Warnex Inc has concluded the acquisition of all of the issued and outstanding shares of Molecular World Inc, a laboratory located in Thunder Bay, Ontario, specialized in human DNA identification including forensic DNA testing, following an agreement in principle announced on May 27, 2009.
The purchase price was paid by the issuance of 2,000,000 common shares of Warnex. Through the acquisition of this new subsidiary, Warnex also assumed approximately US$350,000 of debt.
Molecular World is the only private laboratory in Canada providing STR, Y-STR, miniSTR, and mitochondrial DNA testing services for forensic and parentage testing purposes. Mitochondrial DNA testing is crucial in cases where nuclear DNA testing is not possible such as shed hairs at crime scenes, identification of missing persons (skeletal remains with degraded DNA), and when there is insufficient nuclear DNA. Molecular World has the state-of-the-art facilities and is accredited by the Standards Council of Canada (SCC) as a DNA testing laboratory for forensics, parentage and other familial relationships.
Molecular World had annual revenue of US$544,000 in its last fiscal year. It will operate as a subsidiary of Warnex and will remain in its current facilities in Thunder Bay.
Warnex is a life sciences company devoted to protecting public health by providing laboratory services to the pharmaceutical and healthcare sectors.