Biomerica Investors Fund Web Unit
<i> From Dow Jones News Service</i>
Biomerica Inc. management and private investors purchased 400,000 company shares at $5 each, providing funding to launch an online drugstore in conjunction with TheBigStore.com during the fourth quarter, the Newport Beach company said Monday.
TheBigStore.com received a warrant to buy 660,000 Biomerica shares over a three-year period at $5 a share.
Biomerica also signed a five-year agreement to use TheBigStore.com’s technology, database systems, back-end processing and search engine.
TheBigStore.com operates an e-commerce Web site.
Shares of Biomerica, which makes medical diagnostic products, rose 41 cents to $3.09.
