Predictive Technology Group, Inc. Enters into an Amendment and Termination Agreement with ProPhase
January 19, 2021 at 10:51 pm IST
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On January 14, 2021 Predictive Technology Group, Inc. entered into an Amendment and Termination Agreement with ProPhase in which ProPhase agreed to loan the Company $1,000,000 in consideration for the Company’s agreement to cancel its existing consulting agreement and to cancel any obligation of ProPhase to make further payments under the consulting agreement. The note as amended, requires that Predictive make certain prepayment based on COVID -19 test fees it collects. In addition, on each payment date commencing after September 1, 2021, Predictive will also be required to make payments in amounts equal to the greater of a) fees to be generated from COVID-19 tests to be performed by the Company or b) 1/36th of the outstanding principal amount of the note together with interest thereon.
Predictive Technology Group, Inc. is a life science company. The Company, through its subsidiaries, is focused on specific points of the care continuum, including detection, prevention and treatment. Predictive Analytics, Predictive Laboratories, and Predictive Biotech each bring critical solutions to personalized patient care by leveraging its research, genomics, genetic library and expertise in developing bioscience solutions. Predictive Analytics is the repository for its genetic library. Predictive Biotech provides regenerative medicine. Its products are derived from tissue sources rich in properties that support the bodyâs natural ability to heal itself. All products are safely, ethically and minimally processed to deliver allografts that preserve the naturally occurring characteristics and factors of the donor tissue. Its research and use of processing methods has propelled its placental-derived and Whartonâs Jelly umbilical cord-derived products to new heights.