Viral Testing Systems Corp. of Houston has acquired rights todistribute all diagnostic test products developed by its Austrianpartner, Sanochemia AG, in the Americas, Australia, China,Hong Kong, New Zealand, Taiwan and certain Asian and Mideastcountries.
In exchange, VTS will issue 233,333 shares of its common stock(ASE:VTS) to Sanochemia and warrants to acquire an additional150,000 shares for two years at $1.50 per share. This will bringSanochemia's interest in VTS to approximately 4 percent ofVTS's outstanding shares.
VTS and Sanochemia have established a joint venture that willfund and co-sponsor Sanochemia's ongoing research anddevelopment activities and share ownership of the rights andpatents to Sanochemia's new products.
Viral Testing's stock closed Friday at $1.44, down 13 cents ashare.
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