AxoSim, Inc. entered into an agreement to acquire microBrain?-associated assets from Vyant Bio, Inc. (OTCPK:VYNT) for $3.5 million on July 17, 2023. The transaction calls for payments from AxoSim to Vyant Bio of $2.25 million, of which $1.1 million will be paid at close and the remainder based on milestones and the expiration of the indemnification period and release from escrow pursuant to the transaction agreement. In addition, AxoSim will assume approximately $1.2 million of future lease-related liabilities.

The transaction includes microBrainTM Intellectual Property from StemoniX, Along With Expert Scientific Team and Advanced R&D and Manufacturing Facility in Minnesota. AxoSim intends to finance the acquisition and the accompanying operational expansion with participation from current and new investors.The transaction is subject to approval by Vyant Bio's shareholders. The transaction is expected to close in the next several months.

LifeSci Capital, LLC acted as financial advisor to Vyant Bio.