Aptorum Therapeutics Limited Enters Into Letter of Intent and Term Sheet with Universal Sequencing Technology Corporation to Merge with Aptorum Group’s Subsidiary Paths Innovations Limited
May 01 2023 - 8:00AM
Business Wire
Regulatory News:
Aptorum Group Limited (Nasdaq: APM, Euronext Paris: APM)
(“Aptorum Group” or “Company”), today announced that its wholly
owned subsidiary Aptorum Therapeutics Limited (“ATL”) has entered
into a non-binding Letter of Intent and Term Sheet (“Term Sheet”)
to merge (“Transaction”) its 100% subsidiary, Paths Innovation
Limited and its underlying business (collectively “PathsDx Group”)
with Universal Sequencing Technology Corporation (“UST”), a San
Diego and Boston based US company dedicated to the development and
commercialization of advanced proprietary DNA sequencing
technologies. Paths Innovation Limited currently holds, through its
majority owned subsidiary Paths Diagnostics Pte. Limited, the
PathsDx technology – a liquid biopsy NGS based technology for the
diagnostics of infectious diseases. As consideration of the
Transaction upon closing, ATL will become a shareholder of the
combined company.
The Transaction and other ancillary distributions, where
relevant, are subject to, among other matters, the execution of a
mutually agreeable definitive agreement (the “Definitive
Agreement”), completion of due diligence and subject to several
conditions including, but not limited to, director and shareholder
approvals. The relevant Term Sheet has been filed under a 6-K by
the Company.
About Universal Sequencing Technology Corporation
Universal Sequencing Technology Corporation (UST) is a
biotechnology company based in San Diego and Boston, established by
a group of NGS veterans, dedicated in the development and
commercialization of advanced DNA sequencing technologies. UST’s
TELL-SeqTM linked read library technology enables short read NGS
platforms, such as Illumina sequencers, to produce super long read
results without a long read sequencer. A sequencing ready Illumina
library can be prepared in 3 hours in a PCR tube, simple, fast and
economic. It requires ultra-low DNA input, only 3-5ng for human
genomes and 0.1-0.5ng for microbial genomes or target panels. With
UST TELL-Seq library and a short read sequencer, one can do many
previously incapable or difficult to do applications, such as de
novo sequencing (microbe/animal/insect/plant), metagenomics (ID of
new species and variants in microbiomes), whole genome or target
phasing, detection of complicated SVs associated with genetic/rare
diseases and cancers, genome-wide analysis of meiotic
recombination, etc.. UST’s AmpliDropTM single cell technology
offers users a fast and affordable but accurate single cell
analysis tool capable of multiomics, isoform detection, and other
advantages. Currently, UST has filed a total of 25 PCT patent
applications covering linked read NGS library preparation, single
cell sequencing and groundbreaking nano-sequencing technologies.
UST is poised to lead the next wave of DNA sequencing.
About Aptorum’s PathsDx Program
PathsDx Test (formerly known as “RPIDD”) is an innovative liquid
biopsy-driven rapid pathogen molecular diagnostics technology.
PathsDx Test, through proprietary and patented technologies, is
developed with the aim to, cost effectively through patient blood
samples, enrich pathogenic DNA and RNA for pathogenic genome
sequencing analysis through harnessing the power of Next-Generation
Sequencing platforms and proprietary artificial intelligence-based
software analytics with the goal to rapidly identify and detect any
foreign pathogens (virus, bacteria, fungus, parasites) without bias
through its genome composition and to identify other unknown
pathogens and novel mutated pathogens. PathsDx Test is comprised of
two proprietary metagenomics next-generation sequencing (mNGS)
components: (i) HostEL for depletion of human background to enrich
both pathogen DNA and RNA; (ii) AmpRE for one pot DNA/RNA library
preparation for overall cost-effective amplification. PathsDx Test
has been and continues to be validated in human clinical samples
and so far, such testing has been able to detect pathogens –
ranging from bacteria, fungi and both DNA and RNA based viruses in
an unbiased manner.
About Aptorum Group
Aptorum Group Limited (Nasdaq: APM, Euronext Paris: APM) is a
clinical stage biopharmaceutical company dedicated to the
discovery, development and commercialization of therapeutic assets
to treat diseases with unmet medical needs, particularly in
oncology (including orphan oncology indications), autoimmune and
infectious diseases. Aptorum has completed two phase I clinical
trials for its ALS-4 (MRSA) and orphan drug designated SACT-1
(Neuroblastoma) small molecule drugs and commercializing its NLS-2
NativusWell® nutraceutical (menopause). The pipeline of Aptorum is
also enriched through (i) the establishment of drug discovery
platforms that enable the discovery of new therapeutics assets
through, e.g. systematic screening of existing approved drug
molecules, and microbiome-based research platform for treatments of
metabolic diseases; and (ii) the co-development and ongoing
clinical validation of its novel molecular-based rapid pathogen
identification and detection diagnostics technology with
Singapore’s Agency for Science, Technology and Research.
For more information about the Company, please visit
www.aptorumgroup.com.
Disclaimer and Forward-Looking Statements
This press release does not constitute an offer to sell or a
solicitation of offers to buy any securities of Aptorum Group.
This press release includes statements concerning Aptorum Group
Limited and its future expectations, plans and prospects that
constitute “forward-looking statements” within the meaning of the
US Private Securities Litigation Reform Act of 1995. For this
purpose, any statements contained herein that are not statements of
historical fact may be deemed to be forward-looking statements. In
some cases, you can identify forward-looking statements by terms
such as “may,” “should,” “expects,” “plans,” “anticipates,”
“could,” “intends,” “target,” “projects,” “contemplates,”
“believes,” “estimates,” “predicts,” “potential,” or “continue,” or
the negative of these terms or other similar expressions. Aptorum
Group has based these forward-looking statements, which include
statements regarding projected timelines for application
submissions and trials, largely on its current expectations and
projections about future events and trends that it believes may
affect its business, financial condition and results of operations.
These forward-looking statements speak only as of the date of this
press release and are subject to a number of risks, uncertainties
and assumptions including, without limitation, risks related to its
announced management and organizational changes, the continued
service and availability of key personnel, its ability to expand
its product assortments by offering additional products for
additional consumer segments, development results, the company’s
anticipated growth strategies, anticipated trends and challenges in
its business, and its expectations regarding, and the stability of,
its supply chain, and the risks more fully described in Aptorum
Group’s Form 20-F and other filings that Aptorum Group may make
with the SEC in the future, as well as the prospectus that received
the French Autorité des Marchés Financiers visa n°20-352 on 16 July
2020. As a result, the projections included in such forward-looking
statements are subject to change and actual results may differ
materially from those described herein.
Aptorum Group assumes no obligation to update any
forward-looking statements contained in this press release as a
result of new information, future events or otherwise.
This announcement is not a prospectus within the meaning of the
Regulation (EU) n°2017/1129 of 14 June 2017 as amended by
Regulations Delegated (EU) n°2019/980 of 14 March 2019 and
n°2019/979 of 14 March 2019.
This press release is provided “as is” without any
representation or warranty of any kind.
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Aptorum Group Limited Investor Relations
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