A Diagnostics & Imaging Week

OXIS International (Portland, Oregon), a developer of technologies for the diagnosis of diseases resulting from oxidative stress, reported the initial closing of its acquisition of BioCheck (Foster City, California), a producer of enzyme immunoassay kits.

As previously disclosed, OXIS has agreed to acquire up to all of the outstanding shares of BioCheck for an aggregate purchase price of $6 million in cash.

In this initial closing, OXIS has purchased 51% of the outstanding shares of BioCheck for $3,060,000 in cash.

In addition, the two companies plan to enter into a services agreement whereby OXIS would deliver primarily operating, sales, marketing and business development functions while BioCheck would provide manufacturing and research and development expertise.

OXIS has initiated plans to close its non-core facility in Portland and merge its core operations with BioCheck’s GMP and ISO quality-certified facilities in Northern California.