Navigation Links
CardioGenics Provides Update on Agreement with Merck Chimie for Its Silver Coated Paramagnetic Beads
Date:11/24/2009

MISSISSAUGA, Ontario, Nov. 24 /PRNewswire-FirstCall/ -- CardioGenics Holdings Inc. (OTC Bulletin Board: CGNH), a developer of technology and products targeting the immunoassay segment of the IVD testing market, reports that Merck Chimie S.A.S. ("Merck Chimie") is progressing to the next phase of the commercialization of CardioGenics' proprietary silver coated paramagnetic Beads ("Beads").

Per the agreement with Merck Chimie that was executed earlier this year, CardioGenics supplied Merck Chimie with its proprietary silver coated paramagnetic beads for polymer encapsulation by Merck Chimie using their proprietary polymer process. Merck Chimie has informed CardioGenics that its proprietary encapsulation of the Beads was successful and that they will start shipping the encapsulated Beads to CardioGenics for testing in December. CardioGenics intends to meet with Merck Chimie in early 2010 to examine the test results against Merck Chimie's predetermined quality specifications for the encapsulated Beads. Merck Chimie has also informed CardioGenics that, once the predetermined quality specifications for the encapsulated Beads are met, it will scale-up its production of the final encapsulated Beads to "commercial lots," in preparation for product launch. As part of the agreement, Merck Chimie will be responsible for all marketing and commercialization costs, with CardioGenics receiving 30% of the proceeds of sales.

Dr. Yahia Gawad, Chief Executive Officer, commented: "The implementation of our agreement with Merck Chimie is going smoothly, and we anticipate announcing a commercialization plan shortly after we review the test results early next year. Initiating commercialization of the Beads encapsulated by Merck Chimie will provide CardioGenics with a revenue stream that will strengthen our balance sheet."

"This is a significant development for our company and shareholders and we are encouraged to be working with Merck Chimie, the leading distributor of paramagnetic beads to the in vitro diagnostic market," concluded Dr. Gawad.

Magnetic Bead Fact Sheet and Market Opportunity

As presented in international meetings during 2008, CardioGenics' Beads represent a significant product advance, in terms of improving testing sensitivity for current laboratory testing platforms. Two white papers, one entitled "CGNH Magnetic Bead Fact Sheet" and another entitled "CGNH Magnetic Bead Market Opportunity" contain further details of the superiority of CardioGenics' Beads and their commercial potential, can be accessed and downloaded using the below links. CardioGenics' will also file a Current Report on Form 8-K regarding these developments.

To view and download the white papers, use the following links:

Cardiogenics Magnetic Beads Fact Sheet:

http://irgnews.com/node/1654

Magnetic Beads, The Needs and The Opportunity:

http://irgnews.com/node/1655

About CardioGenics Holdings Inc.

Through its CardioGenics subsidiaries, the Company develops technology and products targeting the immunoassay segment of the In-Vitro Diagnostic testing market. It has developed the QL Care Analyzer, a proprietary Point Of Care immuno-analyzer, which will run a number of diagnostic tests under development, the first of which will be a series of cardiovascular diagnostic tests. As part of its core proprietary technology, the Company has also developed a proprietary method for silver coating paramagnetic microspheres (a fundamental platform component of immunoassay equipment), which improve instrument sensitivity to light. The Company's principal offices are located in Mississauga, Ontario, Canada.

Safe Harbor Statement - Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 and may contain forward-looking statements, with words such as "Anticipate, "believe," "expect," "future," "may," "will," "should," "plan," "projected," "intend," and similar expressions to identify forward-looking statements. These statements are based on the Company's beliefs and the assumptions it made using information currently available to it. Because these statements reflect the Company's current views concerning future events, these statements involve risks, uncertainties and assumptions. The actual results could differ materially from the results discussed in the forward-looking statements. In any event, undue reliance should not be placed on any forward-looking statements, which apply only as of the date of this press release. Accordingly, reference should be made to the Company's periodic filings with the Securities and Exchange Commission.

SOURCE CardioGenics Holdings Inc.


'/>"/>
Copyright©2009 PR Newswire.
All rights reserved

Related medicine technology :

1. CardioGenics Holdings Inc. Featured in Medical Device Daily
2. CardioGenics Holdings Inc. Announces Letter to Shareholders
3. CardioGenics Holdings Inc. Provides Update on FINRA Submission Regarding Name Change
4. Cornerstone Therapeutics Provides a Response to FDA Warning Letter on Deconsal
5. Mersana Therapeutics Provides Clinical Update from Ongoing Phase 1 Study of XMT-1001 in Patients with Advanced Solid Tumors
6. Cyberonics Provides Update on Tax Position
7. New Database from ANSI, AAMI, ASTM International, and DIN Provides Centralized Source of Information for Medical Device Professionals
8. Access Pharmaceuticals Provides Update on MuGard Commercial Launch in North America
9. GeoVax Labs, Inc. Provides Third Quarter 2009 Financial Results and Operational Update
10. Medivation Reports Third Quarter 2009 Financial Results and Provides Corporate Update
11. AETs Telemedicine Solution Provides Real-Time Echocardiogram Consult, Saves Costly Transport of Newborn Infant
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/12/2017)... , Oct. 12, 2017 AVACEN Medical , ... company with their  2017 New Product Innovation Award for ... extensive primary and secondary medical device market research by Frost ... its first-to-market OTC, drug-free pain relief product, the AVACEN 100, ... to treating fibromyalgia widespread pain. ...
(Date:10/11/2017)...  True Health, a leader in integrated diagnostics ... National Breast Cancer Awareness month to educate doctors ... Research recently published in ... than 10 million American women are at significant ... BRCA2 and have not had testing. These mutations can ...
(Date:10/5/2017)... 2017  In response to the nationwide opioid ... Surgeons (AAOMS) released prescribing recommendations that urge ibuprofen ... as a first-line therapy to manage a patient,s ... Recognizing the value and importance of ... Prescribing: Acute and Postoperative Pain Management" stresses that ...
Breaking Medicine Technology:
(Date:10/13/2017)... ... October 13, 2017 , ... PurhealthRX , a leading Health and Nutrition ... the Purzorb™process to full spectrum CBD oil will revolutionize the rapidly growing CBD market ... can be easily incorporated into liquid products, while reducing costs to end users. , ...
(Date:10/13/2017)... N.J. (PRWEB) , ... October 13, 2017 , ... The ... Holly Day Market. Featuring a collection of specialty vendors and unique items from across ... personalized and quality-focused health and wellness services offered by the VNA. The boutique ...
(Date:10/13/2017)... ... October 13, 2017 , ... Coveros, ... Development, has been awarded a contract by the Center for Medicare and Medicaid ... to accelerate the enterprise use of Agile methodologies in a consistent and high ...
(Date:10/12/2017)... Orleans, LA (PRWEB) , ... October 12, 2017 , ... ... centers in the U.S., announced today its plans to open a flagship location in ... will occupy the former Rooms To Go store next to Office Depot in the ...
(Date:10/12/2017)... ... October 12, 2017 , ... Information ... we intend to develop to enable prevention of a major side effect of ... loss, especially in pediatric patients. For cisplatin, hearing loss is FDA listed on-label ...
Breaking Medicine News(10 mins):