PHILAB Holdings Corp., a company that supplies health-testing kits, on Wednesday said its deal with US-based Veritas Genetics International Ltd. and Japan’s Yamazaki Financial Ltd. did not push through.
Early this year, Philab signed a term sheet with Veritas involving a $10-million deal through a convertible note.
The company, however, said it is still pursuing a $3-million investment in Veritas. It did not give a time frame for its new deal.
Its deal with Yamazaki involves a P500-million subscription agreement.
Yamazaki was supposed to subscribe to an additional 200 million common shares out of the unissued authorized capital stock of Philab at a price of P2.50 per share.
Both deals were disclosed in February this year.
Veritas is a US-based leading global genomics company that specializes in cutting- edge genetic testing and interpretation. Since 2014, it has been recognized as a top health-care industry leader in the United States.