SUNNYVALE, CA / ACCESSWIRE / September 30, 2015 / Arrayit Corporation (OTCQB: ARYC), a life sciences company, announces today that the Arrayit Board of Directors has voted unanimously to issue 10,000,000 common shares of its subsidiary Avant Diagnostics (OTCQB: AVDX) to ARYC common shareholders, representing a present market value of approximately 3 million dollars. The 10,000,000 share AVDX dividend will be distributed on a pro rata basis to all ARYC shareholders of record as of the close of market today. Based on the approximately 450,000,000 common shares of ARYC currently issued, ARYC shareholders will receive approximately 0.022 shares of AVDX per share of ARYC. The company expects that the stock certificates can be distributed within approximately four weeks after September 30, 2015, pending regulatory approval of the transaction.
Arrayit's patented and proprietary microarray platform empowers scientists and doctors to decipher the human genome and proteome, elucidate pathways for major human illnesses, discover safer and more efficacious medicines, and develop methods to detect food-borne pathogens to enhance food safety. The company has leveraged its platform to develop the OvaDx(R) Pre-Symptomatic Ovarian Cancer Test as an aid to monitor women diagnosed with ovarian cancer. OvaDx(R) is a proteomic microarray that detects ovarian cancer auto-antibodies present in patient sera with high sensitivity and specificity. OvaDx(R) will be marketed and sold by Avant Diagnostics upon 510(k) FDA approval.
Arrayit CEO Rene Schena states, "We are delighted to offer a significant stock dividend to shareholders of Arrayit common stock. We appreciate all of our investors who share a vision for innovation and growth based on Arrayit's foundational technology. Through this dividend, it is our intent to showcase the exciting opportunity to own shares of Arrayit Corporation and Avant Diagnostics, Inc."
Arrayit Corporation, headquartered in Sunnyvale, California, leads and empowers the genetic, research, pharmaceutical, and diagnostic communities through the discovery, development and manufacture of proprietary life science technologies and consumables for disease prevention, treatment and cure. Please visit www.arrayit.com for more information.
Safe Harbor Statement
We have identified forward-looking statements by using words such as "expect," "believe," and "should." Although we believe our expectations are reasonable, our operations involve a number of risks and uncertainties that are beyond our control, and these statements may turn out not to be true. Risk factors associated with our business, including some of the facts set forth herein, are detailed in the Company's Form 10-K for the fiscal year ended December 31, 2014 and in the Company's Forms 10-Q ended March 31, 2015 and June 30, 2015.
SOURCE: Arrayit Corporation