Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Biotech / Medical : corgenix -- Ignore unavailable to you. Want to Upgrade?

To: Victor Lazlo who wrote (27)	9/22/1998 12:22:00 PM
From: Benoit Desrochers	Read Replies (2) \| Respond to of 191

Got my info pak in the mail yesterday, still need to scan it over. COGX in the news today. Geez, I hate that large spread between bid and ask. Corgenix Medical Corporation to Acquire Integrated Diagnostics Inc.; Expects to Nearly Double Revenue DENVER, Sept. 22 /PRNewswire/ -- Corgenix Medical Corporation (''Corgenix'')(OTC Bulletin Board: COGX - news) today announced that it has executed a letter of intent to acquire privately held Integrated Diagnostics Inc. (''Integrated'') of Baltimore, Maryland, a manufacturer of diagnostic products. INTEGRATED, founded in 1984, specializes in two major areas: tests for the diagnosis of many infectious diseases, and standards used in flow cytometry. INTEGRATED manufactures and markets a unique group of emerging disease and vector-borne-disease detection systems for the United States and international health-care markets. The diseases in this group include Lyme disease, various forms of typhus, spotted fever such as Rocky Mountain Spotted Fever, Ehrlichia and dengue fever. According to the U.S. Centers for Disease Control and Prevention (CDC), dengue fever is one of the most important mosquito-borne viral diseases in existence, affecting tens of millions of humans each year with a global distribution comparable to that of malaria. Lyme disease accounts for more than 90 percent of all reported vector-borne illness reported in the United States, mainly located in the northeastern, north-central and Pacific coastal regions. Ehrlichia is a relatively new disease in the United States (first described in 1987) carried by deer ticks. Also predominantly on the east and west coasts, Ehrlichia is a major area of research for INTEGRATED. The Company's product line included tests designed for both human and veterinary applications, with unique application in the screening of both domesticated and wild animal species in vector-transmission studies. INTEGRATED has had a unique opportunity to develop a number of its assay systems from cooperative-research agreements with the CDC, and various branches of the military including the Walter Reed Army Medical Center and the Naval Medical Research Institute. The Company's products are used worldwide in military deployments, primary clinics, and hospital laboratories and can be performed by individuals with little or no medical training, making these unique in the field of rapid infectious diagnosis. INTEGRATED products are marketed worldwide through an extensive distribution network. INTEGRATED standards for immunophenotyping (cell identification) and DNA analysis are manufactured for Beckman Coulter Corporation under their label, and for the College of American Pathology for their proficiency testing in licensing of laboratories under CLIA-1988, as well as general usage. These technologies are used in the identification and monitoring of various solid-tumor and hematological cancers (leukemias). Under the terms of the letter of intent, the founder and president of INTEGRATED, Ms. Helene Paxton, will be joining the Corgenix team. Commenting on the prospective union of the two companies, Ms. Paxton said: ''We are very excited about joining Corgenix. Like Corgenix, we have demonstrated rapid growth over the past few years, and expect to gain additional momentum as INTEGRATED will have increased access to other worldwide distribution channels as well as to the public capital markets to fund the exciting new products we currently have in development.'' In explaining the synergies of the acquisition, Mr. Douglass Simpson, president of Corgenix, stated, ''Acquisition of INTEGRATED demonstrates our commitment to the execution of our business plan for growth through both acquisitions and internal development. INTEGRATED will round out Corgenix's geographical markets by significantly strengthening our Southern Hemisphere and Asian distribution. In addition, Corgenix will gain access to INTEGRATED's valuable rapid-delivery technology, which will aid in our quest to develop assays that can be administered close to the patient. Further, Corgenix will gain INTEGRATED's expertise in microbiology, significantly enhancing Corgenix's range of products.'' The consideration to be paid for the acquisition is in cash and restricted common stock of Corgenix valued at approximately $2.2 million. The closing of the transaction is contingent on the execution of a definitive agreement and the successful completion of due diligence. Although there can be no assurance that the transaction will close, the closing is scheduled to occur by December 31, 1998, once the contingencies are removed. Corgenix Medical Corporation is based in metropolitan Denver and is focused on the development and promotion of specialized diagnostic test kits for vascular diseases, immunological disorders, as well as bone diseases such as osteoporosis and joint diseases such as arthritis. Corgenix diagnostic products are commercialized for use in clinical laboratories throughout the world. biz.yahoo.com