From reading the release they seemed to have obtained this deal for almost nithing?
AGAIN NOT SAYING TO BUY OR SELL..
Mr. Sina Pirooz reports
GENIX PHARMACEUTICALS CORPORATION ENTERS INTO A DEFINITIVE AGREEMENT TO ACQUIRE GLOBAL RIGHTS TO FLU-X
Genix Pharmaceuticals Corp. has entered into an agreement dated March 24, 2020, with Canagen Pharmaceuticals Inc., pursuant to which, subject to acceptance of the TSX Venture Exchange, the company has agreed to purchase the sole and exclusive global distribution, sales and marketing rights, and interest for Flu-X, a novel, proprietary, anti-viral, anti-flu and common colds coronavirus 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 is a high degree of similarity between the SARS-CoV and the COVID-19 coronavirus (SARS-CoV-2). According to The Lancet Infectious Diseases, the whole genome of SARS-CoV-2 has an 86% similarity with SARS-CoV. Both viruses share high degrees of homology to SARS-like coronaviruses isolated in bats, suggesting that bats are the probable origin of both SARS-CoV and SARS-CoV-2. Even in terms of disease dynamics there are apparent similarities. The main transmission route is thought to be respiratory droplets, although viral shedding via faeces has also been reported for both viruses. The angiotensin-converting Enzyme 2 (ACE2), found in the lower respiratory tract of humans, has been identified as the receptor used for cell entry for both SARS-CoV and SARS-CoV-2.
Although there are striking similarities between SARS and COVID-19 diseases, the differences in the virus characteristics will ultimately determine whether the same measures for SARS will also be successful for COVID-19. COVID-19 differs from SARS in terms of infectious period, transmissibility, clinical severity, and extent of community spread.
"We are truly excited about acquiring the global rights to Flu-X. It was used safely and effectively in China during the SARS-CoV epidemic and has been shown to be effective against several coronaviruses1," stated Sina Pirooz, the Company's CEO. "Since there are striking similarities between the SARS and COVID-19 coronaviruses, we are encouraged about the potential of Flu-X on COVID-19," added Mr. Pirooz.
About the Company
Genix Pharmaceuticals Corporation is an innovative Canadian life sciences company focused on the research, development, manufacture, licensing, sales and distribution of novel and innovative healthcare products, which include proprietary over-the-counter nutraceuticals and generic pharmaceuticals that have been shown to deliver consistent and verifiable results in various therapeutic areas. The Company employs a pharmaceutical model for product development and selection including rigorous active ingredient discovery and clinical testing for all its nutraceutical and pharmaceutical products. The Company intends to continue developing novel and innovative products for sale through traditional retail outlets as well as direct to consumers and e-commerce platforms, in keeping with the evolving nature of the health care industry towards Integrative Medicine and Health ("IMH") and Complementary and Alternative Medicine ("CAM"). GENIX intends to market its products in Canada, the United States, China, Southeast Asia, the United Kingdom and other select countries.
We seek Safe Harbor.