CollabRx and Medytox Solutions, Inc. announced today that they have decided to a definitive merger agreement. Closing of this agreement is subject to stockholder approvals from both companies, receipt of regulatory approvals and other customary closing conditions.
The terms of the agreement states that CollabRx equity holders will own a 10% stake in the combined company and Medytox equity holders will own 90% of the combined company, according to the number of equity securities outstanding immediately following the merger, and excluding convertible preferred shares and notes that have been issued by Medytox, as well as option grants that are expected to be made pertaining to the closing. The agreement has been unanimously approved and adopted by the Boards of Directors of both CollabRx and Medytox,
Medytox is one of the owners and operators of the largest healthcare companies. The health care giant has clinical testing laboratories, an electronic medical records provider, a laboratory information systems company and a medical billing company under its supervision and ownership. On the other hand, CollabRx is a leading informatics company that has complex molecular and genetic testing interpretation for cancer.
Seamus Lagan, CEO of Medytox Solutions, Inc. provided his comment regarding the merger: “We expect that this merger will dramatically speed up our growth,” He added “Furthermore, the addition of CollabRx adds great depth to our company and places Medytox among the most elite, most innovative healthcare enterprises operating in the industry today. Together, we will show the world how state-of-the-art technology and vertical integration can improve health outcomes, and return value to shareholders in the process.”
Thomas Mika, CEO of CollabRx, mentioned in a special interview regarding the merger “I cannot be more enthusiastic about this outcome for all CollabRx stakeholders, including our shareholders, customers, team members and advisors. CollabRx will continue its mission to better inform decision-making in cancer within a high-growth, profit-oriented company, while being able to support several exciting Medytox initiatives in precision medicine.”
Seamus Lagan will be CEO of the combined company. Thomas Mika and Dr. Paul Billings will be appointed to the combined company’s seven-member board, along with the five current directors of Medytox. Thomas R. Mika will serve as Executive Chairman and CEO of CollabRx, Inc. He will operate as a wholly-owned subsidiary of the combined companies.
CollabRx, Inc. is a company that provides cloud-based systems in determining clinical treatments for molecular diseases such as cancer. It uses dynamically updated molecular disease models that form the basis of the expert systems. CollabRx is a Delaware corporation, formed with the formerly named Tegal Corporation, which acquired the privately held company, also known as CollabRx, on July 12, 2012. The company uses technology specially created for DNA testing laboratories, with goals of translating patient-specific genetic characterization to patient-specific clinical treatment advice for molecular diseases. CollabRx is partner to Life Technologies, OncoDNA and Sengenics. CollabRx sponsors the Lung Cancer Therapy Finder on Medpagetoday.com. CollabRx stock market evolution: http://www.marketwatch.com/investing/stock/clrx
About Thomas R. Mika
Thomas R. Mika, MBA is the President & CEO of CollabRx. He also holds the positions of Chairman, President and Acting Chief Financial Officer of CollabRx, Inc. Previously; Mika founded IMTEC, a boutique investment firm focused on health care, pharmaceuticals, media and information technology. Mika was a managing consultant with Cresap, McCormick & Paget and a policy analyst for the National Science Foundation, where he was a member of the initial three-person team that developed and published the landmark Science Indicators, the biennial report of the National Science Board to the President of the United States. Thomas R. Mika holds a Bachelor of Science degree in Microbiology from the University of Illinois at Urbana-Champaign and a Master of Business Administration degree from the Harvard Graduate School of Business.
About Medytox Solutions, Inc.
Medytox Solutions, Inc. is a developer of technology and systems for medical testing thereby an affordable and superior service to medical providers. Medytox offers its clients a complete solution, with faster turnaround times and more reliable and accurate results, in a manner that is safe, secure and HIPAA-compliant. Medytox Solutions, Inc. stock market evolution: http://www.marketwatch.com/investing/stock/mmms
About Seamus Lagan
Seamus Lagan is the Chief Executive Officer of Medytox Solutions. His services are according to a consulting agreement with Alcimede LLC. Mr. Lagan was instrumental in forming the structure of and securing the funding for the Company to develop its current business plan. Mr. Lagan has been the CEO of the two main Subsidiaries of the Company: sales and marketing and the other that enters into agreement with or completes the acquisitions and development of Clinical Laboratories.