RE:RE:Buyer of PP is Pfizer (for blowfish)Here are terms of the deal with Marvel Diagnositics and, to my knowledge nothing has been changed.
MEDV will get the other 26.80% portion once Marvel delivers from their end, they have no choice, it is a contract agreement.
Then comes the remaining balance of 60% of Marvel. I believe that the raising of the $ 12 million has to do with the full acquistion of Blowfish.
Once acquired, Pfizer has 60% of the pie and, MEDV shareholders the other 40%.
Too bad you sold.
About the Agreement
The share purchase agreement allows Medivolve to purchase up to 40% of Marvel Diagnositics for an agreegate purchase price of up US$1 million. Medivolve will make an initial investment of US$165,000 within 30 days to acquire approximately 6.6% of Marvel Diagnostics. Medivolve will make a second investment of US$165,000 within 60 days to acquire an additional 6.6% of Marvel Diagnostics. Following the two initial investments, Medivolve shall have the right to purchase an additional 26.8% of Marvel based on a series of milestones that include:
- Successful clinical trial result for the BlowFISH collection device;
- Successful receipt of emergency use authorization for the collection device and;
- Receipt of emergency use authorization for rapid antigen BlowFISH detection.
As part of the investment, Medivolve will appoint a director to the board of directors of Marvel Diagnostics.
mpo