Venaxis announces transaction with Strand

Venaxis announced today that it has entered into a series of agreements for a transaction with Strand Life Sciences (Strand LS) and its shareholders

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(Photo Courtesy: www.burnsmarketing.com)

Venaxis is an in vitro diagnostic company which has been focused on the clinical development and commercialization of its APPY1 Test, the company's rapid blood-based test for appendicitis.

Strand LS is a privately-held, global genomics and bioinformatics company. Strand LS operates clinical reference labs in the US through its wholly owned subsidiary Strand Genomics (Strand U.S.) and directly in India, providing testing and lab services in India and other world-wide markets.

Strand LS has commercialized a next generation sequencing (NGS) based, targeted, multi-gene, pan-cancer diagnostic panel in select international markets and has engaged in initial commercialization activities in the United States.

Assuming participation by 100% of the Strand LS shareholders, the effect of the transaction will be that Strand LS shareholders and the employees and directors who are option-holders in Strand LS will own directly and beneficially approximately 68% of the combined enterprise and the current shareholders of Venaxis will own approximately 32%.

Due to Indian tax and financial regulations, the transaction is being structured as purchases, by Venaxis, of the Strand LS shares from the Strand LS shareholders, followed by an immediate re-investment of those sale proceeds, by the Strand LS shareholders, into Venaxis Common Stock.

 

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