Bio-AMD, Inc.; Agreement with Sysmex and General Update
January 27 2015 - 8:30AM
eTeligis
LONDON(Eteligis Inc.)
LONDON, United Kingdom, via ETELIGIS INC., 01/27/2015 - -
Bio-AMD, Inc. and Bio Alternative Medical Devices Ltd., our
majority owned medical devices subsidiary (together "Bio-AMD", "We"
or the "Company") (OTCQB: BIAD) provides an update on the Company's
plans for 2015.
On December 17, 2014 Bio Alternative Medical Devices Ltd.
entered into a Master Agreement with Sysmex Corporation regarding
the prospective development of the Company's coagulation diagnostic
system ("COAG"). An expense contribution payment of approximately
$1,000,000 was received from Sysmex on January 20, 2015.
Sysmex Corporation is a world leader in clinical laboratory
systemization and solutions, including laboratory diagnostics,
laboratory automation and clinical information systems. The
company, headquartered in Kobe, Japan, has subsidiaries in North
America, Latin America, Europe, China and Asia Pacific and employs
more than 4,500 employees worldwide. Sysmex is traded on the Tokyo
Stock Exchange and has a market capitalization of approximately 1.1
trillion Yen, or 9.1 billion U.S. Dollars.
During 2015 the Company intends to continue the development of
its novel Magnetic Immunoassay Detection System ("MIDS")
technology. MIDS is designed as a fully quantitative point of care
diagnostic device comprising a disposable strip and hand held
reader which we believe will provide rapid near-patient testing
with laboratory accuracy across a wide range of tests. Initially we
intend to focus development of the technology into the detection of
cardiac markers. The Company believes that the recent grant funding
award from the UK's innovation agency for a proof of market study
endorses the potential for MIDS. Further grant funding applications
will be made as opportunity arises. The Company believes that the
potential for MIDS will be recognised by prospective global
partners as the MIDS technology is advanced through its development
program which is expected to de-risk the project and enhance its
attractiveness to third parties.
Also during 2015 the Company also intends to explore further
options for its developed digital lateral flow strip based
detection system ("DSR") technology, including application to
molecular diagnostics tests.
Tom Barr, CEO of Bio-AMD, Inc. commented, "The Company is
delighted that its COAG technology has the contracted interest of
such a prestigious partner in the haemostasis space. It is a
step-change event that proves that the Company is capable of
engaging with a partner with the international presence necessary
to bring its novel technology to a global market. We now have a
platform from which to further our growth strategy, with the
progression of our MIDS technology project being a primary
objective for this year."
Dr. Nasser Djennati, MD of Bio Alternative Medical Devices Ltd.
Commented, "We are excited at the prospects for our COAG system and
to be working closely with Sysmex. Our growth strategy aims to
expand our pipeline technologies for further application into the
growing point of care diagnostic space."
About Bio-AMD, Inc.
Bio-AMD has two majority owned UK subsidiaries: Bio-AMD Limited,
a technology developer for medical diagnostic devices; and WOCU
Ltd, the owner of the WOCU(R), a global currency data reference
source for application in financial markets. (www.wocu.com).
To find out more about Bio-AMD (OTCQB: BIAD), visit our website
at www.bioamd.com.
Forward-Looking Statements
Statements in this news release that are not statements of
historical fact are forward-looking statements, which are subject
to certain risks and uncertainties. Forward-looking statements can
often be identified by words such as "expects," "intends," "plans,"
"may," "could," "should," "anticipates," "likely," "believes" and
words of similar import. Forward-looking statements are based on
current facts and analyses and other information that are based on
forecasts of future results, estimates of amounts not yet
determined and assumptions of management. Actual results may differ
materially from those expressed or implied by forward-looking
statements due to a variety of factors that may or may not be
foreseeable or within the reasonable control of the Company.
Readers are cautioned not to place undue reliance on such
forward-looking statements. Additional information on risks and
other factors that may affect the business and financial results of
the Company can be found in filings of the Company with the U.S.
Securities and Exchange Commission, including without limitation
the section entitled "Risk Factors" in the Company's Annual Report
on Form 10-K for the year ended December 31, 2013 filed on March
28, 2014, and in Company reports filed subsequently thereto. Except
as otherwise required by law, the Company disclaims any obligations
or undertaking to publicly release any updates or revisions to any
forward-looking statement contained in this news release to reflect
any change in the Company's expectations with regard thereto or any
change in events, conditions or circumstances on which any such
statement is based.
CONTACT:
Bio-AMD, Inc.
Tom Barr, CEO
+44 (0)8445 861 910
SOURCE: Bio-AMD, Inc.
Associated Documentation:
http://www.eteligis.com/ViewSubmission.aspx?submissionRequest=27980
- Link to submission on http://www.eteligis.com