Arrayit spins off Arrayit Diagnostics to shareholders
SUNNYVALE, Calif.—Arrayit Corp. has approved the spin-off of Arrayit Diagnostics Inc., its majority owned subsidiary, and will distribute its 78.18-percent interest in Arrayit Diagnostics as a stock dividend to its existing shareholders. The exact distribution date and further details will be announced early in the first quarter of 2012. Arrayit Diagnostics has operated as an independent entity of its parent company since July 2009, and will continue to hold all intellectual property, licenses and development agreement assets related to the ovarian cancer pre- symptomatic diagnostic test OvaDx.
"Operating as a separate public entity will enable Arrayit Corp. to focus on its core business of advanced equipment sales and manufacturing for the life sciences, while simultaneously allowing Arrayit Diagnostics the opportunity to fully commercialize its ovarian cancer diagnostic technology," said John Howell, CEO and president.