it had signed a letter of intent to acquire 100 percent of the capital stock of Symbolistics Ltd. of England.

Symbolistics is involved in the manufacture and distribution of "near patient'' diagnostic devices and holds or has rights to acquire the patents and technology for the manufacture of Symbol Agglutination Readers (SAR) used in blood grouping.

The acquisition is subject to ImuMed raising $2 million of working capital financing for the Symbolistics operations through an offering of ImuMed's ordinary shares, acquisition of the SAR patents and technology and completion of due diligence.

This financing and the acquisition of Symbolistics and the SAR patents and technology are expected to close no later than June 30 of this year and upon the closing, Symbolistics will be a wholly owned subsidiary of ImuMed.

ImuMed Chief Executive Officer and Chairman Eric Kohn said: "The acquisition of Symbolistics will allow ImuMed to expand its serological products with new diagnostic technology as part of our plan to expand through organic growth and strategic acquisitions.''