VolitionRx Ltd. completed its acquisition of Munich-based epigenetic reagent developer Octamer GmbH for €650,000 in cash and stock.
Singapore-based Volition's unit Belgian Volition SPRL made the payment in 73,000 common shares of Volition and €350,000 in cash in exchange for all outstanding shares of Octamer.
In conjunction with the acquisition, Volition agreed to pay Octamer founder and CEO Adrian Schomburg royalties for five years on sales of recombinant nucleosomes — which are used as calibrants for Volition's cancer diagnostic test Nu.Q — to pharmaceutical companies.
The acquisition includes onsite training for Volition's Belgian scientists and a consultation arrangement with Adrian Schomburg, founder and CEO of Octamer.
To assist with the acquisition, Belgian venture capital firm Namur Invest SA gave Volition a €500,000 unsecured loan, bringing the cancer diagnostic test developer's total nondilutive funding received from the Namur Regional Government and associated agencies to over $7 million.