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CardioGenics Holdings Inc. Announces Letter to Shareholders
Date:10/27/2009

MISSISSAUGA, Ontario, Oct. 27 /PRNewswire-FirstCall/ -- CardioGenics Holdings Inc. (OTC Bulletin Board: CGNH), a developer of technology and products targeting the immunoassay segment of the In-Vitro Diagnostic (IVD) testing market, has issued a letter to its shareholders. To view the letter in its entirety, please visit the following link: http://irgnews.com/node/1633.

In the letter, CardioGenics Chief Executive Officer, Yahia Gawad, MD, updates shareholders on the company's efforts to increase shareholder value related to its key initiatives and developments, which include:

  • Commercializing its proprietary Paramagnetic Beads, a method for improving light collection using silver-coated magnetic Beads, a consumable test reagent used in 90% of medical lab analyzers. The company signed an agreement with Merck Chimie S.A.S. ("Merck") in January pursuant to which Merck is further developing the Beads and will distribute the final product.
  • US Food and Drug Administration approval process for the QL Care Analyzer ("QLCA"), a state-of-the-art proprietary point-of-care ("POC") immunoanalyzer. The company is approximately 12 to 14 months away from submitting its first 510K application to the FDA for the QLCA and its first cardiovascular test, Troponin I (TnI).
  • FDA submission for the Company's three follow-on Immunoassay tests: CardioGenics will submit to the FDA in three-month intervals following the FDA's approval of the QLCA and TnI test; Plasminogen Activator Inhibitor Type-1 (PAI-1), Heart Failure Risk Stratification (HFRS); and Heart Failure Genomics Risk (HFGR) tests. These tests are designed to address significant clinical problems in patients suffering the consequences of ischaemic heart diseases.

Dr. Yahia Gawad, Chief Executive Officer, commented: "Overall, our primary objective is to commercialize o
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SOURCE CardioGenics Holdings Inc.
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