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.
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