Bio-AMD, Inc.; Annual Results, Summary & Outlook
LONDON — (Marketwire) — 03/30/12 — Bio-AMD, Inc. (“Bio-AMD”, “We” or the “Company”) (OTCBB: BIAD) (OTCQB: BIAD) today provides an outlook for 2012 to accompany its 10K for the year ended 31 December, 2011 filed on March 29, 2012.
Bio-AMD Limited – Medical Devices
Bio-AMD Limited, our majority-owned medical devices subsidiary, has made significant progress during 2011 in the development of its primary technology platforms aimed at the growing market for hand-held medical diagnostic reader devices.
Our Digital Strip Reader (“DSR”) technology is a patented method of reading and quantifying traditional chromatography-based, lateral-flow immunoassays including pregnancy and fertility testing, cardiac markers, infectious diseases and drug testing. Compared to existing analog tests DSR offers increased sensitivity and semi-quantitative measurement, allowing earlier diagnostic testing with improved accuracy.
We have developed design options for a DSR hand-held reader device incorporating portability, scalability and repeatability with low manufacturing costs. During 2012 we plan to submit new patent applications for the technology and register a multi cap test design allowing the same device to read multiple strip tests. Our technology also runs on photo-electric power, avoiding the need for chemical batteries and the disposal issues arising from them.
Our patented blood coagulation detection technology (“COAG”) uses a combined magnetic and optical detection sensor to measure Prothrombin Time, the clotting tendency of blood. We have successfully tested prototypes of our test strip design using very low blood volumes compared to that required by existing, mainly lab-based, tests. We are confident that COAG now offers laboratory-accurate results in a hand-held device, enabling patients to take control of their anti-coagulation treatment.
We have been approached by several external parties who are interested in taking both DSR and COAG to market. Currently these discussions are at early stages, but we hope to progress these further into more formal commercial agreements during 2012.
We have prioritised development of DSR and COAG as these technologies are closest to market. Our third technology platform is a patented Magnetic Particle Reader which we believe can be applied to a very wide universe of point of care diagnostics. Some early stage work was completed in 2011 in conjunction with the Science and Technology Facilities Council, one of Europe’s largest independent scientific research organizations, part funded by the UK Government. We anticipate that further development work will commence in the second half of 2012.
WDX Organisation – WOCUâ„¢
WDX Organisation Limited (“WDX”) is our majority-owned subsidiary which owns and develops the WOCU, a weighted currency quotation designed to mitigate currency risk.
Whilst the timing of commercialisation of the WOCU has not met our original expectations, due in part to a very challenging bank environment, we have restructured the business operations and created a focused strategy for the commercialisation of the WOCU, the on-going overhead expense having been reduced considerably.
During 2012, WDX-led WOCU sales efforts will be complemented by an outsourced business development channel of introducing sales agents consisting of individuals and organisations with contacts at senior levels within target clients. This outsourced sales team will, on an individual basis, make qualified introductions in return for contingent, success-based rewards. This will conserve cash balances whilst maximising the opportunity for equity value build. WDX expects to add to the sales team on the same basis, as necessary.
WDX will also focus on the delivery of its pipeline of existing opportunities which may see the WOCU listed on a European derivatives exchange and a global barter exchange during 2012, providing exposure of the WOCU to market participants.
In November 2011 the Company settled its claim against our former external legal counsel. The claim was brought to recover damages and to protect against any potential claim made for disputed invoices that remained outstanding. As a result, the Company has recovered cash and written-off long-standing liabilities, significantly strengthening its balance sheet. Moreover, the Company is pleased to be relieved of the need to provide for ongoing cash costs and the distraction of management from its core operations.
The Company’s legacy Malibu Gold Project was disposed of in December 2011 for a small profit on its acquisition cost of $10,000. Group cash at 31 December, 2011 equated to over $.08 per share (based on 44,525,966 common shares outstanding). With the demands of the legal action behind it, the Company intends to prudently apply resources to the progression of its Bio-AMD Limited medical device business, to support WDX WOCU operations as required, and to enhance significantly external communications with the market. The Company plans to issue communications on a regular basis, working with Investor Relations companies as appropriate.
Thomas Barr, CEO, commented: “I am pleased with the progress of the Group during 2011, and believe that we can further gain from the momentum that has built up particularly following the satisfactory settlement of the legal action. I believe our operations are very well positioned, with the right strategy and structure in place to make good progress during the remainder of 2012.”
About Bio-AMD, Inc.
Bio-AMD has two majority-owned UK subsidiaries: Bio-AMD Limited, a technology developer for medical diagnostic devices; and the WDX Organisation Ltd, the owner of the WOCUâ„¢, a global currency data reference source for application in financial markets. (www.wocu.com).
To find out more about Bio-AMD (OTCBB: 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 under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011 filed on March 29, 2012. 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.
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March 30, 2012 – 8:30 AM EDT