FOXO announces closing of Vector BioSource acquisition

FOXO Technologies has completed its acquisition of Vector BioSource , a provider of biospecimens and data services for biotechnology and pharmaceutical research.

Vector reported about $225,000 in second-quarter revenue, equivalent to an annual run rate of roughly $900,000.

The purchase price includes $500,000 in cash, $1.5 million in preferred stock, and warrants to buy $2 million of common shares at a 10% premium. Up to an additional $2 million in preferred stock may be issued if performance milestones are met.

FOXO will also invest as much as $1.2 million to support Vector’s expansion.

“We are pleased to have closed the Vector acquisition and look forward to working with Vector senior management on internal and external growth opportunities.”  – Seamus Lagan, CEO of FOXO.

“We excited to be part of FOXO and believe the partnership with FOXO will allow Vector to achieve its aggressive growth plans.” – Frank Dias, Jr., CEO of Vector.