Innovest Global Receives 7.5 Million Shares of NovAccess Global Common Stock as Consideration for StemVax Therapeutics; Divestiture of Biotech Subsidiary Signals Renewed Focus on Growing Industrials Business
CLEVELAND, OH / ACCESSWIRE / September 10, 2020 / Innovest Global Inc. (OTC PINK:IVST), a diversified industrials company, has completed the sale of its wholly owned subsidiary, StemVax Therapeutics, to NovAccess Global (OTC PINK:XSNX) in exchange for 7.5 million shares of restricted common stock in NovAccess Global, representing approximately 75% ownership in NovAccess.
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.
"I am pleased to announce the divestiture of our biotech subsidiary StemVax Therapeutics to NovAccess Global, enabling us to focus on our growing industrials business while concurrently strengthening our balance sheet and retaining equity upside potential should NovAccess be successful in its commercialization efforts of StemVax's incredible technology," said Damon Mintz, Chief Executive Officer of Innovest Global. "I look forward to continued operational execution as we march towards our uplisting to the OTCQB and eventually, NASDAQ - creating sustainable value for our shareholders over the long-term."
About Innovest Global, Inc.
Innovest Global, Inc. (OTC: IVST) is a diversified industrial company applying technology and innovation to provide value-added solutions across multiple business markets. Innovest Global builds long-term shareholder value by acquiring established industrial businesses on favorable terms, realizing synergies and achieving organic growth through investments in innovative technology and business systems. For more information, please click here.
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Investor Contact:
Chris Tyson
Executive Vice President
MZ Group - MZ North America
949-491-8235
[email protected]
www.mzgroup.us
Brokers and Analysts:
Chesapeake Group
+1-410-825-3930
[email protected]
SOURCE: Innovest Global Inc.