Earlier today, Avant Diagnostics,
Inc. (OTCQB: AVDX) announced that it has entered into a non-binding letter of
intent to merge with Amarantus Diagnostics, a wholly-owned subsidiary of
Amarantus Bioscience Holdings, Inc. (OTCQX: AMBS). Under the terms of the
agreement, Avant will issue 80 million shares of common stock to Amarantus upon
execution of definitive agreements, as well as additional shares of common
stock after reaching predetermined sales milestones. The transaction is subject
to customary closing conditions, and it’s expected to be finalized in the
second quarter of 2016.
“We are pleased to have found the
appropriate partner to divest our diagnostics business unit as we transition to
a therapeutics-only focused company,” Gerald E. Commissiong, president and
chief executive officer of Amarantus, stated in the news release. “After
exploring numerous avenues for implementing Avant’s OvaDx® development and
commercialization strategy, it is clear that combining Avant’s and Amarantus’
diagnostic assets and core competencies creates a platform that provides
maximum value to our collective shareholders.”
Avant’s OvaDx is a sophisticated
microarray-based test offering the potential to substantially improve the
current diagnostic standards related to ovarian cancer. By combining this
powerful, protein-based technology with the therapeutic pipeline of Amarantus
Diagnostics, Avant aims to establish itself as a world-class diversified
neurology- and oncology-focused diagnostics company with the ability to deliver
actionable information to physicians seeking to provide the best treatment
options for patients, as well as to assist the research community in developing
new treatments for a host of devastating illnesses.
The foundation of this merger
agreement is the intrinsic connection between the fundamental scientific
underpinnings of Avant’s oncology research and Amarantus’s research in the
fields of neurodegeneration. By pooling protein-based, flow-based and next-gen
sequencing based technologies, the combined company’s diagnostic testing
portfolio is expected to greatly expand Avant’s ability to evaluate
cross-platform development of diagnostic products.
“The collective diagnostic assets
[of Avant and Amarantus Diagnostics] will create a truly unique opportunity to
implement our mission of saving and enhancing lives through early detection of
disease,” continued Commissiong. “We expect that the sum of the collective
parts will far exceed the value of the individual parts.”
Amarantus’s intellectual property
portfolio includes NuroPro®, a protein-based diagnostic blood test for
Parkinson’s disease; SeraPro BC, a protein-based diagnostic blood test for
breast cancer; and several other assays that will be contributed to Avant following
the successful completion of the merger. Additionally, Amarantus Diagnostics
has entered into an agreement with a Maryland-based CLIA laboratory in
preparation for CLIA-enabling validation studies, and, following completion of
the merger transaction, this agreement is expected to better position Avant to
advance the clinical development of OvaDx.
For more information, visit
www.avantdiagnostics.com
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