MedMira Completes Acquisition of BAG-1 Technology
MedMira Inc. announced that it has closed the transaction to acquire the BAG-1, an emerging cancer marker technology, that was announced on April 3, 2006. Under the terms of the acquisition agreement MedMira will acquire the BAG-1 technology for a purchase price of $600,000. The purchase price will be paid in installments as milestones in the commercialization of this technology, as specified in the agreement are achieved. The purchase price will be paid through the issuance of common shares at the closing market price of MedMira common shares the business day immediately preceding the date the milestone is achieved, with a minimum issue price of $0.476.
In accordance with the terms of the agreement, MedMira has issued 89,286 common shares to Dr. Shou-Ching Tang, the developer of the technology and a member of the MedMira Board of Directors, at an issue price of $0.56. The maximum number of shares that will be issued under this agreement is 1,244,748 common shares. The shares issued will be subject to a 4 month hold period.
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