QUANTRX BIOMEDICAL CORPORATION QuantRx Biomedical Corporation (OTCPK:QTXB) signed a letter of intent to acquire Global Cancer Diagnostics Inc on September 3, 2015. Under the terms of the agreement, QuantRx will acquire 100% of the outstanding capital stock of Global Cancer Diagnostics in exchange for QuantRx's common stock, with Global Cancer Diagnostics, Inc. operating as a wholly owned subsidiary of QuantRx Biomedical upon completion. Pursuant to the terms, QuantRx advanced to Global $0.05 million during the quarter ended September 30, 2015, which is payable by Global, on demand, anytime after the Termination Date.
In the event of execution of definitive merger documents on or before the termination Date, Global Cancer will issue to QuantRx that number of shares of Global's common stock equal to 10% of the then outstanding shares of Global's common stock, on a fully-diluted basis, as payment of the Global Advance. The deal had an original termination date of October 31, 2015 and the management is actively in discussions for an extension of the termination date.
