Business
Avant Diagnostics Simultaneously Completes Acquisitions of Amarantus Diagnostics and Theranostics Health
Avant Diagnostics Simultaneously Completes Acquisitions of Amarantus Diagnostics and Theranostics Health.
About this update from Amarantus Bioscience Holdings, Inc.
[{"type":"text","content":"\n\n Operations of Amarantus Diagnostics and Theranostics Health have consolidated into Avant Diagnostics (OTCQB:AVDX)Diagnostics pipeline in Alzheimer’s disease (LymPro Test™), Ovarian cancer (OvaDx™) and Multiple Sclerosis (MSPrecise™) added to already available Breast cancer test (TheraLink®) in Maryland-based CLIA/CAP facility SCOTTSDALE, Ariz. and SAN FRANCISCO and GAITHERSBERG, Md., May 12, 2016 (GLOBE NEWSWIRE) -- Avant Diagnostics, Inc. (“Avant”) (OTCQB:AVDX), an innovative molecular diagnostics company, today announced it has completed the acquisition of Amarantus Diagnostics, Inc. (“AMDX”), a wholly-owned subsidiary of Amarantus BioScience Holdings, Inc. (“AMBS”) (OTCQX:AMBS), and  the business of Theranostics Health, Incorporated (“THI”). In connection with the acquisition of THI, Avant intends to appoint Glenn Hoke, PhD, President & CEO of THI, as Chief Scientific Officer. In connection with the acquisition of AMDX, Gerald Commissiong, President & CEO of AMBS, has been appointed to the Board of Directors of Avant.\n Under the terms of the agreement for the acquisition of AMDX, Avant has acquired all of the outstanding shares of common stock of AMDX for an aggregate of 80,000,000 shares of Avant common stock, subject to issuance of additional shares upon the occurrence of certain future events.  Under the terms of the agreement for the acquisition of THI, Avant acquired the assets and operations of THI for an aggregate of 25,000,000 shares of Avant common stock.  Each share of Avant common stock issued to AMBS and THI will be subject to an eighteen (18) month lock-up, subject to certain exceptions. Avant will initially look to grow THI’s pharma services revenue by expanding existing relationships with pharmaceutical customers, particularly in the area of immune-oncology, and moving into new areas in neuro-immunology, specifically Alzheimer’s disease. In parallel, the Company will be preparing for CLIA validation studies for the Company’s proprietary diagnostic tests in the areas of Alzheimer’s disease (LymPro Test™), ovarian cancer (OvaDx™) and multiple sclerosis (MSPrecise™). THI’s TheraLink® assay is currently available under CLIA. Overall, the Company has within it...