LONDON, ENGLAND, United States, via ETELIGIS INC., 03/31/2015 – – Bio-AMD, Inc. (OTCQB: BIAD) and Bio Alternative Medical Devices Ltd., our majority owned medical devices subsidiary (together “Bio-AMD”, “We” or the “Company”) provides an update on progress and the Company’s plans for 2015. More information is available in the Company’s 10K annual filing dated March 30, 2015.
The Company’s development laboratory and offices have been relocated to a larger, purpose designed unit within the Sci-Tech Daresbury Science Park in Cheshire, England. The additional space accommodates separate electronics and chemistry laboratories, additional manufacturing equipment for prototyping and testing, and the new staff required for our on-going Point of Care (“POC”) focused development programs.
The Company is encouraged by the preliminary results from a proof of market study, part-funded by a UK government grant, for its novel Magnetic Immunoassay Detection System (“MIDS”) technology to be based on the Company’s existing intellectual property. A follow-on grant application, relating to a MIDS feasibility evaluation, was made on March 25, 2015, and, if successful, further grant applications are expected to be made as MIDS moves through its development program.
Current POC lateral flow tests are largely unable to quantify highly sensitive assays, being generally limited to indicative detection of biomarker presence. We believe that MIDS is capable of not only detecting but also counting, at a nanoparticle level, one or more different biomarkers concurrently in a single disposable multiplex test strip cartridge, using a single finger stick size blood sample. This is expected to produce fully quantitative results(s) comparable to laboratory accuracy within minutes rather than hours. Results would be delivered by a single MIDS based hand-held device that can be operated with minimal manual intervention or training. Accordingly, we expect such a successfully developed MIDS device to be of significant interest to global diagnostic companies.
Initially we plan to develop MIDS for a panel of POC cardiac marker tests, such as troponin (cTnI or cTnT), myoglobin and creatine kinase MB isoenzyme (CK-MB), used to diagnose myocardial infarction (heart attack) and its severity. Our ultimate aim is to commercialize a product for the multiple cardiac marker testing market currently estimated by BCC Research to be worth $1.3 billion globally in 2013 (including device, reagent and supply sales), and which is expected to grow to $2.4 billion by 2018.
MIDS also has the potential to service high growth areas, such as companion diagnostics used to optimize the personalized dosage of a therapeutic drug, and other common test areas including infectious diseases, drugs of abuse and oncology.
Also during 2015 the Company intends to explore further options for its developed digital lateral flow strip based detection system (“DSR”) technology, including application to molecular diagnostics tests.
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.
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, 2014 filed on March 30, 2015, 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.