LONDON, ENGLAND, United Kingdom, via ETELIGIS INC., 05/05/2015 – – Bio-AMD, Inc. and Bio Alternative Medical Devices Ltd., our majority owned medical devices subsidiary (together “Bio-AMD”, “We” or the “Company”) (OTCQB: BIAD), is pleased to announce that it has recently received grant funded assistance from the University of Liverpool to assist in the further development of its micro-fluidic technology, especially in relation to our proposed Magnetic Immunoassay Detection System (“MIDS”) program.
ERDF grant/scheme at the University of Liverpool NiCal
Bio-AMD is working closely with the Nano Investigation Centre at Liverpool (NiCaL) backed by European Regional Development Fund (ERDF) funding. This novel scheme allows Bio-AMD’s research and development team direct access to equipment such as a scanning electron microscope (“SEM”) and Energy Dispersive X-Ray (“EDX”) analysis. This capability is highly relevant to the Company’s development of its novel microfluidic strip design for its prospective MIDS technology expected to be applicable to a wide range of tests.
SEM and EDX techniques will be used to determine surface topography and material composition of strips in development. The scheme provides training and on-going assistance to Bio-AMD in the use of SEM and EDX.
MIDS Proof of Market report
The company now expects this extensive market report to be finalised by Inventya Ltd., a third party research company, by the end of May, 2015. It will include a review of the competitive landscape for cardiac marker testing, a survey of end users and potential commercialisation routes. The company expects it will provide a summary of non-commercially sensitive content to investors once it is available.
Dr Djennati, Managing Director of Bio Alternative Medical Devices Ltd., said, “We are delighted to have access to this high-tech equipment under the NiCal scheme. It allows our team the use of highly specialised, expensive equipment normally beyond the reach of companies our size. It will significantly enhance Bio-AMD’s capability and skills to design, quality control and perform analysis on versions of our novel microfluidic strips. We are fortunate to be located in an area of the UK with access to world class expertise and resource backed by robust government support. Bio-AMD is well placed to take advantage of future grant funded opportunities as they might arise.”
About Bio-AMD, Inc.
Bio-AMD has two majority owned UK subsidiaries: Bio-AMD Limited, a technology developer for medical diagnostic devices; and WOCU Ltd, the owner of the WOCU®, a global currency data reference source for application in financial markets. (www.wocu.com).
To find out more about Bio-AMD (OTCQB: BIAD), visit our website at www.bioamd.com.
Statements in this news release that are not statements of historical fact are forward-looking statements, which are subject to certain risks and uncertainties. Forward-looking statements can often be identified by words such as "expects,” "intends,” "plans,” "may,” "could,” "should,” "anticipates,” "likely,” "believes" and words of similar import. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Actual results may differ materially from those expressed or implied by forward-looking statements due to a variety of factors that may or may not be foreseeable or within the reasonable control of the Company. Readers are cautioned not to place undue reliance on such forward-looking statements. Additional information on risks and other factors that may affect the business and financial results of the Company can be found in filings of the Company with the U.S. Securities and Exchange Commission, including without limitation the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 filed on March 30, 2015, and in Company reports filed subsequently thereto. Except as otherwise required by law, the Company disclaims any obligations or undertaking to publicly release any updates or revisions to any forward-looking statement contained in this news release to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Tom Barr, CEO
+44 (0)8445 861 910
SOURCE: Bio-AMD, Inc.