LONDON, ENGLAND / ACCESSWIRE / January 27, 2015 / Bio-AMD, Inc. and Bio Alternative Medical Devices Ltd., our majority owned medical devices subsidiary (together "Bio-AMD", "We" or the "Company") (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).
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.
Tom Barr, CEO
+44 (0)8445 861 910
SOURCE: Bio-AMD, Inc.