NEW YORK and WIXOM, Mich., March 16, 2020 (GLOBE NEWSWIRE) -- Medical Resource Acquisition Group LLC (MRAG) is a recently formed Delaware company which was specifically incorporated for the purposes of investing in innovative healthcare companies. MRAG focuses on disruptive technologies in the healthcare space and is assisted by advisers from 3 continents who have global, financial and strategic contacts.
MRAG is backed by Canadian, UAE based businessman Khurram Shroff, who is an award- winning, global banking and finance leader, featured in the prestigious list of the “Top 100 Most Powerful and Influential Muslims in Great Britain and the World” by Power100. Mr. Shroff, an energetic entrepreneur with diverse interests has turned his attention to bringing the finest in global bio-pharma expertise to the Middle and Far East, beginning with an initiative that seeks to address a growing regional need for end-stage kidney disease management.
MRAG has proposed funding of USD15 million, as well as new directors for Rockwell Medical Inc., in a bid to restructure and reinvigorate the company. Mr. Shroff believes that MRAG and its advisers can bring new opportunities to the company, both in terms of an expansion of its business interests and in terms of finance. Mr. Shroff believes that the funding offered by MRAG will empower Rockwell to make great strides into huge, new markets which lay beyond those currently being considered and serviced.
Mr. Shroff is driving an initiative to introduce much needed, state of the art, dialysis solutions and expertise in the Middle East and Far East markets, where there is growing demand. According to the Global Kidney Health Atlas, 14.5 million people will require treatment for end-stage kidney disease worldwide by 2030, with such conditions also emerging as a major healthcare concern in the Middle and Far East. A substantive effect of MRAG’s offer of equity funding to RMTI, made on February 25, 2020, will be the introduction of appropriate healthcare innovations to the Middle and Far East market that target current needs and future projections.
MRAG’s advisors include:
- Dr. Dominic Man-Kit Lam (-founder of the Hong Kong Institute of Biotechnology and currently the Chairman and Chief Biomedical Officer of Rejuve Longevity Network;
- Dr. Reinhard R. Glück (-President of the Swiss Biotech Association, Chief Scientific Officer of Berna Biotech Ltd, Berne, Switzerland, President of Etna Biotech Srl, Catania, Sicily, Executive Vice President R&D, Vaccine Discovery, Crucell, Scientific Advisor of Redbiotech, Zurich, Switzerland; and Chief Scientific Officer, Vaccines, Cadila Healthcare (Zydus);
- Mr. Arthur S. Reynold (-a former Chairman of the Board of ThermoEnergy Corporation, who has more than 35 years’ experience raising capital and whose career included working for W.R. Grace and Co., which sold National Medical Care, the world's largest operator of kidney disease treatment centers in 1996, to Fresenius A.G. for $4.4 billion);
- Mr. Markus Müller (-a member of the Board of Directors of Arundel AG, a Swiss corporation whose shares are listed on the SIX Swiss Exchange and whose Valor Symbol is: ARON. The Arundel Group provides specialist investment banking services to public and private companies. It has offices in Zurich, London, New York and Mauritius);
- Mr. Numair Ali Osman (-a former Chief Operating Officer of BioVance, a contract research organization for UK-based pharmaceutical companies, a former CEO of Hye Noon Technologies which provided IT products and solutions to the pharmaceutical sector and Head of Corporate Affairs for Pharmatec, a contract manufacturer for multinational pharmaceutical companies); and
- Mr. Peter Kaiser (-a Swiss Financial Analyst & Portfolio Manager as well as Certified International Investment Analyst who has headed up various fund management and administration companies, including acting as head of fund management at a major Liechtenstein bank).
MRAG has nominated Mr. Khurram Shroff, Mr. Arthur S. Reynolds and Mr. Markus Müller for election as directors at the Rockwell annual shareholder meeting and believes that they have much more to offer Rockwell than the directors currently on the Board, in particular those seeking reelection at the upcoming annual shareholders’ meeting.
Mr. Khurram Shroff, General Partner of MRAG stated: “Along with our generous offer to fund Rockwell with $15 million, we have filed our slate of three high-quality directors with Rockwell and met the requirement of demonstrating the share ownership to do so. We have been taking a significant ownership position in Rockwell and we plan to acquire approximately an additional five million shares. We prefer to acquire those shares direct from Rockwell for $15 million for the three board seats”, Mr. Shroff added “Other than director Ravich, we do not believe that the directors of Rockwell have used one dollar of their own to buy shares in Rockwell. Not only is MRAG willing to invest significant sums into Rockwell to transform our vision for the company into a reality, but advisers of MRAG have also personally invested monies and bought shares in the company. I believe that this demonstrates our genuine motivation and sincere long-term intentions with regard to Rockwell.”
Tien Ma
+491638358774
tien@redhill.world
