From GenomeWeb article Sept. 16 about the Array Molecular deal:
"Arrayit's Haje told BioArray News that his company is an investor in Array Molecular, as are a number of other investors who also hold stakes in Arrayit.
He said that the "Array Molecular project is associated with a deal Arrayit is involved in with the US government," but declined to provide further comment on the nature of the test in development. According to Haje, Arrayit will supply Array Molecular with instruments and consumables as part of its agreement.
Specifically, Array Molecular, which is focused on food pathogen detection and is also based in Sunnyvale, is providing a license to its IP in exchange for 24 percent of the outstanding shares of Array Molecular. The contract also stipulates that Array Molecular will provide at least $2 million toward commercializing a food pathogen test based on the firm's technology, according to the filing.
It is unclear whether the new licensing deal is connected to Arrayit's recent legal dispute with Taub, who in his LinkedIn profile describes himself as having served as vice president of business development for Array Molecular since August. Array Molecular is also owned by Arrayit investor Irwin Zalcberg, a small cap investor who in 2013 made several investments in the company, making him owner of 4,634,890 common shares of Arrayit stock and 3,490,000 warrants.
Arrayit noted in its 8-K that on or about Sept. 19 it intends to register up to 6.6 million shares in connection with last year's private placement. According to the company, the shares "may be issued upon exercise of certain warrants to purchase common shares of Arrayit."
If Array Molecular goes public, then maybe Arrayit will issue the 24% ARYC owns as a dividend to all shareholders.
Genetic research is increasingly focused on identifying the variations of the specific genes in the genome. These variations are what define individual characteristics, including disease states or a statistical propensity for disease. The implications are far-reaching and impact not only the research community, but also the individual patients and the medical providers. Diagnostic tests that detect diseases very early in their progression will provide options for earlier treatments that may improve the patient's quality of life and prognosis by delaying or preventing disease progression or even death. Medical providers will incur major cost savings by avoiding costly late stage disease treatments.
HOUSTON, Sept. 15, 2014 (GLOBE NEWSWIRE) -- American Liberty Petroleum Corp. announces the signing of a Letter of Intent ('LOI') with Avant Diagnostics Inc., a medical technology company developing cutting edge medical diagnostic tests, including OvaDx(R), a Pre-Symptomatic Ovarian Cancer Screening Test.
"Throughout 2014, American Liberty Petroleum Corp.'s management team focused on the acquisition of operations to accelerate shareholder value. The proposed acquisition of Avant Diagnostics Inc. not only has the opportunity to bring value to our shareholders, but its test OvaDx(R) has the opportunity to change and save lives," said Robert C. Rhodes, American Liberty Petroleum Corp.'s Chief Executive Officer. "Upon closing the acquisition, we plan to accelerate the development of Avant Diagnostic Inc.'s first test as well as start development of new tests."
The letter of intent for acquisition of Avant Diagnostics Inc. contemplates a closing date by October 1st, 2014, based upon successful conclusion of due diligence by both parties. As due diligence progresses, we expect to provide further details to our shareholders.
About American Liberty Petroleum Corp.
American Liberty Petroleum Corp. is a fully reporting, development stage publicly traded company seeking acquisitions in the Gulf Coast oil & gas services business segment. OREO's current management team, Robert C. Rhodes (CEO) and Steven M. Plumb (CFO), are actively involved in the search for acquisitions.
About Avant Diagnostics Inc.
Avant Diagnostics, Inc. is a medical technology company based on the completion of the human genome sequencing project. Avant is developing specialized tests that are cutting edge in medical diagnostic testing and the OvaDx(R) Pre-Symptomatic Ovarian Cancer Screening Test is a leading breakthrough in commercializing these tests.
Genetic research is increasingly focused on identifying t
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
SUNNYVALE, California – September 15, 2014– Arrayit Corporation (OTCBB: ARYC) announces that on August 19, 2014, Arrayit Corporation entered into an agreement with Array Molecular Corp., a corporation owned by certain individual investors of Arrayit, including Irwin Zalcberg and Reuben Taub, to commercialize a DNA microarray platform for detecting pathogens in food. Under the terms of the agreement, Arrayit Corporation will contribute a license to its patents and all intellectual property associated with this test in exchange for 24% of the outstanding shares of Array Molecular. Array Molecular will provide at least $2 million toward the commercialization effort.
On or about September 19, 2014, Arrayit Corporation plans to file a Form S-1 to register up to 6.6 million shares in connection with Arrayit’s 2013 Private Placement, which may be issued upon exercise of certain warrants to purchase common shares of Arrayit.
Further, Case 652454/2014 filed by Reuben Taub in New York against Rene Schena, Dr. Mark Schena and Todd Martinsky was dismissed on August 25, 2014.
Arrayit finally filed the 8K for the settlement that is why Seeking Alpha just picked it up as news.
Now they need to file an 8K for the Array Molecular partnership
The worldwide market for molecular diagnostics is expected to grow at a robust pace over the next few years. While there are several big companies currently involved in the molecular diagnostics space, I believe that innovative smaller molecular diagnostic companies will be the ones that will generate significant return for shareholders. I already have a significant stake in one such company, Arrayit Corporation (OTC:ARYC).
Sep 12 2014, 11:43 ET
by Douglas W. House SA News Editor
Arrrayit Corp. (OTCQB:ARYC +1.6%) settles its legal dispute with Avant Diagnostics by mutual agreement. Arrayit will maintain its exclusive right to manufacture OvaDx for Avant until such time as the rights are sold to a third party. Avant's outstanding invoice of $1.55M due Arrayit will be settled by the issuance of 10M Avant shares to Arrayit. The companies will also swap 10M shares between the two.
Array Molecular brings rapid and effective multiple pathogen testing to food labs across the United States.
8/28 Arrayit reports $71,000 instrument sale to a top distributor in Asia
8/28 Arrayit reports $15K microarray glass substrate slide sale to a top testing company in Asia.
9/2 Arrayit reports $123,000 NanoPrint LM60 sale to a top distributor in Asia
9/4 Arrayit sells $157,000 NanoPrint Microarray Printer Platform to a major U.S. life sciences company
9/5 Arrayit reports $278K of quotes so far this morning. Let's turn these into sales, revs and earnings.
Arrayit reports $123,000 NanoPrint LM60 sale to a top distributor in Asia. Great way to start September. Time to make a strong push for Q3
btokuno, Taub was a disgruntled investor, and now he's working with Arrayit as a VP of ArrayMolecular.
One less obstacle on the way. Goodbye Hunter Carr, et al
Per the "coming soon" ArrayMolecular website under construction
Board of Directors
Reuben Taub, Vice President of Business Development
Brian Kinnerk, Chief Operating Officer
Izzy Zalcberg, Chairman of the Board
Paul Haje, Chief Marketing Officer
"Array Molecular" engages in foodborne pathogen detection testing using DNA microarrays.
Based in Sunnyvale, Ca
The commercialization of Arrayit Food Safety Test and Arrayit's relationship with Array Molecular are confidential. They will make an announcement at the appropriate time