Mane Cancer Diagnostics has requested an extension of deadlines related to its acquisition of Healthlinx's OvPlex ovarian cancer test.
The request was noted in an address to investors last month by Healthlinx chairman Gregory Rice.
Mane reached a deal with Healthlinx in August to acquire the company's OvPlex assets (PM 8/31/2012). 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.
In his address last month, Rice noted that it was "unlikely" that the Dec. 24 deadline "would be realized" and that Mane had requested an extension to the end of March 2013. He said that the board was now reviewing Healthlinx's options regarding the deal and would "seek further shareholder mandate if required."