Generex Biotechnology Corp. announced this week in Worcester, Massachusetts that negotiations are underway to acquire a 51 percent interest in Miramar’s Hema Diagnostic Systems LLC (HDS), a creator of breakthrough diagnostic tests for pandemic illness, for $15 million.
At the forefront of fighting deadly disease, HDS works to combat some of the world’s most threatening infectious illnesses, including HIV, tuberculosis and malaria, as well as hepatitis B, hepatitis C, syphilis and dengue. Tests are under development for diseases including chikungunya, anthrax and Ebola.
The equity transaction will be paid in accordance with an HDS business plan identifying a timeline, milestones, and a budget, The agreement provides for Generex to receive a royalty on gross sales of the product.
"We look forward to embarking on this exciting new endeavor, an opportunity to leverage the scientific work already undertaken by Antigen Express in vaccines for infectious diseases, and to access the presence and experience of Hema Diagnostic Systems in the international marketplace," Generex CEO and President Mark Fletcher said.
HDS offers unique proprietary and patented delivery systems incorporating high-quality test strips, principally manufactured in the United States, creating a system of rapid diagnostic assays unlike that of any other company.
Established in South Florida in 2000, HDS is headquartered in Miramar, maintaining a research and development facility within its corporate offices to serve as a quality assurance center and provide a research base for additional product development.
Hema Diagnostic Systems strives to develop and provide innovative drugs and technologies to improve the quality of life for disease sufferers, offering the highest quality rapid diagnostic testing devices to the global marketplace in a cost-effective manner.
555 Richmond Street West, Suite 604, PO Box 200,Toronto, Ontario M5V 3B1, Canada