DARESBURY, UNITED KINGDOM--(NewMediaWire) - Jun 21, 2016) -
Bio-AMD, Inc. and Bio-AMD UK Holdings Ltd., our majority owned
medical devices subsidiary (together "Bio-AMD", "We" or the
"Company") (OTCQB: BIAD) here provides an update on our MIDS
project and a restructuring of our medical device subsidiary
operations.
Restructuring
The Company, with the agreement and support of its key
scientific team ("Scientists"), has restructured its UK medical
device business from its existing UK holding company into a new UK
holding company ("UKH"). Key benefits to the Company's
shareholders compared to the former arrangement are;
- An increase in the Company's majority equity in the holding
company from 63% to 70%;
The elimination of onerous PBIT based bonus schemes and notice
periods contained in some subsidiary employment agreements; and
The restoration of the Company's full voting rights over its UK
holding company.
MIDS Project to Commence
The Company is pleased to announce that it has entered into a
joint venture ("JV") with a nano-cap medical detection technology
company ("Partner") to affect the first stage of the development of
The Company's MIDS universal immunoassay device ("MIDS Project").
Under the terms of the JV, the Company is due to receive a payment
of $130,000 by July 1, 2016 with four subsequent bi-monthly
payments, commencing in September 2016, for a total aggregate
amount of £450,500 (approximately $650,000).
The MIDS Project will be carried out by a new JV vehicle, MIDS
Medical Limited ("MML"), a newly formed subsidiary of UKH. The
Partner will own 40% of MML, with UKH owning the 60% remainder,
subject to profit after tax adjustments in certain circumstances,
dependent on Phase 1 and Phase 2 funding by the Partner. Further
detail of these prospective adjustments is provided on our Form 8-K
filed on June 20, 2016. The Company sees this risk equity as solid
vote of confidence in the ability of MML to develop the patented
MIDS technology into a commercial device.
The Company is delighted with this development which will focus
on applying our patented MIDS technology into a rapid-test, cardiac
event detection device. The first phase is intended to prove the
MIDS technology platform as highly accurate for the detection and
quantitation of magnetic nano-particles, the fundamental detection
principle having been previously proved by our Scientists. We
believe that, in addition to cardiac markers, the MIDS technology
can be applied across a very wide spectrum of medical tests. Proof
of detection is the first step in applying the MIDS technology to
cardiac markers, and other immunoassay tests. The Company believes
there is an enormous potential market for highly accurate cardiac
marker assays conducted by a hand held device at the Point of Care
("PoC"). The Company's target is to develop a hand-held device
which can achieve Gold Standard laboratory accuracy or better, with
results delivered at the Point of Care within minutes.
The JV board will be joined by the Partner's CEO, who has a
broad knowledge of and access to prospective development and
distribution partners, thereby bolstering our MIDS commercial team.
Further updates will be provided in due course.
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®, 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, 2015 filed on March 30, 2016, 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.