Genix Pharmaceuticals Corporation Announces Closing of Second Tranche Financing and closing of acquisition of rights to Nutraceutical Products Sucanon® and Renochlor®
VANCOUVER, BRITISH COLUMBIA, August 6, 2020 — Genix Pharmaceuticals Corporation (TSX-V: GENX) (“GENIX” of the “Company”) is pleased to announce that it has closed the final tranche of its non-brokered private placement financing announced in its news releases dated June 22 and June 30, 2020. Genix announced the closing for the first tranche in the amount of $640,984 by news release dated July 17th, 2020 news release. The Company has issued 2,572,667 units of the Company (each a “Unit”) at a price of $0.15 per Unit. Each Unit consists of one common share of the Company (a “Share”) and one-half of one transferrable Share purchase warrant (each whole warrant a “Warrant”). Each Warrant entitles the holder thereof to acquire one additional Share at a price of $0.30 for term of 2 years following closing, being August 8th, 2022 (the “Expiry Date”), subject to acceleration. The proceeds of the final tranche of the financing was $385,750 for a combined total amount raised of $1,026,734.00.
In connection with the second and final tranche, the Company paid cash commissions of $6,825.00 and issued 45,500 finders warrants pursuant to and in accordance with applicable securities laws and TSX Venture Exchange policies. The finder’s warrants have the same terms as the Warrants.
All securities issued in conjunction with the final tranche closing have a hold period expiring four months and one day following closing.
Genix is pleased to announce that it has fulfilled its first payment obligations to Cangen Pharmaceuticals Inc. of $87,500.00 for the purchase rights of Sucanon® and Renochlor® (see news releases January 14th, 2020and March 3rd, 2020, 2020 for further information).
Mr. Sina Pirooz states, “Now that the Company is sufficiently capitalized, we can accelerate our sales strategy for our nutraceutical line of products while continuing to work towards gaining Health Canada approval on our ophthalmic generic drugs. In addition, Genix will continue to explore opportunities to acquire additional generic drug dossiers and other novel OTC products”.
Genix would also like to welcome Ms. Monita Faris to our team. Monita will act as the Company’s Secretary effective immediately. She has worked as a consultant for the past 15 years providing corporate and securities compliance services to private and public companies. She is currently responsible for the corporate and regulatory compliance aspects of several OTCBB, TSX, TSX.V and Canadian Securities Exchange (CSE) listed companies.
Finally, the Company announces that it has granted incentive stock options to certain directors, officers, and consultants of the Company to purchase up to 1,400,000 common shares in the capital of the Company pursuant to the Company’s stock option plan. The options are exercisable on or before August 07, 2025 at an exercise price of $0.30 per share. The options will have a 12-month vesting period whereby 50% of the option will be granted every 6 months. The grant of options is subject to regulatory approval.
On behalf of the Board,
Genix Pharmaceuticals Corporation
For more information regarding Genix, please contact:
Genix Pharmaceuticals Corporation is an innovative Canadian life sciences company focused on the research, development, manufacturing, sales and distribution of innovative, novel, evidence-based, branded and generic ophthalmic drugs and ophthalmic OTC products that have been shown to deliver consistent and verifiable results. The Company employs strict GMP pharmaceutical protocols for its product research & development and the manufacture of its nutraceutical and pharmaceutical products. Since its inception, the Company has been involved in the manufacturing and marketing of both nutraceutical and pharmaceutical products. The Company intends to continue developing novel and innovative ophthalmic 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 USA, China, S.E. Asia, the United Kingdom and other selected countries.
Genix Pharmaceuticals Corporation is especially committed to providing these safe, high quality and highly effective, evidence-based, ophthalmic drugs and OTC products to patients and consumers in Canada and globally, to safely and effectively treat and prevent their eye health issues and diseases.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.