Innovest Global Signs Letter of Intent to Acquire 20% of StemVax Therapeutics
Innovest Global Inc. recently announced it has signed a Letter of Intent to acquire a 20% stake in StemVax LLC. StemVax is a Translational Biotechnology Company that is currently developing a cancer vaccine therapy that enhances the patient’s immune response against brain tumors.
StemVax Glioblast is a cancer vaccine, which is a medication that stimulates or restores the immune system’s ability to fight an existing cancer by strengthening the body’s natural defenses against the cancer cells.
Dr. Dwain Morris-Irvin, Chief Executive of Innovest’s new Biotechnology & Health Sciences Division, founded StemVax in 2014, and is its CEO. “Innovest is uniquely equipped to provide immeasurably important elements to StemVax that kick things off for StemVax and significantly improves its potential for success. This is true for other technologies we will encounter, as well. The best way I can show future scientists how Innovest can serve their mission, is to lead by example with my own company,” said Dr. Morris-Irvin. “Dan Martin (Innovest Global CEO) and I have been planning the business model for this division since 2017. It’s unique, and will serve both technologists and Innovest well.”
“Dwain is a brilliant scientist, with a keen understanding of business, and I am extremely impressed with his ability to connect the dots. Scientists face difficult and unique challenges when considering how to proliferate their technologies in a commercial environment. Our Biotechnology & Health Sciences division, under Dwain’s leadership, is the perfect bridge,” added Dan Martin, CEO of Innovest Global.
The StemVax and Innovest teams are working diligently to finalize the StemVax transaction, and the division launch. The agreement features a share exchange, a 5-figure investment at closing by Innovest, and Innovest providing certain business services to StemVax Therapeutics, in exchange for 20% ownership in StemVax LLC (its holding company). The Letter of Intent will be finalized as a completed transaction, upon StemVax completing certain items that are currently being executed. The transaction is expected to close in spring, 2018. For more information, visit www.innovestglobal.com.
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