Company developing proposals to fund clinical studies for early detection
of lung cancer
ALBUQUERQUE, N.M., June 25 /PRNewswire-FirstCall/ -- Biomoda, Inc. (OTC Bulletin Board: BMOD) (http://www.biomoda.com), a development stage medical diagnostics company, announced it has received a grant from the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (SBTT) seed grant programs to develop proposals for funding of clinical studies using its proprietary testing technology for detection of early lung cancer.
"We're very enthusiastic about the opportunity this capital offers for continued development of various aspects of our portfolio of non-invasive, early stage cancer detection technologies," said Biomoda Government Affairs Advisor Bruce Donisthorpe. "The funding further validates the potential of our innovative technology, particularly the broad-scale benefits expected to accrue from its commercialization."
The SBIR and SBTT's Phase 0 Program provides technology businesses with the opportunity to propose innovative ideas that match research and development needs of 11 participating federal agencies, including the Departments of Homeland Security, Agriculture, Commerce, Defense, Education, Energy, Transportation, Health and Human Services, National Aeronautics and Space Administration, Environmental Protection Agency, and the National Science Foundation.
Biomoda's technology is designed for early lung cancer screening of large populations at a reasonable cost. With the technology, clinicians can identify cancerous or aberrant cells extracted from samples of lung sputum; cancerous cells glow red under fluorescent light and can be detected under a microscope.
Earlier this year, Biomoda and the New Mexico Institute of Mining and Technology announced their partnership with the New Mexico Department of Veterans Services to conduct a $350,000 clinical study using Biomoda's proprietary testing technology for detection of early lung cancer in the state's veterans. The New Mexico state legislature recently allocated an additional $1.3 million in funding.
Lung cancer claims more lives than any other cancer. The expected five- year survival rate for all patients diagnosed with lung cancer is 15 percent; the five-year survival rate for cases detected when the disease is still localized is 50 percent. Presently, only 16 percent of lung cancer cases are diagnosed at this early stage.
Biomoda's technology was originally developed at Los Alamos National
Contact: John Cousins
All statements in this press release that are not historical are forward- looking statements. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including, but not limited to, uncertainties relating to technologies, product development, manufacturing, market acceptance, cost and pricing of BIOMODA's products, dependence on collaborations and partners, regulatory approvals, competition, intellectual property of others, and patent protection and litigation. BIOMODA, Inc. expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in BIOMODA's expectations with regard thereto or any change in events, conditions, or circumstances on which any such statements are based.
|SOURCE Biomoda, Inc.|
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