DataMeds AI, Inc. (NASDAQ:MEDS) shares surged 66.04% to $2.68 in pre-market trading on Wednesday following the announcement that it completed the acquisition of Helomics Corp., an AI-driven cancer diagnostics laboratory, from Axe Compute Inc. (NASDAQ:AGPU).
Deal Terms Behind the Rally
The deal, valued at $1.5 million, was structured through common shares and an acquisition note, and included Helomics’ CLIA/CAP-certified clinical lab, equipment and $1.5 million in cash.
DataMEDS said the acquisition carries no third-party debt.
Oncology Push Targets $40 Billion Market
Gerald Commissiong, DataMEDS’ interim co-CEO, said, “We are thrilled to have completed this strategic transaction that thrusts DataMEDS into the field of oncology, where we know there is a tremendous need to improve patient outcomes, especially in rural areas.” He added that given Helomics’ history in the roughly $40 billion U.S. cancer diagnostic and treatment market, DataMEDS intends to expand its services beyond GLP-1 agonist side effects and Long COVID into cancer diagnosis and treatment.
Axe Compute CEO Chris Miglino said the structure lets his company retain a shareholder position in Helomics’ future, adding that he’s pleased to see DataMEDS integrate the business into a healthcare ecosystem aimed at challenging existing standards of care for difficult-to-treat chronic conditions, including cancer.
Trading Metrics, Technical Analysis
DataMEDS has a market capitalization of approximately $5 million, a 52-week high of $75 and a 52-week low of $0.82.
The Relative Strength Index (RSI) of MEDS stands at 56.10.
The small-cap stock of the Florida-based health information technology company has fallen 97.64% over the past 12 months.
Price Action: In the regular session, the stock gained 87.20% to close at $1.62, according to Benzinga Pro data.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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