Victory Square Technologies (CSE:VST) has announced that pursuant to an investment agreement executed between Victory Square Health, a wholly-owned subsidiary of the company, and Insight Diagnostics, Victory Square Health has acquired 25 percent of the issued and outstanding shares of Insight for a $100,000 and 5 percent of the common shares of Victory Square Heaelth.
As quoted in the press release:
“We appreciate the position that Insight Diagnostics has gained on the strength of its work in personalized health and Type II diabetes, in particular,” said Shafin Diamond Tejani, Chief Executive Officer of Victory Square. “We are excited by the opportunity to partner with them as leaders in this space. This is an acquisition that is fully aligned with our newly created subsidiary, and we can now continue to build on the foundational work to date by the team at Insight.”
Insight is developing a personalized diagnostic solution for the improved management and prevention of Type II diabetes and will operate as a frontline affiliate of Victory Square’s new health-focused subsidiary, Victory Square Health. Insight CEO Dean Sutton will retain his operating responsibilities and will assume a senior role within Victory Square Health.
“Our team at Insight is delighted to be partnering with Victory Square Technologies and its Victory Square Health subsidiary,” said Dean Sutton. “We’re certainly inspired by the big picture vision and we’re energized by the opportunity to not only continue to develop Insight, but to contribute to Victory Square’s vision for making a difference in personalized health.”
Insight Diagnostics originally developed core technology at the University of Waterloo and it was further developed at Simon Fraser University in the Venture Connection Program. A PhD student and computer engineering team partnered with Dean Sutton to develop the technology into a business, which benefitted from two of Canada’s top startup accelerators, Wavefront Accelerator and Creative Destruction lab, where stringent curriculums and market validating processes were instrumental to the development of Insights commercially viable plan.
“With the close of this transaction, Victory Square Health will have the ability to leverage the data and partnerships that Insight and their leadership bring to the table,” added Tejani.