AMDL Inc., a Tustin developer and marketer of cancer tests, has sold 2 million shares of its common stock worth $2.7 million to a Taiwanese distributor.
In addition to the shares, Taichung-based Chinese Universal Technology Co. also acquired exclusive distribution rights in Asia for AMDL’s cancer diagnostic test kit, a deal worth $300,000.
Under the five-year pact, Chinese Universal will have exclusive rights to sell the AMDL product in 10 Asian countries for five years. They include Japan, South Korea, Taiwan, Singapore, Malaysia, Thailand, Vietnam and Hong Kong and mainland China.
AMDL’s cancer test is used to detect the presence of several types of cancer as well as other diseases.
