$AMBS News - Avant Diagnostics and Amarantus Diagnostics to Combine Operations With Theranostics Health

SCOTTSDALE, Arizona, SAN FRANCISCO and GAITHERSBERG, Maryland, - (http://www.financialnewsmedia.com News Alert) - Avant Diagnostics, Inc. (OTCQB: AVDX), a biotechnology company focused on the development of oncology based diagnostics, and Amarantus Diagnostics, Inc. (\"Amarantus Diagnostics\") a wholly-owned subsidiary of Amarantus BioScience Holdings, Inc. (\"Amarantus BioScience\") (OTCQX: AMBS), today announced that the companies have jointly entered into a letter of intent for Avant to acquire assets and certain liabilities of Theranostics Health Incorporated (\"THI\"), adding key CLIA laboratory and intellectual property capabilities to Avant\'s previously announced letter of intent to merge with Amarantus Diagnostics (collectively, the \"Transactions\"). THI currently generates over $1.5M in services revenue from some of the world\'s leading biopharmaceutical companies, including 7 of the top 10 pharmaceutical companies by revenue. The companies will be holding a conference call to discuss the business combination today at 4:30 PM ET. To access the conference call please dial 215-383-1625 or toll free 800-356-8278; access code 135394.



Under the terms of the letter of intent, Avant shall issue to THI 25 million shares of its common stock upon the closing. Amarantus BioScience has provided a convertible note of $400,000 to THI to facilitate the transaction that will be assumed by Avant upon closing of the transactions. As previously disclosed, Avant plans to issue 80 million shares of its common stock to Amarantus Biosciences upon completion of its merger with Amarantus Diagnostics. The Transactions are expected to close in the first half of 2016, and are subject to customary closing conditions.



\"THI is a leader in the area of signal transduction biology, where they have been able to attract an A-list of pharmaceutical customers collaborating with the company to evaluate the therapeutic benefit and potential of their drug candidates using THI\'s proprietary assays,\" said Gerald E. Commissiong, President & CEO of Amarantus. \"In addition, THI has a CLIA lab where Amarantus\' Diagnostics has established operations over the course of the first quarter that will allow for CLIA validation and commercial launch of the combined company\'s suite of high-value, proprietary diagnostics in the areas of oncology and neurology. THI\'s sales channel...