GEO2 Limited has told the Australian Stock Exchange that it has won board approval from IVBH to acquire all of the issued capital of IVBH, which has a major interest in a non-invasive liver diagnosis technology with potentially global applications.
The offer is subject to GEO2 shareholder approval.
In a statement GEO2 said IVBH currently controls 51 per cent of the voting rights of Inner Vision Biometrics Pty Ltd, with 51 per cent of the fully diluted equity of IVB being earned via the staged injection of development capital.
A further 5 per cent equity interest in IVB being available for puchase subject to the conditions of exercise of an existing option agreement.
The current shareholders of IVB comprise IVBH, the University of Western Australia, the lead scientists and a radiology industry partner.
The GEO2 announcement also included a mention of its suggested new board that would consist of former Federal Health Minister Dr Michael Wooldrige as chairman, Tony Fitzgerald as managing director and CEO, Dr Christine Bennett, Dr Andrew Walker and a yet to be advised IVB scientific appointee.
The announcement also foreshadowed an advisory board that would be a major driver of the commercialisation of IVB’s technology and future investments that would be made up of Dr Bennett, professor Kris Kowdley and associate professor Tim St Pierre – who is IVB’s lead scientist.
IVB has developed and owns 100 per cent of the IVB Technology to diagnose liver conditions such as chronic disorders of iron metabolism that are among the most common diseases known to man.
