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).
Modern Mobility Aids, Inc.
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|SOURCE Modern Mobility Aids, Inc.|
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