CannEpil is already in use across Ireland, the United Kingdom, Germany, and Australia, manufactured under European Union Good Manufacturing Practice standards. Unlike early-stage research assets, the therapy is currently supported by reimbursement programs and has undergone clinical utilization. Interim CEO Brady Cobb noted that the acquisition bypasses years of initial development, allowing the company to immediately focus on the U.S. regulatory landscape, where the drug has already initiated pre-IND engagement with the FDA.

The transaction is backed by a $1 million strategic investment from C/M Capital Partners, earmarked for clinical planning and identifying American pharmaceutical partners. Financial terms include the forgiveness of $5 million in Argent BioPharma debt by the Mercer Street Global Opportunity Fund and $5.5 million in newly issued Splash preferred equity. Argent BioPharma retains a 15% royalty on net global revenue over the initial 20-year term of the agreement. With roughly 30% of epilepsy patients worldwide classified as drug-resistant, Splash aims to capture a significant share of this neurology market by scaling the existing platform.