Biomed Industries, Inc. (“Biomed”) Today Announced the Closing of Its Merger with MedAware Systems, Inc., (“MedAware”)
Biomed Industries, Inc. (“Biomed”) today announced the closing of its merger with MedAware Systems, Inc., (“MedAware”), in which all issued and outstanding common shares of capital stock of MedAware will be exchanged for common stock of Biomed at a ratio of 5.33 shares of MedAware for 1 new common share of Biomed. The transaction valued at an aggregate of $20 million, to be paid by 2,259,170 common shares of Biomed. At present, Biomed has approximately 76,354,075 common shares issued.
MedAware shares were valued at $1.50 per share and Biomed’s shares were valued at $8.00 per share for an aggregate transaction value of $20 million, to be paid by the issuance of 2,259,170 common shares of Biomed stock. On the date of the Agreement, Biomed had approximately 76,354,075 common shares.
The companies expect to use MedAware’s AI technology to expedite and improve the efficiencies of Biomed’s medical research activities.
“We are pleased to announce the closing of the acquisition of MedAware transactions, which is expected to bring us the necessary technical expertise and intellectual property to advance the application of machine learning and artificial intelligence for our drug development programs,” said Lloyd L. Tran, Chairman and Chief Executive Officer of Biomed. “Looking ahead, we believe we are well-positioned to create value for all our stakeholders. We greatly appreciate the support of our new and existing shareholders as we work toward our vision of bringing forward medicines for the treatment and prevention of Alzheimer’s patients.”
Management and Organization
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.
“We are delighted to welcome Zung to our Board of Directors at an exciting time in the evolution of the company as we move our product candidates toward commercialization. His deep experience in product development and company building will be valuable as we build Biomed into a late-stage clinical leader company in neurodegenerative diseases,” continued Lloyd Tran.
Dr. Zung Tran was the Founder & Chief Science Officer of MedAware Systems, Inc., from 2013 to November 2022. Prior to founding MedAware, from 1997 to 2014 he was a Research Professor in the Department of Biostatistics & Informatics of the Colorado School of Public Health at the University of Colorado Anschutz Medical Campus in Aurora, CO. From 2006 to 2013, he also served as the Interim Director of the Biostatistics Core (Shared Resource) Department of the University of Colorado Comprehensive Cancer Center Anschutz Medical Campus in Aurora, CO, and from 2008 to 2009 he served as the Scientific Director of the Biostatistics & Data Management Core Department at the Children’s Hospital of Philadelphia in Philadelphia, PA.
About Biomed Industries, Inc.
Biomed Industries™, Inc. is a bio-pharmaceutical research 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.
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Biomed Industries, Inc.
San Jose, CA 95131 USA