NEW YORK--(BUSINESS WIRE)--Vantage mHealthcare, Inc. (OTCQB:VNTH) (“Vantage Health” or the “Company”) today announced that Nanobeak LLC, its parent company, has engaged China Merchants Bank New York for a private placement of $20 million in equity for the Company exclusively for China.
Headquartered in China, China Merchants Bank Co., Ltd. is a leading commercial bank for corporate/investment banking and personal banking. With total assets of US $764 billion and a ROE of 19% at yearend 2014, China Merchants Bank was awarded the “Best Bank in China” by the Global Finance of the United States in their selection of the “Best Banks in Emerging Markets”. China Merchants Bank is presently the 6th largest bank in China.
Upon closing, this $20 million equity round will be used to fund expanded laboratory facilities in Mountain View, California, recruit additional scientific staff, fund clinical trials and subsequent regulatory approval. The prospective equity partner from China will also help the Company to develop strategic partnerships in China, the largest healthcare market in the world, for distribution and sales of the Nanobeak technology once development is concluded and regulatory approvals have been met.
Mr. Chengyue Jiao, General Manager of China Merchants Bank New York Branch commented, “We are excited to work with a US medical device company dedicated to providing a revolutionary product for early stage cancer detection. With its success, it will benefit patients and consumers in China tremendously, and help to reduce death rates and create social benefits. We are delighted the Company chose to work with China Merchants Bank as its exclusive transaction adviser for China, and to leverage our extensive client relationships there to capture the capital and investment interest to support one of the world’s largest healthcare markets.”
Mr. Joseph Peters, President of Vantage mHealthcare said, “We have been searching for the right investment banking partner in Asia and China Merchants Bank fits well with our strategy in executing our business plan. They have a highly regarded reputation and we are excited to be the beneficiary of their vast experience throughout China.”
On Monday, August 24, 2015, Vantage mHealthcare, Inc. will officially change its name to Nano Mobile Healthcare, Inc.
About Vantage mHealthcare Inc.
Vantage mHealthcare - a mobile health technology company - is developing personalized and point-of-care screening using Apps based upon chemical sensing residing within a Bluetooth device that works with any smartphone, tablet or laptop. With its foundations in advanced nanotechnology, the Company’s first product, the Vantage Health Sensor, which is in development, is the convergence of nano-electronics, bio-informatics, and wireless technology to create the next generation mobile health application.
The Company has offices in New York City and Mountain View, CA. For more information, please visit http://www.Vantagemhealthcare.com.
About China Merchants Bank
Established in 1987 in Shenzhen, the forefront of China’s reform and opening-up drive, China Merchants Bank ("CMB") is China’s first joint-stock commercial bank and also the first bank to attend the national experiment for the promotion of China’s banking industry reform driven by endeavors from outside the government.
Since its inception 24 years ago, CMB has grown with China’s economic progress into a nationwide joint-stock commercial bank that has total net capital of 140 billion yuan, total assets of 2.6 trillion yuan, over 800 branches and over 50,000 employees, ranking it among the world’s top 100 banks. CMB has developed into one of the most influential commercial bank brands in China thanks to continuous financial innovation, quality customer service, prudent management and strong business performance. For many consecutive years, CMB has been ranked among China’s top commercial banks according to comprehensive assessments by China Banking Regulatory Commission (CBRC).
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. Such forward-looking statements include, among other things statements with respect to our objectives and strategies to achieve those objectives, as well as statements with respect to our beliefs, plans, expectations, anticipations, estimates or intentions. Such forward-looking statements may also include statements, among other things, concerning the efficacy, safety and intended utilization of Vantage mHealthcare’s product candidates, the conduct and results of future clinical trials, plans regarding regulatory filings, future research and clinical trials and plans regarding partnering activities. Factors that may cause actual results to differ materially include, among others, the risk that product candidates that appeared promising in early research and clinical trials do not demonstrate safety and/or efficacy in larger-scale or later clinical trials, trials may have difficulty enrolling, Vantage mHealthcare may not obtain approval to market its product candidates, or outside financing may not be available to meet capital requirements. These forward-looking statements are based on our current expectations. We caution that all forward-looking information is inherently uncertain and actual results may differ materially from the assumptions, estimates or expectations reflected or contained in the forward-looking information, and that actual future performance will be affected by a number of factors, including economic conditions, technological change, regulatory change and competitive factors, many of which are beyond our control. Therefore, future events and results may vary significantly from what we currently foresee.
For a further list and description of the risks and uncertainties the Company faces, please refer to the Company’s most recent Annual Report on Form 10-K and other periodic and other filings Vantage mHealthcare files with the Securities and Exchange Commission and are available at http://www.sec.gov/. Such forward-looking statements are current only as of the date they are made, and Vantage mHealthcare assumes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.