- Theralink Technologies Inc and IMAC Holdings Inc BACK have entered into a merger agreement under which Theralink will merge with a newly-formed wholly-owned subsidiary of IMAC in a stock-for-stock reverse merger transaction.
- If completed, the merger will result in a combined company focusing on end-to-end proteomics testing.
- The Theralink Test for Advanced Breast Cancer measures the abundance and activation of 32 clinically actionable biomarkers. The test reports which of the 32 biomarkers are highly expressed or activated and the FDA-approved therapeutics that target them.
- Recently, Theralink received a Medicare reimbursement rate determination and added to its evidence-based clinical utility data via an observational registry study that demonstrated over 90% actionability and greater than 70% clinical utility for the test.
- In addition to its first test for advanced breast cancer, Theralink is working on a pan-tumor test for solid tumors across multiple tumor types such as ovarian, endometrial, head and neck, pancreatic, colorectal, lung, and prostate, among others.
- Theralink stakeholders are expected to own approximately 85% of the combined company, and pre-merger IMAC equity holders are expected to own approximately 15%.
- The merger is expected to close by late Q3 or early Q4 of 2023.
- All current IMAC directors but one will resign, and the existing directors of Theralink shall be appointed to the board of IMAC, with Jeffrey Busch to serve as Chairman.
- Price Action: BACK shares are up 12.80% at $0.16 on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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