To jog our memory of the IP sal HOA --------------------------------------- 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 OvPlex™ 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. • Healthlinx will receive from Mane common stock representing 30% of the outstanding common stock on closing and a cash payment of US$250,000. Mane has valued the HealthLinx assets at $6.25m for the purposes of the transaction; • The IP Sale Heads of Agreement is conditional upon Mane listing on NASDAQ prior to 24 December 2012 and completing a capital raise of no less than US$5.5 million in cash; • The transaction is subject to final due diligence by both parties, definitive agreements and closing adjustments and conditions as customary for a transaction of this nature; • The IP Sale and related matters will require approval of the HealthLinx and Mane shareholders; • Immediately following the closing of the IP Sale, the board of directors of Mane will consist of one Director nominated by HealthLinx and four current Mane Directors; • Following the acquisition, Mane will focus its efforts on completing necessary studies and approvals (including FDA) to enable the marketing and sale of OvPlex™ in the United States and other jurisdictions.
HTX Price at posting:
0.2¢ Sentiment: None Disclosure: Held
