Mr. Sina Pirooz reports
GENIX PHARMACEUTICALS CORPORATION ANNOUNCES THE EXTENSION OF PAYMENT TERMS FOR THE ACQUISITIONS OF RIGHTS TO RENOCHLOR, SUCANON AND FLU-X
Genix Pharmaceuticals Corp. and Canagen Pharmaceuticals Inc. have mutually agreed to extend the closing dates for the payment terms for the sole and exclusive distribution, sales and marketing rights and interest, excluding intellectual property rights, to certain nutraceutical products marketed and distributed under the brand names Renochlor and Sucanon as outlined in the company's news release dated Jan. 14, 2020. The revised payment terms will begin with the initial payment of $87,500, due and payable within 15 business days from the date Genix receives final TSX Venture Exchange acceptance to this acquisition. Genix received the TSX-V's conditional acceptance to this acquisition on Feb. 4, 2020; however, closing is subject to the completion of the company's previously announced private placement in the amount of $550,000 as described in the company's news release dated June 22, 2020. Genix is proceeding with the private placement and expects to close same as soon as it receives TSX-V conditional acceptance to same.
In addition, Genix and Canagen have also agreed to extend the cash payment to Canagen by 60 days (due and payable on or before Sept. 30, 2020) for the global distribution, sales and marketing rights and interest for Flu-x as stated in the announcement dated March 27, 2020.
Due to the global COVID-19 pandemic, both Canagen and Genix recognize that an extension of the payment terms for all three nutraceutical products mentioned above is in the best interests of both companies and their shareholders.
About Genix Pharmaceuticals Corp.
Genix Pharmaceuticals is an innovative Canadian life sciences company focused on the research, development, manufacture and sales of novel and innovative health care products -- proprietary over-the-counter (OTC) nutraceuticals and generic pharmaceuticals that have been shown to deliver consistent and verifiable results in various therapeutic areas.
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