ChroMedX Acquires Automated Ultrafiltration Immunoassay Technology
November 28, 2014
ChroMedX Corp. (the “Company”) (CSE: CHX, OTC: MNLIF, Frankfurt: EIY2), a developer of in vitro diagnostics and point-of-care technologies is pleased to announce the acquisition of the Automated Ultrafiltration Technology “AUF” and associated intellectual property.
“After thorough investigation of the technology, potential market, and development requirements we are very enthused to add the AUF technology to our portfolio. We found the AUF intellectual property to be of significant merit and the nature of the technology will allow us to develop and commercialize the disruptive technology in a timely manner.” said Dr. Wayne Maddever, President & CEO
ChroMedX has exercised the option to acquire patent application PCT/CA2013/050935 related to Automated Ultrafiltration Technology and associated intellectual property (“AUF”) from InvidX Corp. (the “Transaction”) pursuant to an option agreement dated June 16, 2014 (the “Option Agreement”), whereby InvidX Corp. agreed to assign the AUF to ChroMedX Corp for a purchase price of CDN$1,500,000. As consideration for the acquisition of the AUF the Company will issue 5,474,452 common shares which was determined based on the 20% discount to the 10-day volume weight average price of the Company’s shares immediately preceding the date of exercise of the option as per the terms of the Option Agreement. The Company expects to complete the Transaction next week following receipt of all patent documents from InvidX.
About the Technology
The Automated Ultrafiltration “AUF” is a potentially disruptive technology which will allow the preparation of samples for immunoassay of “free” therapeutic drugs (e.g. Dilantin, an anti-convulsant) and hormones (e.g. Testosterone) to be done more efficiently as part of a rapid automated system, replacing the current manual dialysis/centrifugation preparation step.
The major portion of some of these drugs/hormones tend to bind to proteins in the blood system thereby rendering them inactive. Only the unbound or “free” chemical species are biologically active. In order to measure the “free” drug/hormone, a manual preparation step of separating the protein-free fraction from the sample must be performed. The current separation process incorporates dialysis that takes about 18 hours or alternatively, 30 minutes of centrifugation in a special device.
The immunoassay market comprises approximately one-fourth of the IVD market and is projected to reach $13.0 billion in 2013 (Markets and Markets Report: Immunoassay Market - Global Forecast to 2018 (2014)). Therapeutic drug monitoring alone was estimated to reach $335 million in 2014 (Kalorama Report: Worldwide Market for In Vitro Diagnostics (2010)) while endocrine (hormone) testing was valued at $1,537 million in 2012 with a forecast 4.3% CAGR (Transparency Market Research Report: Endocrine Testing Market- Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019 (2014)). Preliminary market study has shown that there are approximately 100,000 independent and hospital laboratories in the US, not including physicians’ offices, many of which could benefit from the AUF technology by reducing costs and time required for sample processing.
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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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