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Warnex to Acquire Genetic Testing Firm PRO-DNA for $2M

NEW YORK, April 25 (GenomeWeb News) - Canadian firm Warnex said today that it has agreed in principle to acquire genetic testing service provider PRO-DNA Diagnostic for $2 million.

 

The purchase price is divided into $1.2 million in cash, approximately $200,000 to $300,000 in working capital adjustments, and $500,000 payable in common shares of Warnex, the company said.

 

"The acquisition of PRO-DNA will mark our entry into the field of human genetics testing and pharmacogenomics," Mark Busgang, president and CEO of Warnex, said in a statement.

 

PRO-DNA had $870,000 in revenues in its last fiscal year and is expected to be immediately accretive to earnings, Warnex said. It will operate as a division of Warnex Medical Laboratories and will be relocated from Montreal to the Warnex facilities in Laval, Quebec.

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