ChroMedX 2014 Progress Update
December 19, 2014
ChroMedX Corp. (the “Company”) (CSE: CHX, OTC: MNLIF, Frankfurt: EIY2), a developer of in vitro diagnostics and point-of-care technologies is proud to report on the Company’s corporate and developmental progress in 2014.
ChroMedX listed in mid-July 2014 and has made significant progress in the development of its patented technologies as well as advancement of the Corporation as a public entity.
“We are very pleased with the progress we have made in 2014. In our first 6 months we have executed an aggressive development strategy on the HemoPalm technology, engaged key personal, arranged sufficient early stage financing, improved our intellectual property position and acquired the disruptive AUF technology. I would like to thank all of the team for their efforts to date and our shareholders for their continued support and enthusiasm.” said Dr. Wayne Maddever, President & CEO
The HemoPalm project has made considerable progress since the Company began trading in July. Led by CSO Dr. James Samsoondar along with primary contractor Aline Inc. and other key consultants, the design of the disposable cartridge of the system has been completed and initial quotations for injection moulding of test cartridges are being sought.
Progress on two critical elements of the HemoPalm cartridge has also been significant. Samples of two versions of the calibration fluid pouch have been received from vendor ThinXXS , Zweibruken, Germany and stability testing has been conducted, enabling the Company to select one of the two versions for incorporation in the cartridge. Stability of these fluid pouches largely determines the shelf life of the cartridges, and it is anticipated that the shelf life will exceed published shelf life of competitive products.
The other critical development area is that of the electrochemical sensors used in the cartridge. ChroMedX is developing a new design of sensors using materials and manufacturing techniques which should result in significantly reduced costs compared to competitive products. Samples of custom-built sensors have been received and the Company is pleased with their initial performance. Design of the electronic circuitry for the sensors is underway.
In addition to the above, the micro-spectrometers that will be used for CO-oximetry measurements in the HemoPalm analyzer have been received. These will be used in the previously announced collaborative project with Dr. Cynthia Balion of McMaster University in which Dr. Balion’s laboratory will be used to obtain and treat blood samples to develop the spectroscopic algorithms for factory-calibrating the analyzers.
In December the Company exercised its option on the purchase of the AUF technology. The cartridge shell design is complete and samples have been manufactured using 3D printing. A contract with Aline Inc. has been signed to begin development in January of the fluidic and filtration elements of the cartridge. This project will be in collaboration with Spectrum Labs, a Southern California manufacturer of the ultrafiltration membranes. Spectrum’s membranes were used in the original proof of concept development of the AUF. Spectrum will provide membrane unit samples based on existing designs as well as from custom designs specifically for this project.
2015 Focus and Development
The HemoPalm and AUF projects will proceed with targets of alpha prototypes by mid-year and the Company will continue to nurture and develop collaborative relationships with key partners. ChroMedX continues to identify product improvements that will broaden the scope of use for both technologies in the near future.
ChroMedX, aided by Business Development Advisor Marco Witteveen, will continue efforts to promote the Company’s products in the global market place. The Company has been extremely pleased with the interest that has been shown in both products to date by industry majors. Our efforts to investigate market opportunities and potential industry collaborations will continue in 2015.
About ChroMedX Corp.
ChroMedX Corp. is a medical technology company focused on the development of novel medical devices for in vitro diagnostics and point-of-care testing. The devices are protected by the Company’s issued US and pending international patents, dealing with blood collection, analysis and plasma/serum processing.
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Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company’s control. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company’s filings with Canadian securities regulators, which filings are available at www.sedar.com