Acquisition Launches NovAccess Shift, Focusing on Diagnostics and Therapeutics in Cancer
CLEVELAND, OH / ACCESSWIRE / September 9, 2020 / NovAccess Global, Inc. (OTCPINK:XSNX), today announced that it has acquired 100% ownership of Pasadena-based StemVax Therapeutics from Innovest Global (OTCPINK:IVST).
StemVax is a translational biotechnology company developing novel immunotherapies for brain tumor patients, featuring recently approved United States patent #US9764014B2. The patent is granted under the category of "Cancer Antigens" and related to the "treatment of cancer using vaccination therapy".
StemVax Glioblast (SVX-GB) is a cancer vaccine, which is a medication that stimulates or restores the immune system's ability to fight an existing cancer by strengthening the body's natural defenses against the cancer cells. It is a meaningful technology which could significantly improve the quality of life and prognosis for the many people who suffer from brain tumors. More information can be found at www.stemvax.com.
"This acquisition is a milestone event for NovAccess, marking the foundation of our growing platform Company," said Dan Martin, NovAccess Founder and Chairman of the Board of Directors. "With this acquisition complete, we will onboard the StemVax team, launch their brand, and work towards the commercialization of StemVax's life-changing technologies. This is truly the beginning of an effort that encompasses the lifelong work of some of the most talented and incredible people I've ever met. I couldn't be more humbled or thankful to welcome the StemVax team to NovAccess."
The transaction structure features the issuance of 7.5 million common restricted shares of NovAccess Global stock to Innovest Global as consideration. The disposition by Innovest allows it to direct all of its focus on its growing industrials business while retaining upside potential should NovAccess be successful in its commercialization efforts.
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SOURCE: NovAccess Global Inc.