ChroMedX Completes Proof-of-Concept CO-oximetry and Bilirubin Prototype Development
TORONTO, ON / December 11, 2015 / ChroMedX Corp. (CSE: CHX) (OTCQB: MNLIF) (FSE: EIY2) (the "Company"), a developer of in vitro diagnostics and point-of-care testing (POCT) devices is pleased to report the development of a proof-of-concept prototype of the Company's HemoPalm(TM) analyzer and associated cartridge for measuring CO-oximetry and bilirubin*.
The prototype analyzer uses the same light source and spectrophotometer that will be used in the final HemoPalm(TM) analyzer, and the prototype cartridge is consistent with the optical chamber of the final HemoPalm(TM) cartridge.
"The completion of this prototype is a significant milestone in the process of integrating CO-oximetry, blood gases and electrolytes in a single disposable cartridge. Comparison of results from testing of the HemoPalm(TM) spectrophotometer component with results from an FDA approved benchtop analyzer (IL GEM4000) has demonstrated equivalence between the two analyzers," said Dr. Wayne Maddever, President & CEO, ChroMedX Corp. "The addition of CO-oximetry to blood gases and electrolyte testing represents a significant competitive advantage over existing products in the marketplace and a separate cartridge for measuring neonatal bilirubin is expected to provide even greater market penetration," he added.
ChroMedX is positioned to be the first company to integrate blood gases, electrolytes and CO-oximetry in one hand-held analyzer and holds important patent protection. Up until the early 1990s, laboratory blood gas analyzers and CO-oximeters were separate analyzers. Currently, laboratory blood gas analyzers and CO-oximeters are integrated, but only as benchtop or cart configurations. The majority of this market is held by hand-held analyzers that do not provide CO-oximetry, and by analyzers that do provide CO-oximetry but must be wheeled on carts due to size.
The blood gas and electrolyte market is expected to be valued at approximately $1 Billion (US) by 2019 (Frost & Sullivan 2013).
* CO-oximetry is the gold standard for measuring different hemoglobin (Hb) species in blood (Total-Hb, Oxy-Hb, Deoxy-Hb, Met-Hb and Carboxy-Hb), and Hb-oxygen saturation by technology referred to as spectrophotometry. Bilirubin is an important test for monitoring liver function, and is also essential for detecting neonatal jaundice.
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 and pending patents, dealing with blood collection, analysis and plasma/serum processing.
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