BioCentury
ARTICLE | Company News

Acuvax, Biolife Science Ltd. deal

April 1, 2013 7:00 AM UTC

Biolife will reverse-merge with Acuvax in a stock deal. Acuvax will issue 20 million of its shares to Biolife up front. Acuvax will own 100% of Biolife and Acuvax will be renamed Biolife Science Ltd. Biolife is also eligible to receive an additional 10 million shares worth A$250,000 ($261,375) upon receiving approval of an IND from FDA for its HER-Vaxx vaccine and an additional 10 million shares for the start of Phase II testing with the vaccine. If all 40 million shares are issued, Biolife shareholders will own 77.7% of the new entity, and Acuvax shareholders will own the remaining 22.3%. Biolife plans to begin a Phase II trial with HER-Vaxx to treat metastatic gastric cancer in 3Q14. Acuvax is also seeking to raise up to A$5 million ($5.2 million) through the placement of up to 25 million shares at A$0.20, which would give the resulting Biolife company an initial market cap of A$11.3 million ($11.8 million). The deal is contingent on Acuvax raising at least A$4 million ($4.2 million). Acuvax's board and shareholders have approved the deal, which is expected to close on May 10. ...