GeoPharma receives $2.5 million in cash and notes and will maintain 40% ownership in the business under the terms of the agreement.
GeoPharma hopes that the formation of this partnership will help proliferate the commercialization of early detection and monitoring devices for ovarian cancer and improve the quality of healthcare for women everywhere.
Mihir Taneja, CEO of GeoPharma, said: “This transaction strengthens our financial and competitive position in our core business and eases the burden of funding our ovarian cancer business segment while allowing us to remain a significant partner in a technology we are extremely passionate about.”