ChroMedX Works Towards Third Version of HemoPalm Prototype Analyzer
Toronto, Ontario--(July 31, 2017) - ChroMedX Corp. (the "Company") (CSE: CHX) (OTCQB: CHXIF) (FSE: EIY2), developer of the HemoPalm Handheld Blood Analyzer System, is pleased to provide an update on the refinement and testing of the Company's HemoPalm System prototype.
The Company completed its first HemoPalm System prototype mid-May in collaboration with rapid-prototyping firm Agile Manufacturing Inc. ChroMedX has continued to refine the design and is now in the process of finalizing a third version that addresses key aspects of the size, durability and ergonomics of the device.
"This is a very involved and fast-paced part of the development process. Our third reiteration includes considerable refinements to the usability of the device. Not only will the size of the device decrease but we will increase durability by optimizing the internal layout of the device's components — a process made much easier by the accessibility of rapid-prototyping," said Ash Kaushal, President & CEO, ChroMedX Corp.
Prototype refinement is overseen by ChroMedX CEO & President Ash Kaushal. Rapid prototyping is managed in collaboration with Agile Manufacturing of Uxbridge, Ontario, Canada and ongoing refinement of components are managed internally and at the Company's Shenzhen based development partner Hochuen Technologies Co.
ChroMedX is pleased to announced that earlier this month the Company commenced trading on the OTCQB exchange under the symbol CHXIF. Complete trading details can be found on the OTC markets website www.otcmarkets.com.
The Company is also pleased to announced the launch of a new website at www.ChroMedX.com. Investors and individuals interested in keeping abreast of latest news and updates can subscribe on the Home and News pages on the Company's website or communicate on the website's contact page.
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.
The HemoPalm Handheld Blood Analyzer System is the only handheld blood analysis technology which combines Blood Gases & Electrolytes with full CO-oximetry. Currently this combination is not available on any of the handheld analyzers on the market. Existing technologies require users to purchase a second device to carry out the CO-oximetry. The Company's technology has the advantage of being able to offer a single handheld blood analyzer that provides all the required tests for Blood Gases & Electrolytes, with full CO-oximetry and bilirubin. Another competitive advantage of the HemoPalm system will be its ability to draw capillary blood directly from a pin-prick site into the cartridge, providing an alternative to arterial blood. Drawing arterial blood is painful and can cause nerve damage. CO-oximetry is the measurement of five different hemoglobin species in blood.
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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.