Shareholders of Australian diagnostics firm Healthlinx voted last week to approve the sale of assets related to the company's ovarian cancer test, OvPlex.
The vote clears the way for the acquisition of the OvPlex test by recently formed San Diego, Calif.-based diagnostics company Mane Cancer Diagnostics.
Healthlinx disclosed its intention to sell OvPlex to Mane in August (PM 8/31/2012), saying in a letter to investors that the deal would "raise the profile of [Healthlinx's assets] in the [US] and provide direct exposure to funding opportunities in the [US] financial markets."
It added that it believes that "vesting ownership of the [assets] in a [US]-domiciled company that has an experienced management team will make it easier to achieve [US Food & Drug Administration] regulatory approval."
Under the terms of the agreement, Healthlinx will receive a cash payment of $250,000 and Mane common stock representing 30 percent of the outstanding common stock on the closing of Mane's planned initial public offering. Mane is to raise at least $5.5 million in capital and achieve before Dec. 24 of this year either a listing on the Nasdaq or the sale of 100 percent of the raised capital in exchange for ordinary common stock in a Nasdaq-listed "blank check" company.