NEW YORK (GenomeWeb News) – Arrayit today announced it is spinning out its majority-owned subsidiary Arrayit Diagnostics, which it expects to be listed on the Over-the-Counter Bulletin Board.
Arrayit will distribute its 78.18 percent interest in Arrayit Diagnostics as a stock dividend to its existing shareholders. The dividend distribution date and further details will be announced in the first quarter of 2012.
Arrayit Diagnostics is based in Redmond, Ore., and has been an independent entity since 2009. It will hold all intellectual property, licenses, and development agreement assets related to its OvaDx ovarian cancer pre-symptomatic diagnostic test.
The new setup will allow Arrayit to concentrate on its core business of advanced equipment sales and manufacturing for the life sciences, Arrayit Diagnostics President and CEO John Howell said in a statement, while Arrayit Diagnostics focuses on commercializing OvaDx. Howell will remain in his current position at Arrayit Diagnostics to direct efforts at getting US Food and Drug Administration approval for OvaDx and to pursue strategic relationships to market the test.
Arrayit, headquartered in Sunnyvale, Calif., said in August 2010 that it would pursue premarket approval for OvaDx rather than 510(k) clearance.