Bio-AMD, Inc.; First MIDS Patent Grant likely, Shareholder Update
Daresbury, England January 11, 2016; Bio-AMD, Inc. and Bio-AMD Holdings Ltd., our majority owned medical devices subsidiary (together “Bio-AMD”, “We” or the “Company” OTCQB: BIAD) is pleased to provide an update on progress for shareholders.
We believe our strategy and approach of engagement with highly capable global partners to efficiently develop our technologies and take them robustly to market should create significant value, certainly compared to the Company’s prevailing market capitalisation.
The Company understands shareholder frustration with a lack of regular and detailed news about our technologies. This is largely due to confidentiality obligations and restrictions imposed on med-tech companies by larger partners.
The Company is, however, delighted with its progress and accepts these temporary restrictions as commercial reality. It is committed to updating shareholders as far as it can. It looks forward to announcing developments as restrictions are lifted.
The Company can update as to the following:
First MIDS patent grant
The Company has been informed by its patent attorney that a patent application made in the People’s Republic of China (“PRC”) for our Magnetic Immunoassay Detection System (MIDS) technology is to be granted, subject to routine administration matters. A further announcement will be made when the official grant is confirmed by the State Intellectual Property Office of the PRC.
The Company is delighted to have likely obtained this first protection for its MIDS technology platform. Accordingly, the Company expects to receive similar MIDS patent grants in due course as a result of applications already made in other territories; in the U.K. and in more than 145 Contracting States under the international Patent Cooperation Treaty, and separately in the U.S.A., European Union and India.
MIDS is an early stage technology with significant potential for the Point of Care sector, offering gold standard, laboratory accuracy over a wide range of tests. Subject to resources being available, the Company plans to produce a MIDS technology bench demonstrator this year.
This is expected to be the second patent grant relating to our IP (the first covering our COAG platform), which we believe confirms our ability to create unique and novel technologies.
Patient blood testing
We will soon complete our patient blood testing and analysis program at the Wythenshawe Hospital, part of the University Hospital of South Manchester NHS Foundation Trust. These results are applicable to our development work. We continue to work with our partners, hospitals and R&D institutions on this and expect to continue and expand our productive relationships with them
Diagnostics as a service using DSR
Very recently the Company entered into preliminary discussions with a potential partner to offer a disposable device for common STD tests linked to voluntary screening provided by the UK National Health Service (“NHS”).
The Company believes that the application of its DSR platform combined with the potential partner’s control technology, already in use by the NHS, will add major value to the NHS national screening program through enhanced screening uptake, faster result notification and targeted care plan implementation including personal support.
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