DiaCarta Announces the Termination of Business Combination Agreement with HH&L Acquisition Co.
DiaCarta, Ltd. (“DiaCarta”), a precision molecular diagnostics company, today announced the termination of its Business Combination Agreement with HH&L Acquisition Co.
On June 26, 2023, the company received a notice from HH&L Acquisition Co. (the “SPAC”) terminating the Business Combination Agreement dated October 14, 2022, by and among the Company, the SPAC, and Diamond Merger Sub Inc., as amended (the “Agreement”). The termination notice alleges wrongdoing by the Company which the Company vehemently denies. On June 30, 2023, The Company issued a detailed response to the SPAC which included the following:
“HH&L’s allegations are false and baseless, and the Company rejects them in their entirety. We have worked diligently and in good faith to consummate the parties’ transaction and the company has fulfilled all its obligations and duties under the Agreement. The Company reserves all rights and remedies, whether under the Agreement or otherwise, with respect to the SPAC, its sponsor, its control persons and principals, and all others acting with or in concert with the SPAC and waives none.”
Adam (Aiguo) Zhang, DiaCarta’s Chief Executive Officer, expressed confidence in the Company’s future stating, “It is unfortunate that our arrangement with the SPAC has come to this, however, DiaCarta has a bright future, and we continue to be focused on realizing the full potential of our superior technology for the benefit of our partners and patient population.”
About DiaCarta
DiaCarta is a molecular diagnostics company that has developed innovative technologies that transform patient care by providing effective precision diagnostics using liquid biopsy. Its novel XNA technology provides a high level of sensitivity as it binds to the wild-type sequence, which enables only the mutant target sequence to be amplified. Using this technology, the company has developed its highly sensitive ColoScape™ colorectal cancer mutation test. Powered by its SuperbDNA™ technology that provides a high level of detection as it amplifies the signal and requires no RNA/DNA extraction or amplification, the company has developed its revolutionary RadTox™ test. This test personalizes radiation and chemotherapy, mitigates adverse events, and enhances patient care. Based in Pleasanton, California, the company is ISO certified, GMP-compliant, and offers CLIA certified laboratory services to its customers. www.diacarta.com
Contacts
Dennis Gao
VP Finance & Principal Financial Officer
dgao@diacarta.com
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