LONDON, ENGLAND / ACCESSWIRE / November 19, 2014 / Bio-AMD, Inc. and Bio AMD Limited, our majority owned medical devices subsidiary (together "Bio-AMD", "We" or the "Company") (BIAD) is pleased to announce that it has received an offer of a funding award assistance from Innovate UK, the UK's innovation agency, for a Proof of Market report covering the Company's Magnetic Immunoassay Detection System ("MIDS").
A third party research company, Inventya Ltd., based in the UK, will support Bio-AMD in conducting an extensive market report into the potential for MIDS. This will include a survey of key buyers and interviews with target development partners, as well as pricing and likely commercialization strategies. The report will initially focus on the global market for Point of Care testing of cardiac markers, currently estimated to be worth $1bn and forecast to grow to $1.5bn by 2018, and how MIDS can be positioned to take advantage of this growing market.
Bio-AMD's innovative MIDS platform is expected to be capable of detecting biomarkers at the nanoparticle level with the precision of "gold standard" laboratory results in a Point of Care setting, using a hand held device. The MIDS platform encompasses sample collection, pre-treatment, analyte specific reaction, signal production and reaction and display of the final result. The technology design incorporates a microfluidic strip, displacement flow immunoassay, magnetic nanoparticle manipulation and a double detection technique comprised of bespoke 'Hall Effect' sensors and an optical sensor to significantly increase the sensitivity and accuracy of the result.
The funding award is as a result of Bio-AMD's success in a Smart competition. Managed by Innovate UK, the Smart scheme offers funding to small and medium-sized enterprises to engage in R&D projects in the strategically important areas of science, engineering and technology, from which successful new products, processes and services could emerge.
Bio-AMD is delighted that Innovate UK has recognized the potential for MIDS as an innovative technology with high commercial potential, especially in light of tough competition in the Smart 2014 funding round. The Company plans to make further funding assistance applications in line with Innovate UK competitions as they are launched, the next being scheduled in January 2015.
Access to further funding assistance, if successful, will provide a step change in the development of this key technology platform for the Company, alongside our existing microfluidic based system and lateral flow sensor technology.
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).
About Innovate UK:
Innovate UK is the new name for the Technology Strategy Board – the UK's innovation agency. Taking a new idea to market is a challenge. Innovate UK funds, supports and connects innovative businesses through a unique mix of people and programmes to accelerate sustainable economic growth. For further information visit www.innovateuk.org.
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.