Cardiac Diagnostics Holdings plans to start trading on Nasdaq under the ticker “CDIO”
Chicago, October 26, 2022–(BUSINESS WIRE)–Cardio Diagnostics Holdings, Inc. (“Cardio” or the “Company”) is a leading precision cardiovascular medicine company at the intersection of epigenetics and artificial intelligence with products that improve the prognosis of cardiovascular disease. Prevention, Early Detection and Treatment, today announced the completion of its business combination (the “Business Combination”) with Mana Capital Acquisition Corp. (NASDAQ: MAAQU; MAAQ; MAAQW; MAAQR) (“Mana Capital”), a publicly traded special purpose acquisition company.
The transaction was approved at Mana Capital’s special meeting of shareholders on Tuesday, October 25, 2022. Mana Capital shareholders also voted to approve all other proposals presented at the special meeting. Mana Capital’s board of directors has previously approved the business combination and recommended that its shareholders vote in support of the business combination and all proposals related to the business combination.
The combined company will operate under the name “Cardio Diagnostics Holdings, Inc.” and will be led by Chief Executive Officer Dr. Meeshanthini (Meesha) Dogan and the rest of the existing management team. Cardio’s common stock and open warrants are expected to begin trading under the new ticker symbols “CDIO” and “CDIOW,” respectively, upon opening on the Nasdaq Capital Market on or about October 26, 2022. The strike price for each Cardio warrant is $11.50.
Cardio’s mission is to help physicians better detect and treat cardiovascular disease, the leading cause of death in the United States. At the heart of its cardiovascular solutions is a proprietary Integrated Genetic Epigenetic Engine™ created at the University of Iowa by company founders Meesha Dogan, PhD, and Robert Philibert, MD. The technology enables the development of a range of tests for precise prevention, early detection, and assists in personalized treatment of the major types of cardiovascular disease and related comorbidities.
“Heart disease prevention programs can generate significant value across the health care continuum, but the point is that they must be evidence-based,” said Cardio CEO and co-founder Dr. Meesha Dogan. “Our study clearly shows that we An important missed opportunity to prevent heart disease at scale. Key healthcare stakeholders can successfully reduce heart disease rates in the U.S. and globally by fundamentally rethinking current standards of cardiovascular care. We look forward to working with them, Drive the adoption of a more robust and patient-centered objective approach to cardiovascular care.”
Jonathan Intrater, Chairman of Mana Capital, said: “We are delighted to combine with Cardio to create a public company that alters cardiovascular disease through epigenetics. Cardio is the first to develop and commercialize epigenetics-based cardiovascular disease Companies conducting clinical trials with clear value to patients, clinicians, hospitals/health systems and payers.”
To celebrate the successful completion of the business combination, members of the Cardio leadership team will ring the closing bell on the Nasdaq stock market on November 3, 2022 at 4:00 p.m. ET.
Benchmark Company LLC served as financial advisor to Mana Capital and Becker & Poliakoff LLP served as legal advisor to Mana Capital.
Shartsis Friese LLP is serving as legal counsel to Cardio.
About Cardiac Diagnosis
Cardio Diagnostics is a biotechnology company dedicated to making the prevention and early detection of cardiovascular disease more accessible, personalized and precise. The company was established to further develop and commercialize a proprietary artificial intelligence (AI)-driven integrated genetic-epigenetic engine™ (“Core Technology”) for cardiovascular disease, a Helps treat cardiovascular disease. For more information, visit www.cardiodiagnosticsinc.com.
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 regarding the business combination between Mana Capital and Cardio. Words such as “anticipate,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “may,” “should,” etc. , “believe,” “predict,” “potential,” “continue,” “strategize,” “future,” “opportunity,” “will,” “seem,” “seek,” “outlook,” and similar expressions are intended to in identifying such forward-looking statements. Forward-looking statements are projections, forecasts and other statements about future events that are based on current expectations and assumptions and are therefore subject to risks and uncertainties that could cause actual results to differ materially from those anticipated. These statements are based on various assumptions, whether or not identified in this press release. These forward-looking statements are for illustrative purposes only and are not intended to be, and investors should not take them as assurances, assurances, forecasts or conclusive statements of fact or probability. Actual events and situations are difficult or impossible to predict and differ from assumptions. These forward-looking statements include, but are not limited to, the combined company’s expectations regarding financial performance, future performance, development and commercialization of products and services, potential benefits and effects of the combined company’s products and services, potential regulatory approvals, expected financial impact Other effects of the business combination on the combined company’s business, as well as the size and potential growth of the current or future market for the combined company’s products and services. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those anticipated. Most of these factors are outside the combined company’s control and are difficult to predict. Factors that could lead to such differences include, but are not limited to: the success, cost and timing of the combined company’s product development and commercialization activities, including the extent to which Cardio’s initial test Epi+Gen CHD™ is accepted and adopted by patients, healthcare professionals personnel and other key channel participants; the impact of COVID-19 on the combined company’s business; the inability to maintain a listing of the combined company’s common stock on Nasdaq after the business combination; the inability to recognize expected benefits from the business combination, which may be affected by (including) the impact of competition and the combined company’s ability to grow profitably and manage growth and retain key employees; changes in applicable laws or regulations; future inability of the combined company to raise capital; inability of the combined company to obtain and maintain regulatory licenses or approvals, and any associated restrictions and restrictions on any already approved or approved products; the combined company is unable to identify, license or acquire additional technology; the combined company is unable to maintain its existing or future licensing, manufacturing, supply and distribution agreements; the combined company’s inability to compete with other companies currently marketing or engaged in developing products and services with the same or similar functionality, which are the combined company’s products and services; the size and size of the combined company’s market for products and services Growth potential, and its ability to serve these markets alone or in partnership with others; Pricing of the combined company’s products and services and reimbursement for medical examinations performed using the combined company’s products and services; estimates of capital requirements and additional financing requirements; financial performance of the combined company; other risks and uncertainties identified from time to time in the proxy statement/prospectus relating to the business combination, including those under “Risk Factors” therein. certainty, and other filings by the combined company with the SEC. The combined company cautions readers that the above factors are not exclusive and cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. The combined company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.
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Meesha Dogan, Ph.D.
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