Asep JV company, SepSMART, obtains business license for China
by CM Staff
Sepset Biosciences Inc. is in the final stages of preparation for clinical studies and commercialization of an in vitro diagnostic test that involves a patient gene expression signature that helps assess the development of severe sepsis.
VANCOUVER — Asep Medical Holdings Inc. announces that its joint venture company with Chinese biotech company Sansure Biotech Inc., Hunan Sanway SepSMART Ltd., which is based in Changsha, China, has obtained its business license and is now formally registered in China, which marks the final step for completion of the definitive joint venture agreement signed on October 27, 2023.
Formal registration of SepSMART with the applicable regulatory body in China was a condition precedent of the JV Agreement and triggers the issuance of 3,000,000 performance warrants to Sansure or its designated nominees pursuant to the warrant purchase agreement, subject to the required approvals and compliance with applicable securities laws and stock exchange policies. Each Performance Warrant is exercisable into one common share of Asep at an exercise price of $1.00 per common share for a period of one year from date of issuance. The Performance Warrants and underlying common shares are subject to a hold period expiring four months and one day from the date of issuance.
Sansure is an in-vitro diagnostic solution provider founded in Changsha, Hunan province, China, in 2008 with over 2,000 employees and a broad product portfolio. It is engaged in research and development, production and sales of diagnostic reagents and instruments.
Sepset Biosciences Inc. is in the final stages of preparation for clinical studies and commercialization of an in vitro diagnostic test that involves a patient gene expression signature that helps assess the development of severe sepsis, one of the significant diseases leading to antibiotic failure since antibiotics are the primary initial treatment for sepsis.
