Profusa soars after agreeing to buy PanOmics diagnostics platform

Shares of digital health firm Profusa PFSA.O jump about two-fold to $1.77

Co says it has signed a letter of intent to acquire BioInsights’ PanOmics molecular diagnostics platform in a roughly $30 million all-stock deal

Says deal gives Profusa exclusive rights to the technology, plus access to clinical samples to validate new diagnostic tests

Adds first focus area will be pancreatic cancer, a hard-to-treat cancer often needing complex surgery

Says it is expanding work with Mayo Clinic to monitor patients before and after pancreatic surgeries using the platform

BioInsights to nominate a Profusa board member, receive 3% royalty on net revenue from PanOmics - PFSA

PFSA says it plans to raise additional funding to scale the diagnostics business

Including session's moves, PFSA down ~90% YTD