Bio-AMD, Inc.; Develops Multi-Reagent Microfluidic Test Strip
London, England October 7, 2014; Bio-AMD, Inc. and Bio AMD Limited, our majority owned medical devices subsidiary (together Bio-AMD, We or the Company OTCQB: BIAD) is pleased to announce that it has successfully carried out internal testing on what it believes to be a novel microfluidic test strip capable of automated, multiple reagent immunoassay testing at the Point of Care ˜POC).
The global POC market was estimated to be worth $25bn in 2013, and is forecast by MarketsandMarkets to grow at a compound rate of 9% per annum to $27.5bn by 2018. The Company’s POC system using the new multi-reagent test strip is initially targeted at the blood coagulation testing sector, which was valued at $1bn annually in 2011 and forecast by the visiongain report ‘Point of Care Coagulation Testing: World Market 2013-2023’ to reach $1.8bn by 2017.
The new strip enables testing across a range of clotting assays, including common tests such as APTT (Activated Partial Thromboplastin Time) and DTI (Direct Thrombin Inhibitors), using a universal reader instrument. Generally, these tests are laboratory based; a process that introduces diagnosis delay and can be costly. Empowering healthcare professionals in both critical and ambulatory care settings to perform a wider range of coagulation based tests at the POC is highly advantageous; permitting cost-effective rapid diagnosis, monitoring and treatment.
A key element of the new strip design is an active fluid flow control micro valve. This restricts flow to allow a sample to be mixed with a reagent for a specified period of time, then flow to a subsequent chamber to mix with another reagent, all under precise automated control independent of operator intervention once initiated. It is anticipated that the same strip design can be applied to the production of several different tests and the Company intends to develop a hand held reader device capable of operating and reading these different test strips.
The successful testing of the disposable, multi-reagent test strip builds on the Company’s single reagent microfluidic strip to measure PT/INR (Prothrombin Time/International Normalised Ratio) commonly employed to monitor anticoagulant dosage used to prevent thrombosis and thromboembolism. The development adds significantly to our intellectual property portfolio and considerably broadens the scope of the Company’s POC system.
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.
CONTACT: Bio-AMD, Inc.
Tom Barr, CEO
+44 (0)8445 861 910