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- Statera Biopharma (OTCPK:STAB) signed a non-binding letter of intent to merge with diagnostics company Worksite Labs (WSL).
- The entities emerging from the potential transaction are expected to carry on the business of WSL as a full-service diagnostic testing company. Worksite generated revenues of over $50M in 2022, according to Statera.
- "The business model and mission of Worksite Labs aligns with our current strategies to diagnose and identify patients for treatment and increase shareholder value," said Statera CEO Michael Handley.
- Statera added that it will issue more releases with additional details regarding the proposed transaction and potential capitalization of the company.
- Statera said that the there can be no assurance that the companies will successfully enter into definitive agreements. The potential transaction is subject to condition, including due diligence, among other things.