TORONTO, Nov. 14, 2011 /PRNewswire/ -- Modern Mobility Aids, Inc. (MDRM.OB) (the "Company"), headquartered in Nevada, USA, has completed its due diligence on the acquisition of all the common stock of Lumigene Technologies, Inc. ("Lumigene") and expects to close on the transaction by November 30, 2011.
LumiGene is a Canadian molecular diagnostics company developing point-of-care healthcare products for quick and effective pathogen and disease detection. The acquisition of Lumigene will allow the Company to address the increasing demand from healthcare professionals worldwide for more rapid and cost-efficient DNA testing, especially for point-of-care products enabling immediate diagnosis. Current testing methods take days to perform by specially-trained technical personnel in an offsite laboratory environment. There is a large need to speed up the DNA sample preparation, amplification and detection at the sample collection site to obtain immediate and accurate results.
Mohamed K. Karatella, President and CEO, elaborated on the portable and easy-to-use products being developed for commercialization by Lumigene: "Staff at hospitals, health clinics and even airports need fast detection of pathogens, infectious diseases and other ailments right at the point of DNA sampling. Delivering the first available solution to produce such reliable results within an hour with Lumigene's automated and economic technology will open up a broad range of applications and global market potential. We are very pleased to welcome the talented technical team at Lumigene to add to our management strength and bring further innovative bioscience technologies to our Company."
A significant portion of the purchase price for Lumigene will be paid based on the achievement of key business and technology milestones, including patent application filing, development of a "Beta Cartridge" and successful completion of external Beta testing of Lumig
|SOURCE Modern Mobility Aids, Inc.|
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