AMDL Sells 2 Million Shares to Taiwan Firm

AMDL Inc., a Tustin developer of tests for the early detection of cancer and other serious diseases, said Thursday that it has sold $2.7 million in stock to a Taiwan company in a private placement.

AMDL said in a press release that it issued 2 million shares of restricted stock to Chinese Universal Technology Co. in Taichung, Taiwan.

Chinese Universal also has paid $300,000 for exclusive distribution rights to AMDL’s DR-70 in vitro diagnostic test kit for 10 Asian countries over a five-year period, making the Taiwan company’s total investment $3 million.