Content area
Full Text
WESTMINSTER-Westminster's Corgenix Medical Corp. soon maybe under the Genesis Bioventures Inc. moniker, but the local company founder said that might mean an enhanced, rather than reduced, presence here.
"After the merger what's going to happen is the new holding company is going to be Genesis, however the existing management for Corgenix will be responsible for all operations," said Luis Lopez, the current chief executive and chairman of Corgenix (OTC- Bulletin Board: CONX).
Lopez and Greg McCartney, chairman and chief executive of Genesis Bioventures (American Stock Exchange: GBI), will serve as co-chairmen of the joint entity.
Staying put
Essentially, Lopez said, the joint venture is being pursued to use Corgenix's market channels and regulatory experience to help bring Genesis' new diagnostic test for breast cancer to market. Corgenix's primary capability has been in development and marketing of specialized diagnostic kits, meaning there actually may be few changes in store for the 42 current employees in Westminster.
"We are actually going to be headquartered in Westminster," Lopez said. "Genesis really only has a handful of employees who we will incorporate into the new company."
Corgenix currently develops and markets specialized diagnostic kits for immunology disorders, vascular diseases and bone and joint diseases. However, GBI's patented Mammastatin Serum Assay offers a tremendous advancement in the diagnostics market, Lopez said.
"This is a company that has unique technologies relating to risk assessment for breast cancer," he said. "However, they lack...