On June 11, 2020 OncBioMune Pharmaceuticals, Inc. (OTC: OBMP) ("OncBioMune") reported the successful completion of its purchase of all the assets of Avant Diagnostics, Inc. ("Avant"), a commercial-stage, molecular profiling company (Press release, Oncbiomune, JUN 11, 2020, View Source [SID1234561002]). OncBioMune is currently trading on the OTC Markets under the symbol ‘OBMP’, but intends to file the necessary applications to change the stock symbol to ‘THER’ and its name to Theralink Technologies, Inc. in the near future.
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Avant Diagnostics provides personalized medicine data through its Theralink assays, initially for breast cancer, to assist the treating physician in a data-driven process for treatment decision support and to help enable predictive biomarker-based patient therapy selection. Avant is the leading developer of phosphoproteomic technologies for measuring the activation state of therapeutic targets and signaling pathways, a key metric for biopharmas, with applications across multiple cancer types, including breast, non-small cell lung, colorectal, gynecologic and pancreatic, among others.
Theralink was developed to empower physicians with potentially actionable information to help them make time-sensitive treatment decisions for their patients. Theralink is designed to provide new predictive biomarkers for biopharmas through the direct measurement of drug target activation mapping, making Theralink instrumental in the development of molecular targeted therapies. The information gathered through the measurement of developed biomarkers has the potential to help physicians make molecularly rationalized treatment decisions that might improve treatment outcomes and may reduce side effects by foregoing ineffective therapy.
As consideration for the assets of Avant, OncBioMune issued to Avant shares of its Series D-1 Convertible Preferred Stock. Upon the filing of an amendment to OncBioMune’s Articles of Incorporation to increase its authorized common stock, which is expected to occur within 45 days, the shares of preferred stock issued to Avant shall automatically convert into approximately 4.4 billion shares of OncBioMune’s common stock. As a condition of the closing of the acquisition, the Company raised $1,075,000 in a private placement of its Series C-2 Convertible Preferred Stock from two institutional investors, the Cavalry Fund and Lincoln Park Capital. The Company does not have institutional debt and no longer has convertible debt or variable rate warrants.