que les vendeurs détiennent 40% du capital social entièrement dilué de N2OFF. MitoCareX se spécialise dans le développement de traitements pour les cancers résistants en ciblant la famille de protéines mitochondriales SLC25, utilisant la modélisation 3D et des systèmes de criblage in vitro. La transaction comprend des émissions d'actions liées à des jalons jusqu'à 25% supplémentaires et engage N2OFF à investir initialement $1 million dans les opérations de MitoCareX. La clôture de l'accord est prévue pour début octobre 2025.
Die Aktionäre von N2OFF (NASDAQ: NITO) haben den Erwerb von MitoCareX Bio Ltd. genehmigt und das Unternehmen damit von einem Cleantech-Unternehmen im Solarbereich zu einem Biotech-Unternehmen mit Schwerpunkt Krebs-Therapeutika transformiert. Die Deal-Struktur sieht eine Bargeldzahlung von $700,000 an SciSparc sowie Aktientausch vor, durch den die Verkäufer 40% des vollständig verwässerten Kapitals von N2OFF erhalten. MitoCareX spezialisiert sich auf die Entwicklung von Behandlungen für resistente Krebserkrankungen, indem sie die mitochondriale Proteinfamilie SLC25 anvisiert und 3D-Modellierung sowie In-vitro-Screening-Systeme nutzt. Die Transaktion umfasst meilensteinbasierte Aktienausgaben von bis zu 25% zusätzlicher Aktien und verpflichtet N2OFF, initial $1 Million in die Aktivitäten von MitoCareX zu investieren. Der Abschluss der Transaktion wird für Anfang Oktober 2025 erwartet.
وافق المساهمون في N2OFF (بورصة ناسداك: NITO) على الاستحواذ على MitoCareX Bio Ltd.، ليحول الشركة من شركة تكنولوجيا نظيفة في مجال الطاقة الشمسية إلى شركة أحياء حيوية تركز على علاجات السرطان. هيكل الصفقة يتضمن دفعة نقدية قدرها $700,000 لـ SciSparc وتبادل أسهم ينتج عنه حصول البائعين على 40% من رأس مال N2OFF المخفف بالكامل. تتخصص MitoCareX في تطوير علاجات لسرطانات مقاومة من خلال استهداف عائلة بروتينات الميتوكوندريا SLC25، باستخدام النمذجة ثلاثية الأبعاد وأنظمة الفحص في المختبر. تتضمن الصفقة إصدار أسهم مبني على الإنجاز حتى 25% من أسهم إضافية وتلتزم N2OFF باستثمار مبدئي قدره $1 مليون في عمليات MitoCareX. من المتوقع إغلاق الصفقة في أوائل أكتوبر 2025.
N2OFF（纳斯达克股票代码：NITO） 的股东已批准收购 MitoCareX Bio Ltd.，使公司从清洁技术太阳能企业转型为专注于癌症治疗的生物科技公司。交易结构包括向 SciSparc 支付 $700,000 的现金，以及通过股票换股，卖方将获得 N2OFF 完全摊薄后的股本的 40%。MitoCareX 专注于通过靶向线粒体 SLC25 蛋白家族来开发耐药癌症的治疗方法，采用3D 建模和体外筛选系统。交易还包括基于里程碑的最高 25% 的额外股份发行，并承诺 N2OFF 最初在 MitoCareX 的运营中投资 $1 百万美元。交易预计于 2025 年 10 月初完成。
- None.
- Significant dilution with 40% immediate share issuance plus potential 25% additional milestone-based shares
- Complete business model pivot from cleantech to biotech introduces new operational risks
- 30% of financing proceeds (up to $1.6M) must be paid to sellers for 5 years, impacting cash flow
- Potential conflicts of interest with overlapping board members between N2OFF and SciSparc
Insights
N2OFF's acquisition of MitoCareX represents a complete pivot from solar energy to cancer therapeutics, targeting a high-growth market through novel mitochondrial approaches.
This transaction represents a complete strategic pivot for N2OFF from a cleantech company investing in solar energy to a biotech firm focused on novel cancer therapeutics. The acquisition of MitoCareX Bio brings a specialized drug discovery platform targeting the mitochondrial SLC25 protein family, with applications in hard-to-treat cancers including pancreatic and non-small cell lung cancer.
