American Liberty Petroleum Corp. has acquired Avant Diagnostics Inc., a subsidiary of Arrayit Corp.
Avant, headquartered in Scottsdale, Arizona, develops medical diagnostics tests. The company is in the process of obtaining approval from the U.S. Food & Drug Administration for a test, called OvaDx, that screens for and monitors ovarian cancer.
As part of the deal, American Liberty shareholders have authorized a reverse split, name change and authorization of preferred stock. Avant CFO Gregg Linn will join American Liberty as CEO.
Houston-based American Liberty is an oil company that focuses on the Gulf Coast oil and gas services market. The company purchased Avant Diagnostics because the buyer's board decided Avant provided an upside for shareholders, says Robert Rhodes, American Liberty's CEO. The company is currently reviewing its oil and gas assets to determine the best way to monetize them, according to Rhodes. "We are considering selling the oil and gas assets to focus on Avant," says Rhodes.
In September, Laboratory Corporation of America Holdings also acquired a health care testing company, adding cardiovascular disease test-maker LipoScience. For more on health care deals, see 5 Technologies That Drove Health Care M&A in 2014.