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Given leadership team of Personalized Biomarkers in a new paradigm of personalized medicine, acquisition represents another core company for newly formed Victory Square Health
VANCOUVER, BRITISH COLUMBIA–(Marketwired – Aug. 10, 2017) – Victory Square Technologies Inc. (“Victory Square” or the “Company“) (CSE:VST)(CSE:VST.CN)(CNSX:VST)(OTC PINK:VSQTF)(FRANKFURT:6F6)(WKN:A2AKL8) is pleased to announce that, pursuant to an Investment Agreement executed between Victory Square Health Inc. (“Victory Square Health“), a wholly-owned subsidiary of the Company, and Personalized Biomarkers Inc. (“PBI“), Victory Square Health has acquired 33% of the issued and outstanding shares of PBI in exchange for an investment of $500,000 (the “Purchase Price“).
PBI develops test kits that reliably predict the expected response to a number of therapies prior to prescription, with an initial focus on diabetes. Within this field, five potential biomarkers have been identified with GLP-1 receptor agonist therapy to be the first targeted biomarker, allowing PBI to enter a $4 billion market opportunity.
“We are excited for the opportunity to partner with Personalized Biomarkers as they have correctly identified a massive market opportunity, and have formed an exceptional team of industry leaders,” said Shafin Diamond Tejani, Chief Executive Officer of Victory Square. “This is another investment that is fully aligned with our newly created subsidiary, and one we expect to significantly impact the landscape of personalized medicine.”
PBI is the result of collaborative efforts between world-leading research programs at the University of British Columbia (“UBC“) and BC Diabetes. PBI has assembled a team of industry and research veterans including Ammad Shor, Chief Executive Officer of PBI, Dr. Tom Elliott, a leading endocrinologist and founder of BC Diabetes, Dr. Bruce McManus, Chief Executive Officer of the PROOF Centre of Excellence, and Dr. Pieter Cullis, Director of the Life Sciences Institute at UBC. The team has a strong track record of medical, scientific and business excellence with six drugs in clinic, nine drugs in trials, and 16 drugs in development. The team combined has also 95 patents, started over 15 companies, and has raised over one billion dollars for drug research and commercialization.
“Our team at PBI is excited for the opportunity to partner with Victory Square Technologies and its Victory Square Health subsidiary,” said Dr. Tom Elliott. “The ability to predict outcomes to therapy before filling a prescription is a key part of personalized medicine, allowing consumers and payers to generate cost savings and reduce harm by avoiding therapies that are either ineffective or likely to cause serious side effects. Working with Victory Square Health will allow us to accelerate the GLP-1 biomarker development, enabling prescribing doctors to optimize and tailor treatment based on biomarker test results.”
PBI aims to minimize potential drug adverse reactions, optimize treatment response and save payers money by leveraging UBC’s research strengths and the BC Diabetes database to reduce development timelines and cost. UBC research leaders are world renowned and have a track record of developing successful biomarkers, while BC Diabetes gives PBI access to one of the largest diabetes databases in North America.
“With the close of this transaction, Victory Square Health will have another strong company with a focus on the management and prevention of diabetes through personalized medicine,” added Tejani. “Companion diagnostics are integral to the new personalized medicine paradigm.”
TERMS OF THE ACQUISITION
The Purchase Price consists of up to $500,000 payable in cash and services to be agreed upon by the parties. The end result of the Investment Agreement will be the Company’s indirect ownership of 33% of PBI through its subsidiary, Victory Square Health.
ABOUT PERSONALIZED BIOMARKERS INC.
Personalized Biomarkers develops biomarkers that are effective in predicting the expected response to various therapies and medicine. PBI aims to minimize potential drug adverse reactions, optimize treatment response and save payers money through the use of personalized biomarkers. Through collaboration with world leading teams and research facilities like the PROOF Centre and the UBC Life Sciences Institute, the team of industry experts has currently identified five potential biomarkers with an initial focus on GLP-1 agonist therapy which has a $4 billion market.
ABOUT VICTORY SQUARE TECHNOLOGIES INC.
Victory Square Technologies is venture builder that creates, funds and empowers entrepreneurs predominantly focused on Blockchain Technology, Virtual Reality, Artificial Intelligence, Personalized Health, Gaming and Film. As a technology incubator, Victory Square invests in game-changing entrepreneurs who are provided access to education programs, global mentorship networks, distribution partners, creative workspaces, resources and other forms of operational support to help them scale internationally. For more information, please visit www.victorysquare.com.
ABOUT THE CANADIAN SECURITIES EXCHANGE (CSE)
The Canadian Securities Exchange, or CSE, is operated by CNSX Markets Inc. Recognized as a stock exchange in 2004, the CSE began operations in 2003 to provide a modern and efficient alternative for companies looking to access the Canadian public capital markets. The CSE has not reviewed, nor approved or disapproved the content of this news release.
This news release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of Victory Square. Forward-looking information is based on certain key expectations and assumptions made by the management of Victory Square, including future plans for acquisitions. Although Victory Square believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Victory Square can give no assurance that they will prove to be correct. Forward-looking statements contained in this news release are made as of the date of this news release. Victory Square disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.