Theralink Signs Definitive Merger Agreement to be Acquired by IMAC Holdings, a Nasdaq Listed Company

Theralink’s patented technology is helping to solve a significant problem in cancer treatment by providing game changing technology that can predict
FDA-approved drugs that may be effective in each solid tumor cancer

Golden, Colorado, May 23, 2023 (GLOBE NEWSWIRE) -- Theralink Technologies, Inc. (OTC: THER) (“Theralink”) and IMAC Holdings, Inc. (Nasdaq: BACK) (“IMAC”), today announced that they have entered into a definitive Agreement and Plan of Merger (the “Merger Agreement”) under which Theralink will merge with a newly-formed wholly-owned subsidiary of IMAC in a stock-for-stock reverse merger transaction (the “Merger”) in which Theralink will survive as a wholly-owned subsidiary of IMAC, a Nasdaq-listed company. If completed, the Merger will result in a combined company that will focus on end-to-end proteomics testing, one of the most robust and growing areas of medicine.

The Theralink Test for Advanced Breast Cancer measures the abundance and activation of 32 clinically actionable biomarkers. The test reports which of the 32 biomarkers are highly expressed or activated and the FDA-approved therapeutics that target them. This test is a novel tool that broadens actionability and supports oncologists in selecting the most effective treatment plan for their cancer patients.

Recently, Theralink received a Medicare reimbursement rate determination as well as added to its evidence based clinical utility data via an observational registry study that demonstrated greater than 90% actionability and greater than 70% clinical utility for the test. The Theralink test may be deemed necessary to achieve a personalized and targeted approach to breast cancer treatment

Through its current and planned lab developed tests (LDTs), Theralink's technology hopes to target multiple areas of oncology and drug development. In addition to the Company's first test for advanced breast cancer, Theralink is actively working on a pan-tumor test for solid tumors across multiple tumor types such as ovarian, endometrial, head and neck, pancreatic, colorectal, lung, prostate, among others.

Dr. Mick Ruxin, CEO of Theralink summed up the transaction by saying, “Our team is motivated by the enormous impact we can have on cancer care by making our test more accessible to all cancer patients. We are excited to be making that a reality by embarking on our next chapter with this merger with IMAC.” He went on to say, “It is anticipated that the potential merger and listing will allow the Company broader access to capital, which will be invested in our business to accelerate market access and reimbursement initiatives for our clinical patient testing, expand our product offering portfolio and research initiatives, and increase our laboratory throughput.” Dr. Ruxin further said, “With our predictive, protein biomarker test, oncologists may have better insights into each individual cancer patient’s unique biology and to the targeted therapies that act upon each patient’s unique cancer.”