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Ashington Innovation PLC - special purpose acquisition company - Signs non-binding heads of terms agreement with Calon Cardio-Technology Ltd to acquire 100% of the outstanding shares in Calon in an all-share transaction for £39 million. Calon is a UK-based medical device company, which is currently focused on developing a left ventricular assist device for patients with severe heart failure.
The acquisition depends on Ashington completing its proposed reverse takeover of Cell Therapy Ltd. Last week, Ashington announced it had signed a non-binding heads of terms agreement to acquire Cell Therapy, trading as Celixir, via reverse takeover, which led to the suspension of its shares pending completion of the transaction. It said the buy was part of a larger strategy to form ‘a material regenerative medicine company in the UK that addresses the sizeable heart failure market’.
Shares in Ashington Innovation are currently suspended.
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