BioTech

ITUS Corp (NASDAQ:ITUS) Announces Subsidiary Creation

ITUS Corp (NASDAQ:ITUS)

ITUS Corp (NASDAQ:ITUS)

ITUS Corp (NASDAQ:ITUS) has announced a 1:25 reverse stock split. This will reduce the outstanding common stock to 8.8 million shares from 219 million shares.

ITUS Corp (NASDAQ:ITUS) also announced the formation of a new subsidiary named Anixa Diagnostics Corporation. The subsidiary will develop and market non-invasive, early cancer screening tests. The subsidiary will be under the leadership of by Dr. Amit Kumar who will step in as the Executive Chairman and take over as the Vice-Chairman of ITUS.

President and CEO of ITUS Corp (NASDAQ:ITUS), Robert Berman, said in a statement “Dr. Kumaris is highly experienced in cancer diagnostics and is one of the leading professionals in the application of innovative technology for the early screening of cancer.” He added that he has developed and guided a number of cancer diagnostic tests through the process of approval and commercialization. Berman added that the company will rely on Dr. Kumar’s expertise, as well as those of other major scientists, plus renowned cancer institutes to move non-invasive cancer diagnostic tests to market.

Dr. Kumar holds a Bachelor’s degree in Chemistry from Occidental College, where he graduated with honors. After his studies at the California Institute of Technology and Stanford University, Dr. Kumar received his Ph.D. in Chemistry from the California Institute of Technology. After his Ph.D he earned a post-doctoral fellowship at Harvard University.

In his career, Dr. Kumar has served as an executive, board member, and founder of several biotechnology companies. Between September of 2001 and June of 2010, he served as the President and CEO of CombiMatrix Corporation where he is credited with taking the company public in addition to developing and launching several genomic diagnostics tests. Since leaving CombiMatrix, Dr. Kumar has been heavily engaged in evaluating data and monitoring the progress of the scientific research in a bid to create cancer screening tests which can justify launching a new company.

ANIXA intends to capitalize on two technologies that will be applied in its first cancer screening tests. One of the technologies makes use of a biomarker which has been proven to be very effective in detecting early lung cancer. The second technology will focus on biomarkers used in early detection of several solid tumors at early and late stages of cancer.

ITUS Corp (NASDAQ:ITUS) gained 40.54% and closed the day at $1.04.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

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About the author: Monica has an undergraduate degree in Accounting and an MBA she earned – with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.

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Monica has an undergraduate degree in Accounting and an MBA she earned - with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.

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