Mydecine Closes Sale of Mindleap for $3.6 million

Starting this summer, we began reporting on the apparent troubles over at Mydecine. The company, once an underdog favorite with an interesting pipeline and clinical trial deals with Johns Hopkins, began a slow decline that caused many commentators to predict that the end was near.

The majority of the board resigned, cash reserves dwindled to dangerous levels, and there was a reverse stock split.

Yet in September, Mydecine said it’s cutting costs and narrowing its scope, focusing on its drug development programs (which do have potential) — and they signed a letter of intent for the sale of its digital technology subsidiary, Mindleap Health to PanGenomic Health for $4,000,000.

This week the sale was closed. PanGenomic acquired all of Mindleap’s outstanding shares for a purchase price of C$3,600,000 (payable by the issuance of units of PanGenomic at a price of C$0.20 per Unit).

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