Corgenix to Merge with Genesis Bioventures

(GBI, Surrey, Canada). Under the agreement, Genesis will acquire all of the outstanding shares of Corgenix in a stock-for-stock transaction valued at about U.S.$10 million.

The terms of the merger agreement provide that Corgenix's current management team will assume the responsibility of managing the combined entity, which will continue to be known as Genesis Bioventures, Inc., and will be headquartered in Westminster, Colorado.

Upon the consummation of the merger, the companies will focus on the continued development and worldwide commercialization of Genesis's mammstatin serum assay (MSA), the further expansion of Corgenix's innovative immunoassays for the clinical assessment of coagulation, vascular, liver and autoimmune diseases, and the acquisition of synergistic companies and technologies.

"Both Corgenix and GBI are eager to move ahead with the integration of the two companies to create a new entity that has the potential to be at the forefront of cutting edge diagnostic technology,” said Greg McCartney, GBI chairman and CEO.

The merger will combine the cancer technology and prion disease position of GBI with Corgenix's state-of-the-art manufacturing facility and established worldwide distribution network, enabling the time to market for the MSA to be significantly reduced. Utilizing Corgenix's patented manufacturing process, the combined company will promptly reconfigure the existing MSA test into an enzyme-linked immunsorbent assay (ELISA) blood diagnostic test kit to detect the level of Mammastatin for the purpose of assessing a woman's risk of developing breast cancer. The merged companies intend to focus on the continued development and the worldwide commercialization of the MSA, as well as the further expansion of Corgenix's innovative immunoassays.




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Genesis Bioventures
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