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Lifeline announces transfer of breast cancer detection technology to subsidiary
by admin | Jun 30, 2017 | News
Reno-based Lifeline Biotechnologies, Inc. (OTC PINK: LLBO) recently transferred breast cancer detection technology to Cyrcadia, Inc. in exchange for 4,670,000 shares of Cyrcadia, Inc. common stock and a $110,000 cash and $220,000 promissory note. The additional 4,670,000 shares added to Lifeline’s original 8,000,000 shares totals 12,670,000 shares. Lifeline’s ownership is increased to over 45 percent of Cyrcadia, Inc., making Lifeline Cyrcadia, Inc.’s largest single shareholder. The technology transfer enabled Cyrcadia, Inc. to license Cyrcadia Asia Limited for the marketing of Cyrcadia, Inc. products throughout the Asian markets. Rob Royea, Cyrcadia, Inc.’s former CEO, is moving to Hong Kong to manage the Asian opportunity, representing a population of 1.8 billion people. Cyrcadia, Inc. received the following compensation for the license to Cyrcadia Asia Limited: An $830,000 Cyrcadia, Inc. equity investment at $1.00 per share with an equal $1.00 warrant; a $1,050,000 promissory note; Cyrcadia Asia, Limited assumed approximately $3,000,000 in product development costs for the Bluetooth and added sensor costs. Cyrcadia, Inc. received an equity interest in Cyrcadia Asia, Limited. Additionally, Cyrcadia Asia Limited assumed approximately $500,000 of Cyracdia, Inc.’s annual general and administrative expenses. Cyrcadia Asia Limited will license Cyrcadia, Inc. for the developed Bluetooth and additional sensors products once development is completed. The transaction is valued at approximately $5 million. The Bluetooth capabilities will enable patient data to be transmitted directly, over the Internet, to the testing physician, and/or the data interpretation center. The added sensors will enable the systems to exactly locate the tissue abnormality or cancer within the breast tissue. By locating the abnormality, the physician performing the biopsy will know exactly where the probe should be inserted into the tissue. Cyrcadia, Inc., a Nevada corporation, founded by...
