EastGate Biotech Corp. has signed a licensing agreement with Nico Innovagroup S.r.l. for liquid insulin mouth rinse solution. The definitive agreement encompasses the license of the company's liquid insulin mouth rinse solution for a period of 15 years in the European market in exchange for milestone payments and a royalty up to a 10% of the drug sales. According to the terms of the definitive agreement milestone payments will commence immediately: The first milestone payment is an equity offering for 2 million preferred stock with priority position in the intellectual property of the liquid insulin mouth rinse. The preferred stock pays no dividend and simply gives the preferred shareholders priority treatment in the event of dissolution of the company and is convertible into common on a 1 for 1 basis. The incorporation of Nico Innovapharma and the implementation of the licensing agreement with EastGate Biotech is part of reorganization plan--conducted by the founders--of several already existing activities and entities under an umbrella company, Nico Innovagroup. This agreement will enable companies to provide liquid insulin mouth rinse and nutraceuticals in Europe. Deal History: Earlier on June 16, 2018, Nico Innovapharma entered into a binding Memorandum of Understanding (MOU) with EastGate Biotech, for the licensing of the company's liquid insulin mouth rinse solution.