- IVMD, Inc. (OTCBB: IVME; Frankfurt: I7VF)
INVERNESS, SCOTLAND, May 14 /PRNewswire-FirstCall/ - Following the successful balance sheet restructuring for IVMD Inc, the Board is now able to push forward plans to commercialize its existing technology platform and range of products in development, and is actively pursuing opportunities to grow the business.
Initially, the Board's focus is to seek commercial partners for the Company's newly developed digital pregnancy reader. To help with this initiative, the Company has entered into a managed partnering agreement with a major life science and biopharmaceutical business development company. This tie up will complement the Company's efforts in identifying suitable partnering candidates to work with IVMD Inc in making its' digital pregnancy reader market ready.
Commenting on the launch of the Company's commercial development initiative for the pregnancy reader, Mr. Graham Cooper, President and CEO for IVMD Inc, commented:
"Currently, over $700m is spent globally on pregnancy and fertility diagnostic devices. The market for these products is growing at 5% per year and is highly price sensitive. Using our unique patented technology, we have developed a device that both reduces manufacturing costs significantly, and which is more sensitive meaning that it can detect positive results earlier than those devices currently on the market. Significantly, the device is environmentally friendly as it does not rely on batteries for its power. All of these attributes play to the demands of manufacturers, distributors and end users.
The technology underpinning our digital pregnancy reader is capable of being adapted to suit a much wider variety of mass market tests, particularly applications of rapid immunoassay in point of care testing. This could include cardiac markers, allergy screening, fertility testing, drugs of abuse and infectious diseases. With are confident that our business development efforts will help us to secure commercialization of our product in the very near future."
About In Veritas Medical Diagnostics, Inc.
IVMD uses its proven, patented core technology to design, develop and test medical devices for near patient testing and monitoring. Our products serve large global markets in the monitoring of chronic conditions affecting large numbers of the population.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 - With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. Our actual future results of could differ significantly from those statements. Factors that could cause actual results to differ materially include risks and uncertainties such as the inability to finance the company's operations or expansion, inability to hire and retain qualified personnel, changes in the general economic climate, including rising interest rates and unanticipated events such as terrorist activities. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of such terms, or other comparable terminology. These statements are only predictions. Although we believe that the expectations reflected in the forward-looking statements are reasonable, such statements should not be regarded as a representation by the Company, or any other person, that such forward-looking statements will be achieved. We undertake no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements. For further risk factors see the risk factors associated with our Company, review our SEC filings.
CONTACT: Martin Thorp, +44 (0) 207 499 1730
|SOURCE In Veritas Medical Diagnostics Inc.|
Copyright©2008 PR Newswire.
All rights reserved