M Pharmaceuticals Inc., of Vancouver, British Columbia, said it entered an agreement to acquire assets from Chelatexx LLC, of Fort Thomas, Ky., related to a reformulated version of orlistat (C-103), a weight loss candidate. M will make an up-front cash payment of $200,000, issue 10 million common shares of its stock and will pay a low single-digit royalty on net sales. M also said it was undertaking a nonbrokered private placement of up to C$700,000 (US$535,685) via the issuance of units priced at C$0.025 per unit – each unit consisting of one common share and one warrant exercisable for one year at C5 cents.