Genix Pharmaceuticals Corp. announced that it has entered into an Acquisition Agreement dated for reference January 10, 2020 with Canagen Pharmaceuticals Inc. ('Canagen') pursuant to which, subject to acceptance of the TSX Venture Exchange the Company has agreed to purchase sole and exclusive distribution, sales and marketing rights and interest for Canada, (excluding intellectual property rights) for an initial term of ten years to two nutraceutical products under the brand names SUCANON® and RENOCHLOR®. SUCANON® is a nutraceutical for managing and treating diabetes, and RENOCHLOR® a patented nutraceutical for the prevention and treatment of chronic kidney disease and end stage renal disease. Genix has agreed to pay Canagen $100,000 for the SUCANON® Rights and $250,000 for the RENOCHLOR® Rights, for a total of $350,000 (the "Purchase Price") to be paid in tranches as: Eighty-seven thousand five hundred dollars ($87,500) (the "First Payment") on the date Genix and Canagen close the Transaction, such closing date to be no later than February 29, 2020 unless extended in writing by the parties; One hundred and twenty-two thousand five hundred dollars ($122,500) on the first anniversary of the Closing Date; and; One hundred and forty thousand dollars ($140,000) on the second anniversary of the Closing Date.