The deal structure reveals several key aspects worth noting. N2OFF will acquire full ownership through a
This acquisition positions N2OFF in the global cancer therapeutics market valued at
The transaction involves related parties, with overlapping board membership between N2OFF and SciSparc. The closing is expected in early October 2025, pending satisfaction of remaining conditions. This acquisition fundamentally transforms N2OFF's business model, risk profile, and growth prospects as it shifts from renewable energy to biotechnology.
Neve Yarak, Israel, Sept. 25, 2025 (GLOBE NEWSWIRE) -- N2OFF, Inc. (NASDAQ: NITO) (“N2OFF” and the “Company”), a cleantech company investing in solar energy assets based on the RTB (Ready to Build) business model, announced today that a special meeting of stockholders held on September 25, 2025, its stockholders voted on and approved, among others, the proposed acquisition of MitoCareX Bio Ltd. ("MitoCareX"), a biotech company focused on drug discovery targeting cancer therapeutics, with a range of other potential diseases and disorders, through targeting the mitochondrial SLC25 protein family.
MitoCareX is focusing on the development of novel therapies for hard-to-treat cancers by targeting proteins belonging to the mitochondrial SLC25 protein family. MitoCareX’s drug discovery activities rely on the ability to reliably generate 3D comparative modeling for its proteins of interest, which further allows the potential identification of anti-cancer small molecule therapeutics. Furthermore, by leveraging its advanced in-vitro screening systems related to mitochondria, MitoCareX corroborates the anti-cancer biological activity of small molecules discovered through its computational platform. According to Coherent Market Insights report, the global Cancer Therapeutics and Biotherapeutics market was estimated to be valued at
On February 25, 2025, N2OFF entered into a securities purchase and exchange agreement to acquire full ownership of MitoCareX from SciSparc Ltd (NASDAQ:SPRC), Dr. Alon Silberman, and Prof. Ciro Leonardo Pierri (the “Sellers”). Under the agreement, N2OFF will purchase 6,622 shares from SciSparc for
This agreement also contemplates a commitment by the Company to financially support MitoCareX’s operations during the first two years following the closing, including an initial cash investment of
Approval by the stockholders of N2OFF represented one of the closing conditions in the agreement. N2OFF and the Sellers are aiming to close the transaction within the first half of October 2025, subject to the satisfaction of the remaining closing conditions.
Mr. Amitay Weiss, Chairman of the Board of Directors of N2OFF, also serves as the Chairman of the Board of Directors of SciSparc. Additionally, Ms. Liat Sidi, a member of N2OFF’s Board of Directors, also serves as a member of the Board of Directors of SciSparc.
About N2OFF Inc:
N2OFF is a cleantech company mainly engaged in EU based solar assets using the RTB (Ready to Build ) business model. N2OFF is currently the lead investor in four solar projects in three different EU countries, all of which were introduced by Solterra Renewable Energy Ltd., a wholly owned subsidiary of Solterra Energy Ltd.
N2OFF also controls approximately
Forward-looking Statements:
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. Because such statements deal with future events and are based on our current expectations, they are subject to various risks and uncertainties including the successful implementation of potential synergies between N2OFF and MitoCareX, operational and business opportunities available to N2OFF following the acquisition of MitoCareX, the potential benefits MitoCareX can present to N2OFF if and when the transaction closes, the success of our collaboration with Solterra Energy Ltd., entry into future projects, our ability to successfully enter the solar PV sector, the profitability of such industry, and the potential added value of the increased capacity. Actual results, performance or achievements could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including market conditions as well as those discussed under the heading “Risk Factors” in N2OFF’s Annual Report on Form 10-K filed with the SEC on March 31, 2025, and in any subsequent filings with the SEC. Except as otherwise required by law, we undertake no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. We are not responsible for the contents of third-party websites.
Investor Relations Contact:
Michal Efraty
michal@efraty.com
FAQ
What is the acquisition price for MitoCareX by N2OFF (NASDAQ: NITO)?
How will the MitoCareX acquisition transform N2OFF's business?
What is the market potential for N2OFF's new cancer therapeutics focus?
When will the N2OFF-MitoCareX merger close?
What financial commitments has N2OFF made to support MitoCareX?
