Business
Genix Acquires Exclusive Rights to SUCANON(R) and RENOCHLOR(R)
Vancouver, British Columbia--(Newsfile Corp. - January 14, 2020) - Genix Pharmaceuticals Corp...
About this update from Genix Pharmaceuticals Corporation
[{"type":"text","content":"Genix Acquires Exclusive Rights to SUCANON(R) and RENOCHLOR(R)TSX Venture Exchange provides conditional acceptance for the acquisition of 30 World Health Organization approved generic ophthalmic drugsVancouver, British Columbia--(Newsfile Corp. - January 14, 2020) - Genix Pharmaceuticals Corp. (TSXV: GENX) (\"GENIX\" or the \"Company\"), announces that it has entered into an Acquisition Agreement dated for reference January 10, 2020 (the \"Agreement\") with Canagen Pharmaceuticals Inc. (\"Canagen\") pursuant to which, subject to acceptance of the TSX Venture Exchange (\"TSX-V\"), the Company has agreed to purchase sole and exclusive distribution, sales and marketing rights and interest (the \"Rights\") for Canada, (excluding intellectual property rights) for an initial term of ten years to two nutraceutical products under the brand names SUCANON® and RENOCHLOR®(the \"Transaction\"). SUCANON® is a nutraceutical for managing and treating diabetes, and RENOCHLOR® a patented nutraceutical for the prevention and treatment of chronic kidney disease and end stage renal disease. Genix has agreed to pay Canagen $100,000 for the SUCANON® Rights and $250,000 for the RENOCHLOR® Rights, for a total of $350,000 (the \"Purchase Price\") to be paid in tranches as follows:Eighty-seven thousand five hundred dollars ($87,500) (the \"First Payment\") on the date Genix and Canagen close the Transaction (the \"Closing Date\"), such closing date to be no later than February 29, 2020 unless extended in writing by the parties;One hundred and twenty-two thousand five hundred dollars ($122,500) (the \"Second Payment\") on the first anniversary of the Closing Date; and;One hundred and forty thousand dollars ($140,000) (the \"Third Payment\") on the second anniversary of the Closing Date.If Genix fails to make the First Payment, it has agreed to pay Canagen interest in the amount equal to twelve percent (12%) of the outstanding amount from the Closing Date, plus penalty in the amount of one and a half percent (1.5%);If Genix fails to make the Second Payment, it has agreed to pay Canagen interest in the amount equal to twelve percent (12%) of the outstanding amount from the second anniversary of the Closing Date, plus penalty in the amount of one and a half percent (1.5%); andIf Genix fails to make the First or subsequent paymen...