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Acuvax Ltd Executes Binding Shares Purchase Agreement For The Acquisition Of Biolife Science Ltd


Monday, 11 Feb 2013 11:47pm EST 

Acuvax Ltd announced that it has executed a binding Share Purchase Agreement with all of the shareholders of Biolife Science Ltd (Biolife) to acquire 100% of the issued capital of Biolife (Agreement). There are no material differences between the terms of the Agreement and those of the non-binding term sheet as announced to the market on December 20, 2012. The principal terms are described as Acuvax to undertake a consolidation of share capital on the basis of 1 new share for every 200 shares currently held. Acuvax is to issue the securities to the shareholders of Biolife such as: 20,000,000 fully paid ordinary Acuvax shares; 10,000,000 Class A Performance Shares convertible into ordinary shares upon obtaining an Investigational New Drug (IND) Application from the U.S. Food and Drug Administration (US FDA) in respect to an immunotherapy treatment for HER-2 positive gastric or breast cancer; 10,000,000 Class B Performance Shares convertible into ordinary shares upon Acuvax, on or before the Expiry Date, administering the first dose of Phase 2 trials in respect to an immunotherapy treatment for HER-2 positive gastric or breast cancer with such administration being verified by the clinical research organisation engaged to conduct the Phase 2 trial. Acuvax to raise a minimum of AUD 4,000,000 and up to AUD 5,000,000 by the issue of up to 25,000,000 at AUD 0.20 per share. 

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17 Dec 2014