Avalon Forms Subsidiary U.S. Company, GenExosome Technologies Inc., for the Global Advancement of Exosome Technology for Diagnosis and Treatment of Diseases
FREEHOLD, NJ–(October 30, 2017) – Avalon GloboCare Corp. (OTCQB: AVCO), a leading global developer of cell-based technologies, announced today that its majority-owned subsidiary GenExosome Technologies Inc. (GenExosome) acquired 100% of the outstanding capital stock of Beijing Jieteng (Beijing GenExosome) Biotech Co. Ltd. Concurrently, GenExosome entered into and closed an Asset Purchase Agreement with Dr. Yu Zhou, CEO of GenExosome Beijing, pursuant to which GenExosome acquired all assets, including all intellectual property, patents and patent applications held by Dr. Zhou pertaining to the business of researching, developing and commercializing exosome technologies. Additional details of the transaction are available in the Company’s form 8-K filed with the Securities & Exchange Commission on October 27, 2017, and is available at www.sec.gov.
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antation in cancer patients. The trial will provide clinical data on whether the combination of these two technologies synergistically facilitates more rapid cord blood HSC engraftment for bone marrow transplant patients than can be achieved by either technology alone.