Adeona Pharmaceuticals, a specialty pharmaceutical company, has entered into an agreement to acquire Colwell Clinical Laboratories, a CLIA-certified clinical laboratory and a licensed Medicare and MediCal provider.
Adeona intends Colwell to remain independent but to assist Colwell in expanding its offering of services to include a suite of high precision and proprietary assays and diagnostic panels useful for the diagnosis, prevention and treatment of conditions that involve metal dyshomeostasis. Adeona believes that, if operated as planned, Colwell may satisfy an unmet physician need for a clinical laboratory dedicated and competent in such areas.
The acquisition is expected to be completed on or before May 31, 2009 and is subject to satisfactory due diligence on the part of Adeona. Adeona has paid a non-refundable deposit of $75,000 and, if satisfied with the outcome of its due diligence, will pay an additional $750,000 at closing on or before May 31, 2009 for all of the issued and outstanding stock of Colwell.
Steve Kanzer, chairman and CEO of Adeona, said: Our acquisition of Colwell Clinical Labs is an important step in our recently announced plans to transition Adeona to profitability and through this acquisition we expect to begin recognising revenues in this quarter on or before June 1, 2009.
We believe conditions of metal dyshomeostasis to be both underdiagnosed and often completely treatable, resulting in untold costs to our healthcare system and unnecessary human suffering in the US. Our acquisition of Colwell is an important component of our mission to increase awareness and to assist physicians in the diagnosis, prevention and treatment of conditions involving metal dyshomeostasis.