Biomed Industries, Inc. to Acquire MedAware Systems, Inc. to Expand Its Artificial Intelligence Research for Drug Discovery in Alzheimer’s Disease
Biomed Industries, Inc. (“BIOMED” or the “Company”) announced that it has entered into a definitive share exchange agreement on September 16, 2022 with MedAware Systems, Inc. (“MedAware”) for the acquisition of all of the issued and outstanding shares of MedAware (the “Transaction”).
The Boards of Directors of BIOMED and MedAware have each approved the Share Exchange, pursuant to which all of the rights, titles and interests of all issued and outstanding of common shares of capital stock of MedAware will be exchanged for common stock of BIOMED at a ratio of 5.34 shares of MedAware for 1 new common share of BIOMED.
It was agreed that the market value of MedAware shares was $1.50 per share and the market value of BIOMED’s share was $8.00 per share, with the transaction valued at an aggregate of $18 million, to be paid in the form of 2,259,170 common shares of BIOMED. On the date of the Agreement, BIOMED has approximately 76,354,075 common shares.
Upon completion of the Transaction, Dr. Zung Vu Tran, the Co-founder and Chairman of MedAware will be appointed to the Board of Directors of BIOMED. Mr. Michael Willis, the CEO of MedAware will continue to serve as the President of MedAware, a wholly owned subsidiary of BIOMED.
“Biomed Industries, Inc. welcomes the management team and shareholders MedAware Systems, Inc. to be a part of Biomed. MedAware has cultivated outstanding talent. We plan to collaborate with MedAware to further develop its bio-informatics and machine learning technology to optimize and expand Biomed’s drug development in finding treatment and prevention for neurodegenerative diseases. BIOMED is at an inflection point for accelerating growth and value creation,” said Lloyd L. Tran, the Chairman and CEO of BIOMED.
“We are excited to be joining with Biomed Industries as they pioneer novel therapies for Alzheimer’s disease and other neurodegenerative disorders,” said Michael Willis, CEO. He continued, “Our massive data set on dementia, culled from over 3,000 clinical trials as well as over 7,000 published papers on the topic will empower deep analysis of the state-of-the-art in the field and to focus our considerable AI and machine learning capabilities to rapidly accelerate new drug development. We will also expand our current work with pharmaceutical and medical device companies under the aegis of a much larger organization to accelerate market penetration and revenue growth.”
The Board of Directors of MedAware having approved this Agreement, has scheduled a shareholder meeting to vote on the Share Exchange Agreement and Plan of Reorganization on or before September 28, 2022.
Approval for the Transaction will be sought from BIOMED’s shareholders at a special meeting of shareholders currently scheduled for September 30, 2022, which will be held electronically.
About Biomed Industries, Inc.
Biomed Industries™, Inc. is a bio-pharmaceutical company committed to the development and commercialization of new drug therapeutics for unmet needs. Biomed is a leading innovator, having discovered a new family of drugs which are in the clinical stage for the treatment of Alzheimer’s disease. For more information, please visit https://www.biomedind.com.
MedAware Systems, Inc.
MedAware Systems is a growth stage, next generation medical data and analytics company. Combining Real World Evidence (RWE) extracted from government adverse event databases and social media with scientific data from published medical research (meta-analysis), the Company provides unprecedented business intelligence to support regulatory filings, competitive analysis, and marketing messaging. For more information, please visit https://medawaresystems.com.
For media enquiries, please contact:
Biomed Industries, Inc.
San Jose, CA 95131 USA