Apimeds Pharmaceuticals US, Inc.

Apimeds Pharmaceuticals US Inc. subsidiary MindWave Innovations Inc. USA signed a two-year master maintenance and services agreement with Delaware-based BlockAssure Inc. to build and operate a blockchain network for insurance and reinsurance. Under the deal, MindWave will develop, audit, deploy and operate AssureChain, a blockchain network handling BlockAssure's insurance and reinsurance operations, supporting insurance contracts, policy administration, premium payments, reinsurance agreements and claims processing. AssureChain will operate as a subnet of MindChain, which will provide settlement services and anchor records to Ethereum. MindWave will receive development fees in quarterly installments, and the agreement also gives MindWave an allocation equal to 20% of the total supply of AssureCoin, a digital token BlockAssure plans to create, contingent on the token being launched. The agreement took effect Oct. 4, with development expected to take four quarters subject to milestones and BlockAssure's acceptance testing, and it automatically renews for one-year periods after the initial two-year term unless either party provides 90 days' notice. The BlockAssure agreement follows a Sept. 24 announcement that MindWave signed a 12-month technology services agreement with Singapore-based AQUAE Holdings Pte. Ltd. to build and operate AQUAEChain, a platform for insured ALCI Credits, which took effect Sept. 14 and includes an allocation equal to 20% of ALCI Credits issued and outstanding on the network. Apimeds Pharmaceuticals shares were up 43.48% at $4.62 at the time of publication Monday, according to Benzinga Pro data, after jumping more than 76% in premarket trading, with session volume of 21.59 million shares, more than 10 times the stock's 100-day average volume of 2.06 million shares.