Navigation Links
Modern Mobility Aids, Inc. Announces November 30, 2011 Closing of Lumigene Acquisition
Date:11/14/2011

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 Lumigene's POSiChek™ System within the deadlines agreed to by the Company.  This acquisition of Lumigene will help the Company expedite its healthcare innovation strategy.

About Modern Mobility Aids, Inc.

Modern Mobility Aids, Inc. was first incorporated under the laws of the State of Nevada on December 19, 2007, under the name of Glider Inc. Its business plan was to sell and distribute products for mobility-challenged individuals. The Company changed its name to Modern Mobility Aids, Inc. on April 22, 2010 with initial plans to distribute products for mobility-challenged individuals. In May of 2011, the business focus of the Company evolved with a rapid expansion strategy in the life sciences and healthcare industry.  A mandate was created to acquire companies within the biopharma sector, targeting both innovative research and development as well as scalable manufacturing capacity in three niche market segments: CRAM (Contract Research and Manufacturing for Life Sciences Companies), HEALTHCARE INNOVATION (Novel Drug and Device Delivery Format Packaging) and BIOPHARMA PARTNERSHIPS (Strategic Development and Production Alliances).

CONTACT INFO:
Modern Mobility Aids, Inc.
Public Relations and Shareholder Information:
416 901 8831 investor@mdrmgroup.com


'/>"/>
SOURCE Modern Mobility Aids, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related biology technology :

1. Modern Plastics Announces ISO 13485:2003 Certification for Medical Industry
2. Modern Plastics Announces Full Operation of Its New Facility in Shelton, Conn.
3. LasikPlusĀ® Research Reveals Excellent Results From Modern LASIK
4. Modern Plastics SUSTARINĀ® C (Acetal) Product Uses Special Manufacturing Technology to Ensure Every Sheet and Rod Are Free of Centerline or Core Porosity
5. Advance could change modern electronics
6. Global Food Security Depends on Modern Agriculture
7. DuPont Leader: Drought-Tolerant Crops Developed Through Modern Breeding are Key to Sustainably Increasing Grain Production
8. New research reveals the ancestral populations of India and their relationships to modern groups
9. MIT: Alarming use of energy in modern manufacturing methods
10. DNA 11 Unveils Modern-Day Family Portraits at The Museum of Science and Industry's Smart Home: Green + WIRED Exhibit
11. The Modern DeBakey VAD™ To Be Introduced For the First Time in the U.S. : HeartAssist 5™ Pediatric VAD Features Industry Exclusive Direct Blood Flow Measurement System
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/23/2016)... ... June 23, 2016 , ... ... the launch of the Supplyframe Design Lab . Located in Pasadena, Calif., ... the future of how hardware projects are designed, built and brought to market. ...
(Date:6/23/2016)... BEACH, Calif. , June 23, 2016  Blueprint ... new biological discoveries to the medical community, has closed ... co-founder Matthew Nunez . "We have ... us with the capital we need to meet our ... will essentially provide us the runway to complete validation ...
(Date:6/23/2016)... Prairie, WI (PRWEB) , ... June 23, 2016 ... ... consultancy focused on quality, regulatory and technical consulting, provides a free webinar ... is presented on July 13, 2016 at 12pm CT at no charge. , ...
(Date:6/22/2016)... 22, 2016 Cell Applications, Inc. and ... to produce up to one billion human induced ... one week. These high-quality, consistent stem cells enable ... and spend more time doing meaningful, relevant research. ... high-volume manufacturing process that produces affordable, reliable HiPSC ...
Breaking Biology Technology:
(Date:5/24/2016)... , May 24, 2016 Ampronix facilitates superior patient care by providing unparalleled ... medical LCD display is the latest premium product recently added to the range of ... ... ... Sony 3d Imaging- LCD Medical Display- Ampronix News ...
(Date:5/12/2016)... , May 12, 2016 WearablesResearch.com ... just published the overview results from the Q1 wave ... the recent wave was consumers, receptivity to a program ... data with a health insurance company. "We ... to share," says Michael LaColla , CEO of ...
(Date:4/28/2016)... SAN FRANCISCO and BANGALORE, India ... part of EdgeVerve Systems, a product subsidiary of Infosys (NYSE: ... service provider, today announced a global partnership that ... convenient way to use mobile banking and payment services. ... Mobility is a key innovation area for financial services, but ...
Breaking Biology News(10 mins):