Skyline Medical Inc. agreed to acquire up to 25% of Helomics Corp., a precision diagnostic company and integrated clinical contract research organization.
Skyline Medical is purchasing preferred stock convertible into 20% of the outstanding Helomics common shares, in exchange for total consideration of 1.1 million newly issued Skyline common shares. Skyline also has the right to convert a previous $500,000 loan to Helomics into an additional 5% equity stake, bringing the total ownership to 25%.
The completion of the purchase is subject to listing of the shares on Nasdaq.
The companies are currently in discussions to form a joint venture.