Corgenix Medical Corporation (OTCMKTS:CONX) has seen a recent explosion in price and trading volume as Ebola takes center stage on the world scene: According to recent reports there are currently close to 10,000 confirmed cases and almost half as many deaths. The outbreak which is easily the biggest Ebola outbreak in history continues to spread like wild fire with new cases now being reported in Texas, USA.
CONX stock saw a fast rise of its $0.25 base last week to highs of $0.35 before dropping back towards $0.25 support. The stock is currently experiencing 10 X average trading volume as investors snap up shares.
Corgenix Medical Corporation (OTCMKTS:CONX) is a leader in the development and manufacturing of specialized diagnostic kits for immunology disorders, vascular diseases (including the world’s only non-blood-based test for aspirin effect), bone and joint disorders and a line of unique detection products for viral hemorrhagic disease. Corgenix diagnostic products are commercialized for use in clinical laboratories throughout the world. The company currently sells over 50 diagnostic products through a global distribution network and has significant experience in product submissions to the FDA and other worldwide regulatory authorities.
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Additionally, Corgenix contract develops and manufactures products for key medical and life science companies in state-of-the-art facilities in Colorado. The company operates under a Quality Management System that is ISO 13485:2012 certified and compliant with FDA regulations.
On August 11, CONX provided an update on their Ebola Test Kit NIH Grant. The pr goes on to say that Ebola virus outbreaks tend to occur every few years and then go away rapidly. However, this year’s outbreak is the worst in recorded history, with the total number of deaths approaching 1,000. As reported previously, Corgenix Medical Corporation CONX, -8.47% a worldwide developer and marketer of diagnostic test kits, commenced work on a $2.9 million National Institutes of Health (NIH) grant in June.
Back in August the Company announced that it has entered into a definitive merger agreement to be acquired by Orgentec Diagnostika, a leading specialty diagnostics company headquartered in Mainz, Germany. The strategic acquisition will extend both companies’ global distribution network and broaden their portfolio of specialty diagnostic assays.
Under the terms of the agreement, which has been approved unanimously by Corgenix’s Board of Directors, Corgenix shareholders will receive $0.27 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% premium to the Corgenix average share price of $0.21 over the 90-day period prior to the Company’s announcement on March 12, 2014, that it was exploring strategic alternatives.
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Conclusion: CONX has seen a recent fast rise in price and massive increase in trading volume as Ebola takes center stage on the world scene. The Company’s Ebola Test Kit puts them at the forefront of the Ebola phenomenon and is enough to keep CONX in the spotlight for a while as Ebola continues to dominate both local and international headlines.
Currently trading at a $15 million total market valuation CONX is currently experiencing 10 x average trading volume and massive investors interest. If the planned merger is canceled which many suggest it will be CONX could easily trade way higher than current levels. Keep an eye on this one CONX deserves to be on investors watch lists over the coming weeks and months ahead.
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Disclosure: we hold no position in CONX either long or short and we have not been compensated for this article.