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Avant and Amarantus Diagnostics to combine operations with Theranostics Health
May 2016
SHARING OPTIONS:
SCOTTSDALE, Ariz. & SAN FRANCISCO—Avant Diagnostics Inc., a biotechnology
company focused on the development of oncology-based diagnostics, and Amarantus Diagnostics Inc.,
a wholly owned subsidiary of Amarantus BioScience Holdings Inc., recently announced that the companies have jointly entered into a letter of intent for Avant
to acquire assets and certain liabilities of Theranostics Health Inc. (THI), adding key
CLIA laboratory and intellectual property capabilities to Avant’s previously announced letter of intent to merge with Amarantus Diagnostics.
THI currently generates over $1.5 million in services revenue from some of the world’s leading biopharmaceutical
companies, including seven of the top 10 pharmaceutical companies by revenue.
Under the terms of the letter of
intent, Avant shall issue to THI 25 million shares of its common stock upon the closing. Amarantus BioScience has provided a convertible note of $400,000 to
THI to facilitate the transaction that will be assumed by Avant upon closing of the transactions. As previously disclosed, Avant plans to issue 80 million
shares of its common stock to Amarantus Biosciences upon completion of its merger with Amarantus Diagnostics. The transactions are expected to close in the
first half of 2016, and are subject to customary closing conditions.
“THI is a leader in the area of signal
transduction biology, where they have been able to attract an A-list of pharmaceutical customers collaborating with the company to evaluate the therapeutic
benefit and potential of their drug candidates using THI’s proprietary assays,” said Gerald E. Commissiong, president and CEO of Amarantus.
“In addition, THI has a CLIA lab where Amarantus Diagnostics has established operations over the course of the first quarter that will allow for CLIA
validation and commercial launch of the combined company’s suite of high-value, proprietary diagnostics in the areas of oncology and neurology.
THI’s sales channel into the pharmaceutical industry will provide important leverage for the combined company to market the LymPro Test for
Alzheimer’s disease. We could not have picked a better partner to bring Avant and Amarantus Diagnostics' leading-edge intellectual property in
diagnostics and biomarkers to the market.”
“Key to the business case for the merged company is
THI’s impressive pharma services revenue base and sales channel in the area of cell signaling biology,” said Gregg Linn, president and CEO of
Avant Diagnostics. “In addition to this, THI’s CLIA laboratory provides the combined company with the infrastructure to launch OvaDx, MSPrecise
and LymPro Test in a regulatory-compliant environment that has been vetted by some of the world’s top pharmaceutical companies. THI’s laboratory
meets the highest-quality standards under CLIA/CAP, which should give both our pharmaceutical and commercial customers great confidence in the information
generated in THI’s laboratory.”
THI’s core business is centered on providing pharmaceutical and
biotechnical companies access to its technology for quantitatively measuring the activation status of key proteins and signal transduction pathways that are
dysregulated in multiple disease processes via its Reverse-phase Protein Array (RPPA) platform. THI is experienced in running CAP-accredited assays in its
CLIA laboratory for predicting response to therapies in difficult to treat cancers. THI believes that, while genomic approaches may identify potential
activating mutations in diseased tissues, measuring the actual activation status of the protein drug targets and the signal transduction pathways that they
regulate provides physicians with much-needed evidence that a particular therapeutic strategy can provide benefits to the patient.
THI has launched tests, TheraLink Assays, for guiding therapeutic decisions in breast and colorectal cancer. The post-merger
Avant Diagnostics will further build on its recognized scientific expertise in the area of cell cycle biology to increase its pharma services revenues and
provide therapy-guiding diagnostics in difficult-to-treat conditions.
“After an extensive evaluation of the
diagnostics market, we believe that we have found the best potential partners in Avant and Amarantus,” commented Dr. Glenn Hoke, CEO of THI. “It
is clear that we will be expanding our CLIA offerings with much-needed tests, such as OvaDx in cancer and MSPrecise in neurology, while also providing
significant additional pharma services business development opportunities with the LymPro Test. With platforms in microarray proteomics, ELISA, flow
cytometry and ‘next-gen’ sequencing, the combined company’s capabilities will allow it to add cross-platform diagnostics as we grow into
the future.”
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