Business
Amarantus Re-acquires Rights to Alzheimer's Blood Diagnostic LymPro Test
Amarantus Re-acquires Rights to Alzheimer's Blood Diagnostic LymPro Test.
About this update from Amarantus Bioscience Holdings, Inc.
[{"type":"text","content":"\n\n NEW YORK, April 06, 2018 (GLOBE NEWSWIRE) -- Via OTC PR Wire -- Amarantus Bioscience Holdings, Inc. (OTC Pink:AMBS) (the \"Company\" or AMBS), a US-based JLABS-alumnus biotechnology holding company developing first-in-class orphan neurologic, regenerative medicine and ophthalmic therapies through its subsidiaries, today announced that it has re-acquired all rights held by Avant Diagnostics, Inc. (OTC Pink:AVDX) to neurology-focused diagnostic tests LymPro Test, MSPrecise and NuroPro. Under the terms of the agreement, Amarantus agreed to cancel all liabilities (approximately $722,500) Avant owed to Amarantus and issue Avant 1,000,000 shares of Amarantus common stock. Avant agreed to issue to Amarantus an additional 30,092,073 Avant common shares in satisfaction of certain amounts owed under the original acquisition agreement. Amarantus intends to assign these diagnostic assets to a new subsidiary that aligns with Amarantus' holding company business model.\n \"The science underpinning the LymPro Test for Alzheimer's disease has continued to mature during the intervening period of our ownership by virtue of the improved understanding of the immune system's involvement in the underlying mechanisms of cell death in Alzheimer's disease,\" said Gerald Commissiong, President & CEO of Amarantus. \"Going forward, we believe there is an opportunity to move the neurology assets via a focused subsidiary and key additions to management with experience to take it forward. We continue to be excited by Avant's Theralink platform and its potential to dramatically improve cancer prescription accuracy, both in terms of positive and negative predictive value, using its industry leading proprietary Reverse-Phase Protein Array (RPPA) platform that evaluates phospho-protein activation in tumor tissue.\" About Alzheimer's Disease According to the Alzheimer's Association, it is estimated that over 5.4 million people in the United States suffer from Alzheimer's disease. Over 500,000 patients are diagnosed annually, with nearly one-in-eight older Americans affected by the disease. Alzheimer's disease is the third leading cause of death in the United States. The cost of unpaid care in the United States is estimated at over $210 billion annually. Total payments for care are estimated at over $200 billion annually, including $140 billion in cost...