Arrayit Corporation Subsidiary Avant Diagnostics, Inc. Acquired by American Liberty Petroleum Corporation
12/31/2014 | 09:01am EST
SUNNYVALE, Calif., Dec. 31, 2014 (GLOBE NEWSWIRE) -- Arrayit Corporation (OTCQB:ARYC) announces that its subsidiary Avant Diagnostics, Inc., a medical technology company developing cutting edge medical diagnostic tests, has been acquired by American Liberty Petroleum Corporation (OTCBB:OREO). The board of directors and a majority of shareholders of American Liberty Petroleum Corporation have authorized a number of corporate actions in order to complete the acquisition, including a reverse split, a name change, authorization of Preferred Stock, and filing the required SEC disclosure statements. Upon the effectiveness of these corporate actions, Gregg Linn, Avant's CFO, will join the board of directors of the company as CEO and President.
In cooperation with Arrayit Corporation and DOCRO, Avant Diagnostics, Inc. is pursuing FDA approval of the market's first large panel biomarker monitoring and screening test for ovarian cancer. OvaDx® is an advanced microarray-based test that measures the activation of the immune system in blood samples in response to early stage ovarian tumor cell development. Research studies with OvaDx® indicate high sensitivity and specificity for all types and stages of ovarian cancer including stage IA-IV borderline serous, clear cell, endometrioid, mixed epithelial, mucinous, serous, and ovarian adenocarcinoma. Upon FDA approval, Avant Diagnostics will offer OvaDx® as an elective test for women seeking greater wellness and for women in the elevated risk category for ovarian cancer. OvaDx® will be used by doctors to advance the forefront of ovarian cancer treatment including improved surgical options, more effective chemotherapies, and to supplement existing tests including CA-125, OVA1®, and transvaginal ultrasound.
We have identified forward-looking statements by using words such as "expect", "believe", and "should". Although we believe our expectations are reasonable, our operations involve a number of risks and uncertainties that are beyond our control, and these statements may turn out not to be true. Risk factors associated with our business, including some of the facts set forth herein, are detailed in the Company's Form 10-K for the fiscal year ended December 31, 2014.
CONTACT: Investor Contact
Gregg Linn, CFO
Avant Diagnostics, Inc.