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Genix Pharmaceuticals Corporation Enters into a Definitive Agreement to Acquire Global Rights to Flu-X(R)
Vancouver, British Columbia--(Newsfile Corp. - March 27, 2020) - Genix Pharmaceuticals Corpo...
About this update from Genix Pharmaceuticals Corporation
[{"type":"text","content":"Genix Pharmaceuticals Corporation Enters into a Definitive Agreement to Acquire Global Rights to Flu-X(R)A Novel and Proprietary Anti-Viral, Anti-Flu and Common Colds Coronavirus(1) SprayVancouver, British Columbia--(Newsfile Corp. - March 27, 2020) - Genix Pharmaceuticals Corporation (TSXV: GENX)(\"GENIX\" or the \"Company\"), announces that it has entered into an agreement, dated for reference March 24, 2020 (the \"Agreement\"), with Canagen Pharmaceuticals Inc. (\"Canagen\") pursuant to which, subject to acceptance of the TSX Venture Exchange (\"TSXV\"), the Company has agreed to purchase the sole and exclusive global distribution, sales and marketing rights and interest (the \"Global Rights\") for Flu-X®, a novel and proprietary, anti-viral, anti-flu and common colds coronavirus1 oral and spray herbal product.GENIX makes no representations that Flu-X® will have any beneficial effect on the prevention, treatment or cure of COVID-19 (SARS-CoV-2). Canagen is the manufacturer and owner of the intellectual property and all sales, marketing and distribution rights to Flu-X®. Under the Agreement, the Company will acquire the Global Rights for a term of ten years, extendable by mutual agreement, by making cash payments to Canagen of CAD $100,000, comprising $25,000 paid within four months of closing, and $75,000 within the first anniversary thereafter. GENIX plans to commence global sales of Flu-X® immediately and in Canada once regulatory approval, through the issuance of a Natural Product Number (NPN) by Health Canada, has been granted. The Global Rights exclude Canagen's existing Flu-X® customers.Flu-X® is an herbal, oral, anti-viral, anti-flu virus and colds coronavirus1 spray. Flu-X® was originally developed by Professor D.S. Liu, Ph.D., a leading virologist and medical doctor, as an anti-SARS (Severe Acute Respiratory Syndrome) coronavirus1 drug to prevent and treat the SARS coronavirus (SARS-CoV) outbreak during China's SARS coronavirus epidemic in 2002-2003. Due to its highly safe and effective anti-viral properties and its success in treating SARS-CoV infected patients and preventing SARS-CoV infections at several hospitals in China, the original drug was rebranded as Flu-X® and has been sold on a limited basis in Canada, the United States, United Kingdom and China in the past.There i...