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Cardio Diagnostics Inc., a company co-founded by a University of Iowa professor, is awaiting approval of a $175 million deal by the U.S. Securities and Exchange Commission to publicly list the company.
The company, which created the first artificial intelligence integrated Genetic-Epigenetic Engine to test risk of coronary heart disease, will merge with the Delaware-based company, Mana Capital Acquisition Corp. if the deal is finalized.
Robert Philibert, chief medical officer of Cardio Diagnostics Holdings Inc. and UI professor of psychiatry, said Mana Capital Acquisition Corp. is a special purpose acquisition company, also known as a blank check company.
The deal will combine Cardio Diagnostics Inc. and Mana Capital Acquisition as Cardio Diagnostic Holdings Inc. It will be publicly listed and traded entity on Nasdaq as “CDIO.”
He said the funds provided in connection with the Mana Capital Acquisition combination will allow Cardio Diagnostics Inc. to serve additional customers.
Cardio Diagnostic Holdings plans to expand its test to key channels including health systems and employers in the U.S. and potentially elsewhere with the business agreement, Philibert said.
“In a peer-reviewed study, the Epi+Gen CHD test was shown to be highly sensitive in assessing risk for coronary heart disease for both men and women,” he said.
Philibert added that since Cardio Diagnostics’ establishment in 2017, the original goal to enable improved prevention, early detection, and assist in the treatment of cardiovascular disease will stay consistent following the company’s expansion with Mana Capital Acquisition.
The new company would like to continue a working relationship with the UI after the deal is finalized, he said.
“The ability to take basic science and translate it into actual clinical products to prevent disease and help improve disease outcomes is a dream,” he said.
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