85,586,795 Todos shares owned by AMARANTUS , In
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Posted On: 12/08/2020 7:07:22 PM
85,586,795 Todos shares owned by AMARANTUS ,
In addition a 10% royalty on LymPro intellectual property.
On July 28, 2020, Todos Medical Ltd. (the “Company”) entered into Amendment No. 1 to the Binding Joint Venture Agreement with Amarantus Bioscience Holdings, Inc. (“Amarantus”) pursuant to which the parties agreed that the Company would issue 49.9% of its ordinary shares as of December 31, 2019 to Amarantus in exchange for the 80.1% equity interest it does not own of Breakthrough Diagnostics, Inc. In addition, Amarantus will receive a 10% royalty on LymPro intellectual property.
We are very pleased to have completed the acquisition of this exciting asset, which has been valued at $136 million by an independent third-party valuation firm retained by the Todos’ Board of Directors,” said Daniel Hirsch, Chief Financial Officer of Todos. “With this asset now fully in our portfolio, and with the expected cash flow from our COVID-19 testing business, we believe we can continue to increase the value of LymPro as we bring it to market through our emerging U.S. and international sales channels. Additionally, because we are seeing a number of complications after recovery from COVID-19, we believe it is prudent to begin monitoring patients for early warning signs of disease, including Alzheimer’s and cancer. If early pathology emerges, it will potentially be more treatable than if found later in the course of disease.”
A description of the terms of the acquisition is available on Form 6-K filed with the Securities and Exchange Commission on July 28, 2020.
In addition a 10% royalty on LymPro intellectual property.
On July 28, 2020, Todos Medical Ltd. (the “Company”) entered into Amendment No. 1 to the Binding Joint Venture Agreement with Amarantus Bioscience Holdings, Inc. (“Amarantus”) pursuant to which the parties agreed that the Company would issue 49.9% of its ordinary shares as of December 31, 2019 to Amarantus in exchange for the 80.1% equity interest it does not own of Breakthrough Diagnostics, Inc. In addition, Amarantus will receive a 10% royalty on LymPro intellectual property.
We are very pleased to have completed the acquisition of this exciting asset, which has been valued at $136 million by an independent third-party valuation firm retained by the Todos’ Board of Directors,” said Daniel Hirsch, Chief Financial Officer of Todos. “With this asset now fully in our portfolio, and with the expected cash flow from our COVID-19 testing business, we believe we can continue to increase the value of LymPro as we bring it to market through our emerging U.S. and international sales channels. Additionally, because we are seeing a number of complications after recovery from COVID-19, we believe it is prudent to begin monitoring patients for early warning signs of disease, including Alzheimer’s and cancer. If early pathology emerges, it will potentially be more treatable than if found later in the course of disease.”
A description of the terms of the acquisition is available on Form 6-K filed with the Securities and Exchange Commission on July 28, 2020.
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