Helicon Limited (HCG) is pleased to announce it has signed a letter of intent with Aspen Medisys LLC to acquire 100% of the issued capital of AML for an amount of AUD$1.5m in HCG scrip. The doom and gloom of the current market conditions in the US has favored Helicon in this acquisition of AML.
Rod Tomlinson, Chairman of HCG said: “Our CEO Fabio Pannuti recently stated that if we can monetize this technology within HCG, we will become a very large company. I am now sure that we have the basis to deliver on this. Our executive staff, combined with the world-class personnel expertise at AML, makes for an outstanding scientific and corporate team. Having now completed our technical due diligence I am convinced the scientific platform upon which AML is predicated is not only sound, but also unique and it works. I believe that we have negotiated an excellent deal in acquiring Aspen Medisys. Once we spend the development money on what needs to be done next and achieve a successful outcome, the end value of this asset, if I base it on comparable technologies, is in excess of AUD$200m. Our base cost is estimated, including the AUD$3.5m scrip acquisition payment, at AUD$6.5m. I would therefore anticipate that this would be favourably reflected in our market capitalization over the ensuing quarters.”
AML owns an exciting energized nanoparticle technology for the treatment of tumors that was co-developed with Aduro BioTech, Inc., a significant shareholder in AML and longstanding investor and scientific developer in this field. The types of tumors that may be treated by this nanotechnology include tumors associated with ovarian, lung and pancreatic cancers. AML’s patented technology enables very precise temperature increases to be targeted to diseased tissues using magnetically heated nanoparticles implanted in the diseased tissue. Helicon Group Limited was formed to license pharmaceuticals for sale in North Asia. It has extended the scope of its activities by acquiring the VibroveinTM and BreatheAssistTM products, which it will seek to license to pharmaceutical or medical device companies for a variety of indications and geographical segments.