Qualigen Takes Stake In NanoSynex To Gain Access To Next-Gen Diagnostic Platform

Qualigen Therapeutics Inc QLGN has agreed to acquire a majority stake in NanoSynex Ltd, an Israeli-based developer of next-generation diagnostics technology.
NanoSynex's Antimicrobial Susceptibility Testing (AST) platform provides rapid, accurate, and personalized tests for bacterial infections to quickly match the correct antibiotics to treat a patient's particular infection.
Antibiotic misuse and overuse have given rise to antibiotic-resistant bacteria, commonly known as superbugs. The World Health Organization has called it one of the top ten global public health threats facing humanity.
NanoSynex's AST platform aims to enable better targeting of antibiotics for faster and more efficacious treatment, reducing hospital mortality and morbidity rates.
The purchase consideration primarily includes a stock-for-stock acquisition and an initial $600,000 cash investment in NanoSynex.
Price Action: QLGN shares are up 2.83% at $0.57 during the market session on the last check Tuesday.