CLX Medical, Inc. Announces Letter of Intent for Acquisition of Additional Medical Diagnostic Testing Product
MURRIETA, CA , which is focused on the launch and distribution of unique medical diagnostic testing products, today announced that after a period of initial due diligence and negotiations, the company has progressed to a letter of intent to acquire a rapid diagnostic device for the medical market.
The due diligence process will continue as CLX pursues a definitive agreement and the close of the acquisition of the device. Once CLX has reached a mutually agreed upon point in its due diligence process, it will announce the name of the device and the market that it serves.
The acquisition target presents considerable synergies with the product line of Zonda, Incorporated, a majority owned subsidiary of CLX that has developed a rapid point of care test for chlamydia. CLX is currently preparing to initiate clinical trials for the Zonda chlamydia test as part of the effort to achieve FDA clearance for the product. The company recently announced a validation study to perfect the testing protocol in preparation for the clinical trials.
As CLX supports the Zonda product line, it will continue to identify additional innovative products as potential acquisitions and opportunities for distribution relationships for CLX. CLX intends to acquire, license and distribute innovative medical diagnostic technologies that are ideally suited for further development, regulatory approval and distribution in the United States.
"The letter of intent is an important milestone in the process of acquiring this targeted product," commented Vera Leonard, chief executive officer of Zonda and CLX. "We look forward to reaching the next steps in the process, including the announcement of the name of the product, so we can begin discussing what we see as the significant market potential for this acquisition."
In addition to the U.S. market, the new acquisition may have tremendous potential in Europe, where the Zonda chlamydia product is sold, and in other overseas markets.
