September 19, 2008 10:41 am
CLXN - News - Strong Buy - CLX Medical, Inc. Files Form 8-K on Definitive Agreement for the Acquisition of the ThyroTest(R) Rapid Screening Device
2008-09-17 10:02 ET - News Release
MURRIETA, CA -- (MARKET WIRE) -- 09/17/08
CLX Medical, Inc. (OTCBB: CLXN), which is focused on the marketing and distribution of unique medical diagnostic testing products, has filed a Current Report on Form 8-K regarding its planned purchase of ThyroTest®, a rapid thyroid stimulating hormone (TSH) screening device used for the detection of hypothyroidism in adults, a common thyroid disease.
The Form 8-K can be accessed through a link to SEC filings in the "Corporate" section of the CLX Medical website, www.clxmedical.com.
The Form 8-K reports that on September 9, 2008, CLX Medical entered into a product purchase agreement with ThyroTec, LLC, the developer of the ThyroTest® device, pursuant to which CLX Medical will acquire from ThryoTec the exclusive, worldwide rights to ThyroTest®, together with related packaging and marketing materials. The purchase price for the acquisition consists of a cash payment of $750,000 upon closing and the issuance of Series C convertible preferred stock of CLX Medical convertible into fifteen percent (15%) of the total, fully-diluted common stock of the company.
Upon closing, Jim Small, ThyroTec's chief executive officer, or his designate will be appointed as a member of CLX Medical's board of directors. Mr. Small has 30 years of thyroid related pharmaceutical experience and is the co-founder of ThyroTec. A detailed biography of Mr. Small will