SUNNYVALE, Calif.--(BUSINESS WIRE)--Arrayit Corporation (OTCBB: ARYC - News) has approved the spin-off of its majority owned subsidiary, Arrayit Diagnostics, Inc. Arrayit Corporation will distribute to its existing shareholders its 78.18% interest in Arrayit Diagnostics as a stock dividend. The stock dividend distribution date and further details are expected to be announced early in the first quarter of 2012.
Since July of 2009, Arrayit Diagnostics has operated as an independent entity of Arrayit Corporation and will continue to hold all the intellectual property, licenses and development agreement assets related to the ovarian cancer pre-symptomatic diagnostic test known as OvaDx®. Arrayit Diagnostics expects to be listed on the OTCBB. John Howell, the current CEO and President, will continue in that capacity, focusing on the approval process with the FDA and establishing strategic relationships for marketing of the test. “Operating as a separate public entity will enable Arrayit Corporation to focus on its core business of advanced equipment sales and manufacturing for the life sciences, while simultaneously allowing Arrayit Diagnostics the opportunity to fully commercialize its ovarian cancer diagnostic technology,” states Howell.
About Arrayit Corporation
Arrayit Corporation, headquartered in Sunnyvale, California, leads and empowers the genetic, research, pharmaceutical, and diagnostic communities through the discovery, development and manufacture of proprietary life science technologies and consumables for disease prevention, treatment and cure. Please visit www.arrayit.com for more information.
About Arrayit Diagnostics
Arrayit Diagnostics, headquartered in Redmond, Oregon, is leading the research and approval process of the pre-symptomatic ovarian cancer test, OvaDx, based on molecular diagnostic technology.
Safe Harbor Statement
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, 2011.
Celeste Wade, 408-744-1331