Monarch Energy Commences Business in the Medical Diagnostics and Research Field
July 11, 2014
Monarch Energy Limited (CSE: CHX) (OTC: MNLIF)("Monarch" or the "Company") is pleased to announce that the Company has commenced business in the in vitro medical diagnostics and point-of-care testing field under its wholly owned subsidiary ChroMedX Ltd.
The Company will now focus its efforts on commercializing technologies, protected by issued and pending patents developed by Dr. James Samsoondar, the Company's Chief Science Officer. The Patents relate to the Company's two platform technologies for the in vitro diagnostic ("IVD") and Point-of-Care Testing ("POCT") markets.
The first platform known as HemoPalmTM relates to disposable cartridges for collection of blood samples from a simple pin prick and the subsequent testing with a hand held analyser for key aspects of blood chemistry at the point-of-care without requiring access to central laboratory facilities. Use of a pin-prick blood sample is particularly important for neonatal care, but blood in a syringe is optional. In addition to providing improved service in a number of hospital applications, HemoPalmTM will also provide improved medical care when utilized by first responders or by physicians in remote locations.
The second platform, known as Automated Ultra Filtration ("AUF") employs novel methods of preparing plasma samples for immunoassay for measurement of free (the biologically active form) hormones and therapeutic drugs. The technology will form part of an automated system which will replace the manual and time consuming centrifugation techniques currently employed, providing faster results and reduced costs to laboratories. Because of the rapidity and automation, AUF will alter the way therapeutic drugs (e.g. Dilantin used to treat epilepsy) are monitored, and the way hormone-related disorders (e.g. low testosterone) are diagnosed and treated.
The Company has commenced development of prototype devices as the first step toward FDA and Health Canada approval of the technologies.
Management of the Company is led by Chief Executive Officer Dr. Wayne Maddever, P. Eng., and Chief Science Officer Dr. James Samsoondar, FCACB. Dr. Maddever has a Doctorate in Materials Science Engineering from the University of Toronto and has over 25 years of experience commercializing technologies in early stage companies, both public and private. He is the author of numerous papers in a variety of fields and holds several patents.
Dr. Samsoondar has a Doctorate in Clinical Biochemistry from the University of Toronto. He has developed novel POCT devices prior to forming ChroMedX. As a Clinical Biochemist at Scarborough General Hospital, James is well informed of the needs of the IVD customers and the effect of new technologies on patient care.
Wayne Maddever - President, CEO & Director
Dr. James Samsoondar - CSO & Director
Michael Minder - Director
George Langdon - Director
Gerard Edwards - Director
On June 30, 2014 the Company announced the completion of the acquisition of ChroMedX Ltd. in conjunction with a capital raise of gross proceeds of approximately CDN$517,500.
Monarch commenced trading on July 7, 2014 on the Canadian Securities Exchange under the symbol CSE:CHX. The Company will seek to change its name at the next Annual and Special Meeting August 29, 2014 to "ChroMedX Ltd.", or such other name as the board of directors determine.
About Monarch Energy
Monarch, operating as ChroMedX Ltd., is 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. Application of the devices is extended to address special requirements for neonatal care.
Follow Monarch / ChroMedX:
President, CEO & Director
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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 atwww.sedar.com.
The security symbol, MNLIF, is part of the OTC Grey Market, where Monarch does not provide any reports and has no obligation to do so. There are no market makers under this symbol of this security. It is not listed, traded or quoted on any U.S. stock exchange or the OTC Markets. Trades in grey market stocks are reported by broker-dealers to their Self Regulatory Organization (SRO) and the SRO distributes the trade data to market data vendors and financial websites so investors can track price and volume. Since grey market securities are not traded or quoted on an exchange or interdealer quotation system, investor's bids and offers are not collected in a central spot so market transparency is diminished and best execution of orders is difficult.