Corgenix shareholders OK acquisition

BROOMFIELD – Shareholders of Corgenix Medical Corp., which is working on a rapid diagnostic test for Ebola, on Wednesday approved the acquisition of the Broomfield-based developer and marketer of diagnostic test kits by a German company.

The board of directors of Corgenix (OTC QB: CONX.OB) had agreed unanimously in August that the company could be acquired by Orgentec Diagnostika, a specialty diagnostics company headquartered in Mainz, Germany.

The shareholders’ vote to approve the acquisition was 30,121,029 shares in favor to 10,317,317 shares opposed and 16,953 abstentions, according to a Form 8-K filing with the federal Securities and Exchange Commission.

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Under the terms of the agreement, Corgenix shareholders will receive 27 cents in cash for each share of common stock they own, in a transaction valued at approximately $16 million. The per-share price represents a 29 percent premium to the Corgenix average share price of $0.21 over the 90-day period prior to the company’s announcement on March 12 that it was exploring strategic alternatives.

Together, Orgentec and Corgenix will offer more than 350 tests, primarily enzyme-linked immunosorbent assays that diagnose a range of conditions, including autoimmune, vascular, infectious disease and organ function.