The Board of Healthlinx Limited (HTX) is pleased to advise the market that it has entered into a conditional binding Heads of Agreement to effect the sale of the majority of the Intellectual Property assets currently owned by HealthLinx, including its OvPlexTM Ovarian Cancer Diagnostic, to Mane Cancer Diagnostics, Inc (“Mane”). Mane, headquartered in San Diego, California USA is a privately held diagnostics company with a focus on developing and marketing diagnostic products for unmet oncology indications that affect men and women. The company is scheduled to list on NASDAQ during the fourth quarter of 2012.
Key elements of the IP Sale Heads of Agreement in respect of the transaction are: Mane will acquire the majority of HealthLinx’s IP and existing commercial and distribution agreements including those pertaining to OvPlexTM in exchange for cash and script in Mane; The IgY assets have been excluded from this transaction and will be retained by HealthLinx which will continue its business of developing best practice diagnostics that detect and monitor diseases. Prior to Healthlinx selling, licensing or assigning the IgY assets to a third-party, it must first offer the IgY assets to Mane on no less favorable terms.
“This IP Sale is an exciting opportunity for HealthLinx,” said Professor Greg Rice, Chairman. “It will enable the company’s assets to be commercialised in the United States (US) where the biggest opportunity for these assets exists, and which has been a long-standing objective of the Company. We are delighted with the asset growth opportunity that the Mane transaction represents for our shareholders, by having direct access to funding in the US financial markets and navigating through the FDA regulatory pathway. We believe this allows HealthLinx shareholders the best available opportunity of realising potential future value from the IP that they have helped to create. Key to this is that Mane will be adequately funded and well capitalised with over $5m starting cash at bank to deliver on future milestones”.
Mane Cancer Diagnostics Inc, leverages its experience and knowledge in the fight against cancer detection in unmet oncology indications that affect men and women. Mane has assembled an experienced team of biotechnology entrepreneurs, investors, clinicians, regulatory, scientific and sales professionals with a proven track record in launching oncology products.
HealthLinx (HTX) uses biomarkers to develop best practice diagnostics that detect and monitor diseases. First commercial targets are for diseases with high fatality: Ovarian cancer diagnostic (OvPlex) targeting US$270m pa market; Prostate cancer targeting US$350m pa market.