Business
Amarantus Completes Sale of Diagnostics Division, Announces Fiscal Year 2015 and First Quarter 2016 Financial Results
Amarantus Completes Sale of Diagnostics Division, Announces Fiscal Year 2015 and First Quarter 2016 Financial Results.
About this update from Amarantus Bioscience Holdings, Inc.
[{"type":"text","content":"\n\n\n\nAmarantus Completes Sale of Diagnostics Division, Announces Fiscal Year 2015 and First Quarter 2016 Financial Results\n\n\n\n\n\nAmarantus Completes Sale of Diagnostics Division, Announces Fiscal Year 2015 and First Quarter 2016 Financial Results\nPR Newswire\nSAN FRANCISCO, June 3, 2016\n\n\n\nSAN FRANCISCO, June 3, 2016 /PRNewswire/ --\n\nAmarantus BioScience Holdings, Inc. (OTCQX: AMBS), a biotechnology company focused on developing products for Regenerative Medicine, Neurology and Orphan Diseases, today announced the closing of the sale of its wholly-owned subsidiary Amarantus Diagnostics, Inc. to Avant Diagnostics, Inc. (OTCQB: AVDX), and reported consolidated financial statements for fiscal year 2015, and for the first quarter of 2016.\n\nUnder the terms of the sale to Avant, Amarantus received:\n\n\n80 million shares of Avant common stock;\n\nThe market value of the common stock as of the closing date was $25.6 million;\n\nAmarantus' equity stake in Avant represents approximately 38% of the fully-diluted shares.\n\n\n\"The sale of Amarantus Diagnostics to Avant was an important step for the Company as we continue to streamline our focus on our therapeutic portfolio,\" said Gerald E. Commissiong, President & CEO of Amarantus. \"As we move forward, the Company will be investing the majority of its resources on the clinical development of the Engineered Skin Substitute (ESS) program for the treatment of severe burns, a program that is expected to enter human clinical trials in the 2nd quarter of this year. In parallel, the Company continues to evaluate value-building strategic options for all of its therapeutic assets, including ESS, Eltoprazine and MANF.\"\n\n2016 UPCOMING MILESTONES \n\n\nOpen enrollment at the military site for the Phase 2 clinical study of ESS for the treatment of adult severe burns in 2Q 2016;\n\nOpen enrollment at two additional civilian trauma centers for the Phase 2 ESS clinical study;\n\nComplete review of strategic options to re-initiate clinical development of Eltoprazine;\n\nInitiate second phase of MANF cGMP process development and manufacturing.\n\n\n2015 and EARLY 2016 CORPORATE HIGHLIGHTS \n\nESS (also known as Permaderm™) \n\n\nCompletion of the Cutanogen Corporation acquisition, resulting in the transfer of the underlying ESS intellectual property and propri...