Lifeline announces transfer of breast cancer detection technology to subsidiary
June 30, 2017
Reno-based Lifeline Biotechnologies, Inc. (OTC PINK: LLBO) recently transferred breast cancer detection technology to Cyrcadia, Inc. in exchange for 4,670,000 shares of Cyrcadia, Inc. common stock and a $110,000 cash and $220,000 promissory note. The additional 4,670,000 shares added to Lifeline’s original 8,000,000 shares totals 12,670,000 shares.
Lifeline’s ownership is increased to over 45 percent of Cyrcadia, Inc., making Lifeline Cyrcadia, Inc.’s largest single shareholder.
The technology transfer enabled Cyrcadia, Inc. to license Cyrcadia Asia Limited for the marketing of Cyrcadia, Inc. products throughout the Asian markets. Rob Royea, Cyrcadia, Inc.’s former CEO, is moving to Hong Kong to manage the Asian opportunity, representing a population of 1.8 billion people.
Cyrcadia, Inc. received the following compensation for the license to Cyrcadia Asia Limited: An $830,000 Cyrcadia, Inc. equity investment at $1.00 per share with an equal $1.00 warrant; a $1,050,000 promissory note; Cyrcadia Asia, Limited assumed approximately $3,000,000 in product development costs for the Bluetooth and added sensor costs. Cyrcadia, Inc. received an equity interest in Cyrcadia Asia, Limited. Additionally, Cyrcadia Asia Limited assumed approximately $500,000 of Cyracdia, Inc.’s annual general and administrative expenses.
Cyrcadia Asia Limited will license Cyrcadia, Inc. for the developed Bluetooth and additional sensors products once development is completed. The transaction is valued at approximately $5 million.
The Bluetooth capabilities will enable patient data to be transmitted directly, over the Internet, to the testing physician, and/or the data interpretation center. The added sensors will enable the systems to exactly locate the tissue abnormality or cancer within the breast tissue. By locating the abnormality, the physician performing the biopsy will know exactly where the probe should be inserted into the tissue.
Cyrcadia, Inc., a Nevada corporation, founded by also known as Cyrcadia Health, was founded by Lifeline Biotechnologies, Inc., as First Warning Systems in 2008, based in Reno.
Cyrcadia, Inc.’s product line is a device and software service that detects breast tissue abnormalities leading to health risk assessment and management including early breast cancer identification.
Three clinical trials, conducted by LLBO, with over 500 participants, have achieved proof of concept and superior outcomes when compared to other diagnostic protocols. Cyrcadia, Inc. is in a final clinical trial and a 510(k) device classification to validate the fourth generation of its product.
A statement about the progress of the final trial, says: “Preliminary indications suggest, test-patient wear time could be reduced to two hour (2) vs the 24 hour wear time at the commencement of the trials. Additionally, the preliminary results have indicated a probable 84% accuracy and sensitivity, specificity at 75%. Final results to be confirmed upon the completion of the trials.”
Cyrcadia, Inc. expects to apply for FDA Clearance and a CE Mark, (to market in the European Union and Asian markets), with anticipation of launching its technology to market possibly in late 2017 or early 2018.
Cyrcadia recently received two awards at Cannes Film Festival for it’s documentary “Detected Movie,” about the evolution of Cyrcadia, Inc.’s technology.
In 2008, the principals of Lifeline Biotechnologies, a Nevada corporation, based in Reno, NV, created Cyrcadia, Inc. via stock ownership and a revenue royalty based license of its patented, circadian rhythm based, pattern recognition technology.
Lifeline conducted three rounds of proof of concept trials, testing over 500 patients. The patients were also tested by the mammogram process and the results were compared.
Overall, Lifeline’s process was superior in identifying breast tissue abnormalities and breast cancer at earlier stages. The test results were validated by the aerospace engineers (foremost pattern recognition engineers in the world) at Nanyang Technological University “NTU”), Singapore.
The principals of Lifeline and the engineers at NTU filed for and received software patents on the technology. Those patents were assigned to Lifeline Biotechnologies. The patents were the basis of the license granted to Cyrcadia, Inc.
The main purpose for creating Cyrcadia, Inc. was to increase the value and reduce the cost of capital. This has been confirmed. At the time of Cyrcadia, Inc.’s formation, Lifeline’s value was less than $600,000. Currently, Lifeline’s current market cap is over $12,000,000.
The current value is projected to grow with Cyrcadia, Inc.’s future achievements.