Business
Heads of Terms Signed for the Acquisition of Calon
Heads of Terms Signed for the Acquisition of Calon.
About this update from Ashington Innovation Plc
[{"type":"text","content":"\n\nThis announcement contains inside information as stipulated under the UK version of the Market Abuse Regulation No 596/2014 which is part of English Law by virtue of the European (Withdrawal) Act 2018, as amended. On publication of this announcement via a Regulatory Information Service, this information is considered to be in the public domain.\n \nPress Release\n \n24 August 2023\n \nAshington Innovation plc\n \n(\"Ashington\" or \"the Company\") \n \nHeads of Terms Signed for the Acquisition of Calon Cardio-Technology Limited, subject to the\nCompletion of the Reverse Takeover of Cell Therapy Limited\n \nAshington Innovation plc (LSE: ASHI; FSE: 6FW), a special purpose acquisition company, is pleased to announce it has entered into a non-binding heads of terms agreement with Calon Cardio-Technology Limited (\"Calon\"), to acquire 100% of the outstanding shares in Calon in an all-share transaction. The acquisition is subject to the completion of the proposed reverse takeover of Cell Therapy Limited (\"CTL\") announced on 19th August 2023 as well as customary legal, financial, and other due diligence for a transaction of this type and entry into a legally binding sale and purchase agreement (the \"Proposed Acquisition\"). As no binding agreement has yet been reached, the Company cannot guarantee that the Proposed Acquisition will complete.\n \nAbout Calon\nCalon is a UK medical device company developing a Left Ventricular Assist Device (LVAD), an implantable heart pump for patients with severe heart failure. Calon's proprietary LVAD is registered under the trademark Mini-VAD™.\n \nThe Mini-VAD™ has demonstrated during in vitro studies a significant reduction in blood damage compared to current LVADs. Calon manufactures its Mini-VAD™ at its state-of-the-art R&D and manufacturing facility in Wales and its technology is protected by a suite of patents and patent applications. Calon has been awarded multiple awards and non-dilutive funding grants, including being selected for the UK Government's Global Incubator Programme. Over its lifetime it has raised over £20m in equity and grant funding.\n \nBackground to the Proposed Acquisition\nAshington was formed as a special purpose acquisition company with the intention of acquiring businesses operating in the technology sect...