Paris-based ELITech has become the master distributor for Corgenix diagnostic test kits outside of North America. The companies will also co-develop new tests combining Corgenix’ technologies with ELITech’s instruments.
ELITech will initially purchase 8,333,334 shares of Corgenix common stock at $0.15 per share for a total of about $1.25 million. Corgenix is currently trading at about $0.115 per share. ELITech will invest another $750,000 in Corgenix common stock at the same price over the subsequent 12 months upon the successful completion by Corgenix of two prespecified events. Warrants also issued at $0.15 could potentially result in an additional $1 million investment.
Through direct sales in Europe and North America and distribution capabilities in over 100 countries, ELITech offers clinical chemistry, microbiology, immunology, and molecular biology products from its own facilities as well as complementary third-party products. The company comprises Vital Scientific and Seppim (clinical chemistry analyzers and reagents), ELITech Microbio (microbiology kits), Wescor (laboratory instruments), inoDiag (multiplex serology devices), Nanogen (molecular biology kits), and SERFIB (microbiology and immunology kits).
Corgenix develops and manufactures diagnostic kits for immunology disorders, vascular diseases, as well as bone and joint disorders, including a nonblood-based test for aspirin effect. Corgenix’ products are commercialized for use in clinical laboratories. The company currently sells over 50 tests.