A Quebec-based life sciences company, Warnex Inc. has entered into an agreement in principle to acquire Thunder Bay's Molecular World lab.
The lab specializes in human DNA identification using forensic testing.
In a May 27 Warnex news release, the purchase will be paid by the issuance of 2 million common shares of Warnex. Warnex will also assume $350,000 of debt.
All relevant regulatory authorizations are expected to close within weeks.
Warnex President/CEO Mark Busgang said acquiring Molecular World provides his company with a unique expertise particularly for mitochondrial DNA testing services for forensic and parentage testing purposes.
“Their facility in Thunder Bay is state-of-the-art and their procedures and personnel meet all standards for judicial review and quality standards such as ISO 17025.”
The private lab has been involved in some high profile court cases in recent years including presenting DNA evidence during the Ronald Woodcock trial leading to his conviction for murders in 1994. It was the first conviction in a Canadian court using mitochrondrial DNA technology.
Molecular World had annual revenue of $544,000 in its last fiscal year. It will operate as a subsidiary of Warnex and will maintain its Thunder Bay facility.
