Bio-AMD, Inc.; MIDS Proof of Market Report
London, England June 1, 2015; Bio-AMD, Inc. and Bio Alternative Medical Devices Ltd., our majority owned medical devices subsidiary (together Bio-AMD, We or the Company, OTCQB: BIAD) is pleased to announce that it has recently received an independent Proof of Market report (Report), part-funded by a UK government grant, on its novel Magnetic Immunoassay Detection System (MIDS) technology.
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. MIDS detection of magnetic nano-particles will allow fully quantitative measurement, rapidly producing ‘gold standard’ results in an easy to use format, enhancing rapid screening possibilities. The device should also offer significantly better sensitivity and accuracy compared to current methods.
The Report, which runs to over 70 pages, primarily focusses on our initial product development target of cardiac marker testing for myocardial infarction (MI, heart attack). The Report was compiled in part by interview and questionnaires conducted amongst a relevant sample of medical experts and institutions in the UK, Germany and France (Respondents). Amongst other things, the Report indicates that;
- A strong opportunity exists to service a gap in the market by the application of MIDS to cardiac marker testing; as this would significantly accelerate the triage, diagnosis, treatment and disposition of patients presenting with MI symptoms.
- 96% of Respondents were likely to use a novel point of care immunoassay diagnostic platform like MIDS to detect or eliminate MI, if it were available.
- 74% of Respondents agreed that a novel, rapid, more accurate point of care immunoassay such as MIDS is needed to detect or eliminate MI.
- Use of MIDS would result in accelerated triage, diagnosis and treatment of MI; and free up hospital resources where MI could be eliminated.
- MIDS key USPs of a rapid result time (1 -5 minutes), improved accuracy of detection and increased sensitivity, achieved Respondent attractiveness ratings of 85% or higher.
- The cardiac biomarker market is predicted to reach $7.2bn p.a. by 2018, with the cardiac Point of Care Testing (POCT) sector expected to grow fastest at 14% to $2.4bn by 2018.
- The global market for POCT generally, valued at $15.1 billion in 2013, is expected to increase to $19.3bn in 2018.
- In the UK alone, the introduction of MIDS for cardiac marker testing could potentially save the UK National Health Service around £200million ($300million) per year.
- MIDS also has a powerful opportunity to address other POCT applications such as for Venous Thromboembolic, Sepsis and Stroke conditions, and for infectious disease and cancer.
The Company is very much encouraged by this independent validation and estimated quantification of the large potential market for MIDS based devices applied to cardiac markers.
Tom Barr, CEO, commented: ‘As our first technologies move towards market, this report into the outlook for MIDS shows where additional value may be created. There is a huge unmet demand for a product such as MIDS. We believe we can deliver the huge advantages of such Point of Care testing at the right price and look forward to engaging with interested parties as we move into development.’
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