Institute of Biomedical Research Corp. (OTCPK:MRES) agreed to acquire Biomedical and Nutraceutical Assets of Wuhan General Group (China), Inc. (OTCPK : WUHN) on July 18, 2022. As part of the transaction, the Institute of Biomedical Research Corp in an all-cash transaction will assume current liabilities related to the assets which include M2Bio Sciences Food and Beverage Proprietary Limited, MJ MedTech Inc., Neurai Life Sciences Proprietary Limited and Tsime Pharmaceuticals (Pty) Ltd. Kim Halvorson has stepped down as Chief Executive Officer and appointed Jeff Robinson as the new Chief Executive Officer, and a Director of the company.

All current management and employees of Wuhan operating companies will be retained.