Todos Medical Raises $1,350,500 In Funding and Fin
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Posted On: 02/28/2019 11:38:28 AM
Todos Medical Raises $1,350,500 In Funding and Finalizes Joint Venture Agreement with Amarantus Bioscience
February 28, 2019 09:30 ET | Source: Todos Medical Ltd.;
Amarantus Bioscience Holdings, Inc.
JV to focus on the development of Alzheimer’s blood diagnostic LymPro Test 2.0
REHOVOT, Israel and NEW YORK, Feb. 28, 2019 (GLOBE NEWSWIRE) -- Todos Medical Ltd. (OTCQB: TOMDF), a clinical-stage in-vitro diagnostics company focused on the development of blood tests for the early detection of cancer, announced that it has raised $1,350,500 from private investors (see Todos Medical’s Form 6-K filed on February 28, 2019). With financing secured, Todos Medical has closed the Joint Venture transaction with Amarantus Bioscience whereby Todos Medical issued to Amarantus 19.99% of the outstanding ordinary shares of Todos Medical, in exchange for 19.99% of Amarantus’s wholly-owned subsidiary Breakthrough Diagnostics, Inc. In addition, as part of the transaction, Amarantus has assigned to Breakthrough Diagnostics all of Amarantus’s rights to the LymPro Test®, an immune-based neurodiagnostic blood test for detection of Alzheimer’s disease, and other diagnostic assets. Breakthrough Diagnostics will focus on the development of the LymPro Test, which was originally developed at the University of Leipzig.
“Todos Medical is proud to announce the finalization of our JV Agreement with Amarantus Bioscience. Our jointly-owned subsidiary Breakthrough Diagnostics will develop the LymPro Test 2.0, which is potentially the first diagnostic blood test for Alzheimer’s disease,” said Herman Weiss, MD MBA, CEO of Todos Medical. “We are optimistic that this venture will help us improve our understanding of how the body’s immune system responds to disease. Our goal is early diagnosis of disease. Currently, 5.2 million Americans have Alzheimers disease with 500,000 new diagnoses made every year. We are talking about the ability to have a positive impact on a staggering amount of lives.”
“Todos Medical is working to commercialize its diagnostics cancer markers, which is a key value inflection for any diagnostic company,” said Gerald E. Commissiong, President & CEO of Amarantus. “We expect LymPro to help Todos Medical build upon its deep understanding of the interplay between immune system and aberrant cell proliferation processes that lead to disease. We believe this combination will help drive the clinical and commercial plan for LymPro and deliver significant shareholder value for Amarantus and Todos Medical.”
Under the terms of the JV Agreement, Todos Medical, has an exclusive option to acquire the remaining 80.01% of Breakthrough Diagnostics in exchange for an additional 30.01% of Todos Medical’s shares.
https://globenewswire.com/news-release/2019/0...ience.html
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February 28, 2019 09:30 ET | Source: Todos Medical Ltd.;
Amarantus Bioscience Holdings, Inc.
JV to focus on the development of Alzheimer’s blood diagnostic LymPro Test 2.0
REHOVOT, Israel and NEW YORK, Feb. 28, 2019 (GLOBE NEWSWIRE) -- Todos Medical Ltd. (OTCQB: TOMDF), a clinical-stage in-vitro diagnostics company focused on the development of blood tests for the early detection of cancer, announced that it has raised $1,350,500 from private investors (see Todos Medical’s Form 6-K filed on February 28, 2019). With financing secured, Todos Medical has closed the Joint Venture transaction with Amarantus Bioscience whereby Todos Medical issued to Amarantus 19.99% of the outstanding ordinary shares of Todos Medical, in exchange for 19.99% of Amarantus’s wholly-owned subsidiary Breakthrough Diagnostics, Inc. In addition, as part of the transaction, Amarantus has assigned to Breakthrough Diagnostics all of Amarantus’s rights to the LymPro Test®, an immune-based neurodiagnostic blood test for detection of Alzheimer’s disease, and other diagnostic assets. Breakthrough Diagnostics will focus on the development of the LymPro Test, which was originally developed at the University of Leipzig.
“Todos Medical is proud to announce the finalization of our JV Agreement with Amarantus Bioscience. Our jointly-owned subsidiary Breakthrough Diagnostics will develop the LymPro Test 2.0, which is potentially the first diagnostic blood test for Alzheimer’s disease,” said Herman Weiss, MD MBA, CEO of Todos Medical. “We are optimistic that this venture will help us improve our understanding of how the body’s immune system responds to disease. Our goal is early diagnosis of disease. Currently, 5.2 million Americans have Alzheimers disease with 500,000 new diagnoses made every year. We are talking about the ability to have a positive impact on a staggering amount of lives.”
“Todos Medical is working to commercialize its diagnostics cancer markers, which is a key value inflection for any diagnostic company,” said Gerald E. Commissiong, President & CEO of Amarantus. “We expect LymPro to help Todos Medical build upon its deep understanding of the interplay between immune system and aberrant cell proliferation processes that lead to disease. We believe this combination will help drive the clinical and commercial plan for LymPro and deliver significant shareholder value for Amarantus and Todos Medical.”
Under the terms of the JV Agreement, Todos Medical, has an exclusive option to acquire the remaining 80.01% of Breakthrough Diagnostics in exchange for an additional 30.01% of Todos Medical’s shares.
https://globenewswire.com/news-release/2019/0...ience.html
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