Bio-AMD, Inc.; DSR Commercial Refinement, Prospective Patent Applications
LONDON, Dec. 21, 2011 /PRNewswire/ — Bio-AMD, Inc. (“Bio-AMD” or the “Company) (OTCBB: BIAD) today announces an update on progress on a Digital Strip Reader (”DSR"), one of the three core Point Of Care (“POC”) diagnostic device technologies owned by its 63% owned subsidiary, Bio-AMD Limited.
The Company believes that DSR can be applied to semi-quantitatively read lateral flow test strips for multiple diagnostics, particularly in established pregnancy and women’s wellbeing tests market, where there is a shift toward digital devices. Bio-AMD Limited is developing strategic relationships in the cardiovascular, cholesterol and infectious diseases markets where there are clear commercial and medical advantages to quick, accurate and affordable diagnosis results, without the need for laboratory intervention.
In response to discussions with potential commercial partners Bio-AMD Limited has further developed its single test DSR device to include a proprietary sensor array element. This improves sensor sensitivity, reliability and output matching. It also offers a 70% cost of manufacture saving and a wider universe of potential component suppliers, compared to previous designs. Bio-AMD Limited expects to make a patent application for this technology.
Bio-AMD Limited has also further refined its multi test DSR technology to address specific commercial needs. This now offers an up to 40% cost of manufacture saving and is more environmentally friendly, with very low power requirements, compared to previous designs. An increased number of common components in the multi test device also allow further economies of scale across multiple DSR applications. This is believed to precisely address the needs of key commercial players seeking to licence this type of technology. Bio-AMD Limited intends to make a further patent application for its multi-test cartridge/reader mechanism.
The Company is confident that Bio-AMD Limited has every prospect of entering into commercial development and licencing agreements(s) for DSR in 2012. Manufacturers and distributors not yet in discussion with Bio-AMD Limited may contact the company at www.bioamd.com.
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 websites 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, 2010 filed on March 23, 2011. 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.
December 21, 2011 – 8:30 AM EST