Profusa, Inc. (PFSA), a commercial-stage digital health company, on Monday announced a Letter of Intent to acquire PanOmics, a multi-omics diagnostics platform from BioInsights LLC, for a total consideration of $30 million, for a strategic expansion into molecular diagnostics.
Following the news, PFSA is up 122.96%, up $1.69.
Under the terms of the agreement, Profusa would acquire exclusive rights to the PanOmics platform for total consideration of approximately $30 million, payable in equity securities.
In addition, BioInsights will provide access to a specified number of samples for validation and will receive a 3% royalty on net revenue.
Also, BioInsights will have the right to nominate one independent Board member for consideration by stockholders to replace an outgoing Board member.
Profusa believes this acquisition will strengthen its core real-time biochemistry monitoring platform and help position it at the intersection of biosensing, diagnostics, and precision medicine.
"The entry into pancreatic cancer is instrumental in our establishing a platform capable of supporting multiple indications and long-term growth, "said Dr Ben Hwang, Profusa Chairman and Chief Executive Officer.
Profusa offers the Lumee Oxygen Platform to monitor compromised tissue for peripheral artery disease, chronic wounds, and reconstructive surgery.
PFSA has traded between $0.41 and $412.50 in the last year. The stock closed Thursday's trade at $0.75, up 30.98%.
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