Flex Fuels Energy, Inc., COAG Proof of Concept Success
LONDON, Apr 14, 2011 (MARKETWIRE via COMTEX News Network) —
Flex Fuels Energy, Inc. (“Flex” or the “Company”) (OTCBB: FXFL) announces a development milestone at its 63% owned subsidiary, BioAMD Holdings Limited (“Bio-AMD”).
Bio-AMD is targeting its medical diagnostic device technologies at the fast growing Point of Care market.
COAG blood coagulation monitor — Proof of Concept Success
Bio-AMD is pleased to announce that the novel magnetic drive system and detection method integral to its planned handheld COAG monitor has passed proof of concept testing.
Patients with cardiac problems are often medicated with life-long oral anticoagulation therapy, commonly Warfarin. COAG is designed to address the largely unmet need for cost-effective, convenient and frequent monitoring of blood coagulation rate (Prothrombin Time, “PT” or International Normalized Ratio, “INR”) so that a patient may potentially self regulate doses of anticoagulation medication.
Bio-AMD’s COAG technology applies a combined magnetic drive system, double optical and magnetic detection techniques and a unique micro-fluidic strip design which requires minimal blood sample volumes.
The COAG technology has performed to design, testing having been carried out with reagent, demonstrating viability and validating the novel aspects of Bio-AMD’s COAG patent claims.
Dr Nasser Djennati, Managing Director of Bio-AMD, commented, “This is a very significant milestone in the development of our COAG device. Current testing methods are generally inconvenient, expensive, and require larger blood volumes. By this benchmark we can confidently progress toward a production ready prototype to address the need for cheaper, improved testing in this large market.”
Bio-AMD’s product lines in advanced development include a patented universal digital strip reader (“DSR”) capable of reading a variety of lateral flow strips to detect differing conditions. The DSR platform technology is a method for reading and semi-quantifying traditional chromatography based lateral-flow immunoassay tests to provide an indication of the presence and / or concentration of a substance tested in a sample. DSR is based on a unique triple optical sensor arrangement, offering an improved, simplified, fully disposable and cost effective disposable reader.
Dr Nasser Djennati, Managing Director of Bio-AMD, added, “We are pursuing a commercialisation strategy to obtain the optimum mix of partners, resourcing and financing to take each of our product lines to market. We anticipate announcing further milestone achievements for our product pipeline during 2011.”
More information and contact details for Bio-AMD can be obtained at www.bioamd.com
About Flex Fuels Energy, Inc.
Flex has two majority owned UK subsidiaries: Bio-AMD (www.bioamd.com), a technology developer for medical diagnostic devices; and the WDX Organisation 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 Flex Fuels Energy (OTCBB: FXFL), visit our website at www.flexgp.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 filed on March 22, 2010. 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: Flex Fuels Energy, Inc. Tom Barr CEO +44 (0)8445 861 910
SOURCE: Flex Fuels Energy, Inc.
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