INVERNESS, SCOTLAND, May 14 /PRNewswire-FirstCall/ - Following thesuccessful balance sheet restructuring for IVMD Inc, the Board is now able topush forward plans to commercialize its existing technology platform and rangeof products in development, and is actively pursuing opportunities to grow thebusiness.
Initially, the Board's focus is to seek commercial partners for theCompany's newly developed digital pregnancy reader. To help with thisinitiative, the Company has entered into a managed partnering agreement with amajor life science and biopharmaceutical business development company. Thistie up will complement the Company's efforts in identifying suitablepartnering candidates to work with IVMD Inc in making its' digital pregnancyreader market ready.
Commenting on the launch of the Company's commercial developmentinitiative for the pregnancy reader, Mr. Graham Cooper, President and CEO forIVMD Inc, commented:
"Currently, over $700m is spent globally on pregnancy and fertilitydiagnostic devices. The market for these products is growing at 5% per yearand is highly price sensitive. Using our unique patented technology, we havedeveloped a device that both reduces manufacturing costs significantly, andwhich is more sensitive meaning that it can detect positive results earlierthan those devices currently on the market. Significantly, the device isenvironmentally friendly as it does not rely on batteries for its power. Allof these attributes play to the demands of manufacturers, distributors and endusers.
The technology underpinning our digital pregnancy reader is capable ofbeing adapted to suit a much wider variety of mass market tests, particularlyapplications of rapid immunoassay in point of care testing. This could includecardiac markers, allergy screening, fertility testing, drugs of abuse andinfectious diseases. With are confident that our business development effortswill help us to secure commercialization of our product in the very nearfuture."
About In Veritas Medical Diagnostics, Inc.
IVMD uses its proven, patented core technology to design, develop and testmedical devices for near patient testing and monitoring. Our products servelarge global markets in the monitoring of chronic conditions affecting largenumbers of the population.
Safe Harbor Statement Under the Private Securities Litigation Reform Actof 1995 - With the exception of historical information, the matters discussedin this press release are forward-looking statements that involve a number ofrisks and uncertainties. Our actual future results of could differsignificantly from those statements. Factors that could cause actual resultsto differ materially include risks and uncertainties such as the inability tofinance the company's operations or expansion, inability to hire and retainqualified personnel, changes in the general economic climate, including risinginterest rates and unanticipated events such as terrorist activities. In somecases, you can identify forward-looking statements by terminology such as"may," "will," "should," "expect," "plan," "anticipate," "believe,""estimate," "predict," "potential" or "continue," the negative of such terms,or other comparable terminology. These statements are only predictions.Although we believe that the expectations reflected in the forward-lookingstatements are reasonable, such statements should not be regarded as arepresentation by the Company, or any other person, that such forward-lookingstatements will be achieved. We undertake no duty to update any of theforward-looking statements, whether as a result of new information, futureevents or otherwise. In light of the foregoing, readers are cautioned not toplace undue reliance on such forward-looking statements. For further riskfactors see the risk factors associated with our Company, review our SECfilings.