BioVaxys Technology Corp. (CSE:BIOV, OTCQB:BVAXF) has announced that it has acquired TAETSoftware Corp (TAETCo), a Vancouver-based clinical studies management company engaged in the development and commercialization of the Trial Adverse Events Tracker (TAET) technology platform.
The company explained that TAET is an innovative software application that will enable clinical study subjects to record and submit clinical trial Adverse Drug Events (ADE) reports to study sponsors in real-time.
"The acquisition of TAETCO provides BioVaxys with a third low-risk near-term revenue-generating product, supporting our core business in cancer and viral vaccine development,” BioVaxys CEO James Passin said in a statement. “In addition to providing a fee-based product for recording clinical study ADEs for CROs and study sponsors, BioVaxys will seek to leverage recent breakthroughs in artificial intelligence by collaborating with one or more players in healthcare data mining to develop insights into correlations between demographics and other factors and ADEs."
BioVaxys said TAET is designed to enhance and improve tracking of adverse events and/or side effects of subjects enrolled in clinical studies. It provides a secure and private link for study subjects to instantly update investigators with adverse events they are experiencing onto an online database for real-time evaluation by study investigators.
With customizable fields for ADEs, study subject demographics and disease data, and other study-related variables, BioVaxys said TAET provides a high degree of data recording flexibility with the inherent benefit of real-time data submission, and the ability for study subjects and investigators to direct message each other if necessary.
Added value
BioVaxys said paper-based reporting has long been the primary method for recording ADEs, but can be limited by under-reporting, poorly documented reporting, and reporting delays. As a web-based or mobile app for reporting ADEs, it said TAET offers added value compared to conventional reporting tools. Furthermore, the company said it intends to explore the potential of offering blinded demographic and disease data to companies with an interest in healthcare analytics and data mining.
The company noted that Jay Dhaliwal, the founder and CEO of TAETCo and developer of the TAET application, is a registered pharmacist with capital markets experience. He holds a Bachelor of Pharmacy from the University of British Columbia, and a Bachelor of Science in Biology from the University of Victoria. Dhaliwal has agreed to act as a consultant to BioVaxys to assist with the commercial development of TAET, it added.
In exchange for all of the issued and outstanding shares of TAETCo, BioVaxys said it issued the TAETCo shareholders 24.5 million common shares, with an additional 2.5 million shares payable upon the successful testing of the beta version of the application.
Private placement completed
The company also announced that it has closed a private placement consisting of 5.36 million common shares for $0.125 each for gross proceeds of $670,000. All common shares issued under the private placement will be subject to a statutory hold period of four months and one day. It said it intends to use the proceeds for the private placement of working capital.
Vancouver- based BioVaxys Technology is a clinical-stage biotech firm that is developing viral and oncology vaccine platforms, as well as immuno-diagnostics.
Contact the author at stephen.gunnion@proactiveinvestors.com