DGAP-News: Genix Acquires Exclusive Rights to SUCANON(R) and RENOCHLOR(R)Source: EQS
Genix has agreed to pay Canagen
One hundred and twenty-two thousand
One hundred and
If Genix fails to make the First Payment, it has agreed to pay Canagen interest in the amount equal to twelve percent (12%) of the outstanding amount from the Closing Date, plus penalty in the amount of one and a half percent (1.5%);
If Genix fails to make the Second Payment, it has agreed to pay Canagen interest in the amount equal to twelve percent (12%) of the outstanding amount from the second anniversary of the Closing Date, plus penalty in the amount of one and a half percent (1.5%); and
If Genix fails to make the First or subsequent payments of the Purchase Price for a period of longer than three (3) months from the due dates, all Rights, including all Natural Product Numbers ("NPNs") issued to Genix by
The Agreement is subject to the following condition precedents ("Condition Precedents") being met by
We are pleased to advise that Genix has received the conditional acceptance of the TSX-V to the acquisition of thirty (30)
We further anticipate that the shares of the Company will be reinstated for trading shortly.
The following is a description of the nutraceutical products:
SUCANON is one of only several nutraceutical/OTC products approved in the world, belonging to a class of diabetic medications called insulin sensitizers. Insulin sensitizers lower blood sugar by increasing the muscle, fat and liver's sensitivity to insulin. Insulin sensitizers are blood sugar normalizing or euglycemic drugs that help return the blood sugar to the normal range without the risk of low blood sugars. SUCANON® is a medication that helps the body make better use of its own insulin, the hormone that controls blood sugar levels. Type II Diabetics produce insulin, but their cells gradually lose the ability to absorb and use insulin, to get sugar out of the blood stream. SUCANON® transports sugar out of the blood stream and into cells where it can be burned. SUCANON® particularly helps muscle cells use insulin and thus draw sugar out of the blood stream.
SUCANON increases sensitivity to insulin which leads to decreased blood sugar levels and a reduction of a wide range of Type II Diabetes symptoms, including: weight gain, fatigue, excess thirst and excess urination. The reduction in blood sugar levels also reduces the possibility of peripheral nerve damage; the damage caused to peripheral nerves by chronic high blood sugar can ultimately lead to impotence in men and amputation of limbs in both men and women.
Successful clinical studies conducted in
RENOCHLOR is a novel, patented, clinically proven dietary supplement for improvement of renal functions in patients suffering from Chronic Renal Failure ("CRF"). Renal failure is characterized by loss of the ability of the kidneys to excrete bodily wastes, concentrate urine, conserve electrolytes and maintain fluid balance in the body. Untreated chronic kidney disease (CKD) in absence of change in food habits and medical treatment leads to progressive loss of kidney function considerably fast reaching to the life threatening stage very fast.
The current treatment is dialysis as per requirement ranging from once in a day to once in several weeks. This does not treat the basic cause but helps in eliminating the wastes accumulated in the blood. Dialysis alone does not provide any remedy to declining hemoglobin, which ultimately becomes a major cause for further deterioration and decrease in immunity.
RENOCHLOR has been demonstrated, in several clinical trials, to normalize kidney functions in CRF patients and even prevent the need for expensive and cumbersome dialysis treatments, with a relative decrease in serum creatinine and increased glomerular filtration rate (GFR) for the entire duration of two months of its administration. The effect of which has also shown to get carried over up to 90 days in case of relative decrease in serum creatinine and increased GFR.
The results obtained are statistically significant also for improvement in practically all aspects of quality of life; which is the most important objective of a CKD treatment that is rarely achieved in currently known CKD treatments prior to the introduction of RENOCHLOR®.
According to the
About the Company
On behalf of the Board,
For more information regarding Genix, please contact:
Advisory Regarding Forward Looking Statements
This news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially and there are no assurances that the transaction described in this news release will close on the terms described or at all. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company. Readers are cautioned not to place undue reliance on forward looking statements.
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News Source: Newsfile
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