RENO, NV, United States, via ETELIGIS INC., 11/19/2014 – – The Company (OTC Pink: LLBO) (PINKSHEETS: LLBO) has filed with OTC Markets (www.OTCMarkets.com) all of the required disclosure statements in order to be considered as providing current information to the public. As a result OTC Markets has removed the “Stop Sign” and re-established Lifeline Biotechnologies as OTC Pink – Current Information.
The focus shall now be working with DTC for the removal to the “Chill” and the return to normal public trading of the Company’s common stock.
During 2007 and 2008, the market price of Lifeline’s public shares had declined and was trading at sub-penny prices. The cost of capital to support the Company’s development and testing of its early breast cancer detection technology was extremely expensive and the dilution had become very significant In addition, the Company’s valuation had declined. Management estimated the valuation of its proprietary and potentially patentable technology could establish a greater value in an affiliated entity. Management established First Warning Systems (“FWS”), a private company, to whom it licensed its patented technology for further development and market introduction. The first $1.6 million raised by FWS was at an average per share price significantly higher than the public per share price of Lifeline. Since the formation of FWS in July 2008, over $4 million has been raised. In exchange for the license, FWS issued 8,000,000 shares of common stock to Lifeline, entered into a revenue royalty agreement and issued its $159,000 promissory note which has been paid. Lifeline remains the largest shareholder of FWS.
FWS has continued to develop the base technology. A current final clinical trial is expected to commence in several months, forecast to be completed by late first quarter of 2015. FWS will file with the FDA for US marketing clearance and for a CEMark which is required for marketing outside the United States. Market entry, initially outside the US, is estimated to begin by mid to late 2015; market entry in the US is expected in late 2015 or early 2016.
Going forward, Lifeline is considering the establishment of an advisory board. Management currently has identified several prospective candidates for consideration of joining the Lifeline Biotechnologies’ Advisory Board.
In July, Lifeline lost its long time Board of Director and Medical Director with the passing of Dr. Louis Keith. Management is seeking a replacement for Dr. Keith.
In a survey of potential women users of the First Warning System, all objected to the term “Warning.” As a result, FWS has changed its name to Cyrcadia, Inc. (www.crycadiahealth.com). The name “Cyrcadia” was chosen as it represents the human body 24-hour internal clock based on the “Circadian Rhythm.” The Circaidan Rhythm is the basis for Lifeline’s patented technology that identifies early breast tissue abnormalities and the early detection of breast cancer.
Lifeline Biotechnologies, Inc.
SOURCE: Lifeline Biotechnologies, Inc.