NEWS: 2020-03-03 13:57 ET
GENIX PHARMACEUTICAL RECEIVES TSX CONDITIONAL APPROVAL TO ACQUIRE SUCANON AND RENOCHLOR Genix Pharmaceuticals Corp. has received conditional approval from the TSX Venture Exchange to acquire two novel, patented nutraceutical products under the brand names Sucanon and Renochlor, as stated in the Jan. 14, 2020, press release. Genix and Canagen Pharmaceuticals Inc. ("Canagen") have agreed to extend the financing deadline to March 31, 2020, for the condition precedent of financing under the Acquisition Agreement dated January 10, 2020 (the "Agreement"). The company is currently negotiating a Letter of Intent with Canagen to acquire an additional novel nutraceutical product. The diabetic product, Sucanon is a clinically proven, novel and patented insulin sensitizer which helps patients lower blood sugar to normal levels in patients with Type II and Type III diabetes. The product also helps reduce a wide range of other symptoms associated with diabetes including weight gain, fatigue, excess thirst and excess urination. In Canada, this product has already been registered with Health Canada and has an active natural product number enabling the product to begin sales to Canadian patients commensurate with the closing of the acquisition from Canagen. Renochlor is a novel, patented product for people who suffer from chronic kidney disease (CKD). and renal failure. Developed in Singapore, Renochlor is a clinically proven dietary supplement designed for improvement of renal functions in patients suffering from CKD and renal failure which has been demonstrated in clinical trials to help normalize kidney functions in patients. The product does not currently have an NPN but will be registered immediately post acquisition. People with CKD and/or renal failure end up having to undergo dialysis and eventually kidney transplants. Renochlor is the only product of its kind worldwide for addressing CKD. "Genix is excited to acquire the exclusive rights to sell and distribute two potentially life altering novel and patented nutraceutical products for Type II and Type III diabetic patients as well as for CKD and renal failure patients, by providing clinically tested, safe and effective natural solutions to aid in the recovery of both diseases for sufferers in Canada and other geographic regions," commented Sina Pirooz, chief executive officer. About Genix Pharmaceuticals Corp. Genix Pharmaceuticals Corporation is a Canadian life sciences company engaged in the research, development, manufacturing and marketing of high growth, high margin, novel and proprietary, evidence-based, pharmaceuticals, over-the-counter (OTC) products, nutraceuticals and healthcare products, as well as generic medicines that have shown to deliver consistent and verifiable results in various therapeutic areas. Genix is focused on complementary and alternative medicines (CAM) involving both nutraceutical and pharmaceutical products for distribution in North American and other targeted global markets.