Navigation Links
CardioGenics Transfers Magnetic Beads Business Unit Into its Luxspheres Inc. Subsidiary
Date:6/22/2011

MISSISSAUGA, Ontario, June 22, 2011 /PRNewswire/ -- CardioGenics Holdings Inc. (CGNH.OB) announced today the transfer of its magnetic beads business unit, which develops ultra sensitive magnetic beads for use in diagnostic devices, into its Canadian subsidiary, Luxspheres Inc. The beads business unit, which was previously operated out of the Company's CardioGenics Inc. Canadian subsidiary ("CardioGenics"), will now be operated exclusively out of Luxspheres, while CardioGenics concentrates on development and marketing of the its QL Care Analyzer.

As part of the transaction, CardioGenics' agreement for commercialization of its magnetic beads with Merck Chimie was assigned to Luxspheres, along with CardioGenics' material transfer agreements with two other major international beads distributors. Also as part of the transaction, Luxspheres licensed back to CardioGenics, on a perpetual, worldwide and royalty-free basis, the rights to use Luxspheres' beads technology in connection with CardioGenics' continuing development and marketing of its QL Care Analyzer.

The Company also announced that Luxspheres would market its magnetic beads under the name SAVAspheresand that Luxspheres has launched its own website, which can be found at www.luxspheres.com.

"In light of the current stage of development of our proprietary magnetic beads, this is an opportune time to have our beads business operate as a separate subsidiary," commented Dr. Yahia Gawad, CEO of CardioGenics Holdings Inc. "Having its own corporate structure and brand identity will assist us in marketing and licensing SAVAspheres and its related technologies to beads distributors throughout the world," continued Dr. Gawad.

The Company will also be filing a Current Report on Form 8-K with further details regarding the transaction.

About CardioGenics Holdings Inc.

Through its operating subsidiaries, the Company develops ultra-sensitive analyzers and other products targeting the immunoassay segment of the Point-Of-Care IVD testing market. It has developed the QL Care™ Analyzer, a proprietary and ultra-sensitive 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 proprietary microspheres technology and SAVAsphere magnetic beads are developed and marketed through the Company's Luxspheres subsidiary. The Company's principal offices are located in Mississauga, Ontario, Canada. For more information please visit www.cardiogenics.com and www.luxspheres.com.

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©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. CardioGenics to Present at the 7th Annual Spring Growth Stock Conference Hosted by Security Research Associates, Inc.
2. CardioGenics Requests Stockholders to Participate in Stockholder Questionnaires
3. CardioGenics Granted Patent for Core Technology of its QL Care™ Analyzer
4. CardioGenics to File for 510K Clearance With the United States Food and Drug Administration by Q4 2011
5. CardioGenics to Continue Commercialization of its Magnetic Beads with Merck Chimie SAS
6. CardioGenics Raises $1.9 Million in Private Placement
7. CardioGenics Featured on Cover of Medical Device & Diagnostic Industry Magazine
8. Zacks Rates CardioGenics Outperform With Six-Month Target of $1.22
9. CardioGenics Featured on Canadas Business News Network
10. CardioGenics Holdings Inc. Receives New Ticker Symbol
11. CardioGenics Selects Clinical Test Sites for Its High Speed Portable Blood Analyzer
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:4/28/2016)... -- The blood testing market in China ... and The Freedonia Group in a recent report.  The ... healthcare research firm said that China ... and in improving testing at the provincial level.   The ... Blood Testing Market in China , which utilized ...
(Date:4/28/2016)... April 28, 2016 Oramed Pharmaceuticals Inc. ... pharmaceutical company focused on the development of oral drug delivery ... upcoming PIONEERS 2016 conference, presented by Joseph Gunnar ... New York . Nadav Kidron , ... conference. Presentation Details:   PIONEERS ...
(Date:4/28/2016)... New market research titled ... report that provides an overview of the Osteoarthritis,s ... identifying new targets and MOAs to produce first-in-class ... in this H1 2016 Osteoarthritis Pipeline report include ... Abiogen Pharma S.p.A., Ablynx NV, Achelios Therapeutics, Inc., ...
Breaking Medicine Technology:
(Date:4/28/2016)... Petersburg, FL (PRWEB) , ... April 29, 2016 , ... Sublime Beauty® is offering a ... the same product) for 50% off. The discount is applied to the product with lesser ... is given to those who purchase $250 or more in products. , "So many women ...
(Date:4/28/2016)... , ... April 28, 2016 , ... ProText Layouts is ... Final Cut Pro X . With ProText Layouts, video editors can create an ... match the length and scale of texts. Creating text-based videos have never been ...
(Date:4/28/2016)... ... , ... Head Over Heels Athletic Arts’ gymnast, Brooklyn Varize, has qualified to ... at the University of Montana on April 28-May 1. Varize will compete on Saturday ... order to qualify, Varize needed to place top seven all-around in her respective age ...
(Date:4/28/2016)... ... April 28, 2016 , ... The ARRS ... attracting medical professionals from around the globe who attended a week’s worth of ... Sunday, April 17 included the introduction of the 2016 ARRS Distinguished Educator, Dr. ...
(Date:4/28/2016)... ... 28, 2016 , ... Greener Hydroponics is now offering a large selection of ... professional organic farmers and nurseries according to Sales Manager Joe Steele who says, “Now ... goal is to offer wholesale level pricing and ultra-fast shipping for growers of any ...
Breaking Medicine News(10 mins):