Cleveland HeartLab, Inc. cancelled the acquisition of operational assets from Diadexus, Inc. (OTCPK:DDXS.Q).
July 19, 2016
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Cleveland HeartLab, Inc. agreed to acquire operational assets from Diadexus, Inc. (OTCPK:DDXS.Q) for $7 million on July 6, 2016. Cleveland HeartLab, Inc. entered into asset purchase agreement to acquire operational assets from Diadexus, Inc. on July 13, 2016. As per terms, purchase price is $7.02 million which is comprised of $6.7 million to be satisfied in the form of credit secured under the loan and security agreement dated as of August 15, 2014 and $0.33 million in cash and the assumed liabilities. Upon or prior to the execution and delivery of the agreement, Cleveland HeartLab shall deposit $0.34 million as the funds deposited into the escrow account as the good faith deposit. If the agreement is terminated Diadexu shall pay in cash a break-up fee equal to 2% of the purchase price (approximately $0.14 million) and expenses reimbursement up to a maximum of $0.1 million. The agreement can be terminated if the closing does not occur by July 18, 2016. The transaction is subject to approval of bankruptcy court. Jennifer C. Hayes of Dentons US LLP acted as legal advisor to bankruptcy trusty, Barry Milgrom. Robert L. Eisenbach, III of Cooley LLP acted as legal advisor to Diadexus. John Saada of Jones Day acted as legal advisor to Cleveland HeartLab.
Cleveland HeartLab, Inc. cancelled the acquisition of operational assets from Diadexus, Inc. (OTCPK:DDXS.Q) on July 20, 2016.
Diadexus, Inc. is a diagnostics company. The Company is engaged in developing and commercializing products that deliver healthcare providers with relevant information to assist in the management of patients throughout the course of cardiac disease. Its capabilities include manufacturing, assay development, Food and Drug Administration (FDA) regulatory clearance, and marketing and selling products. Its commercially-available products consist of two FDA-cleared tests to measure Lp-PLA2: the PLAC Test ELISA Kit (the PLAC ELISA Test) and the PLAC Test for Lp-PLA2 Activity (the PLAC Activity Test). Its other products include proADM; proET-1, which aids in predication of heart failure, and proANP, which aids in predication of heart failure. The Company sells its diagnostic products to laboratories and promotes these products to the laboratories' sales representatives, as well as directly to healthcare providers.