LONDON, Dec. 28, 2012 /PRNewswire/ -- Bio-AMD, Inc. is pleased to announce that Bio AMD Limited, our majority owned medical devices subsidiary ("Bio-AMD", "We" or the "Company") (OTCBB: BIAD.OB), (OTCQB: BIAD) has submitted a UK Intellectual Property Office patent application for an Immunoassay Result Reading Apparatus ("IRRA").
The IRRA has been developed alongside the work on our Digital Strip Reader ("DSR") technology platform. The Company is in commercialisation discussions regarding DSR which digitises and semi-quantifies the results of existing lateral flow tests, significantly enhancing diagnostic capability for the end user.
The Company believes that the IRRA technology can be applied to any current analogue lateral flow test strip. These types of tests are generally characterised by the appearance of a coloured line when the test is positive. However, where the substance of interest is present in relatively low concentrations (for example in the early days of pregnancy) the coloured line may not be well defined and difficult to assess, making conclusive testing difficult. The IRRA technology addresses this problem by significantly enhancing readability, reducing this uncertainty.
Lateral flow tests with optical read results are used in a variety of diagnostics (the most common being pregnancy testing) including growing areas such as infectious diseases and drugs of abuse testing.
Dr. Nasser Djennati, Managing Director of the Company's medical devices subsidiary, commented; "The patent application for IRRA highlights the expertise of our small team, adding neatly to the growing patent portfolio we have created since our inception. We plan to make further patent applications to consolidate our technology platforms as we enter new development programs, specifically around our quantitative measurement technology, the Magnetic Particle Reader."
About Bio-AMD, Inc.
Bio-AMD has two majority owned UK subsidiaries: Bio AMD Limited, a technology developer for medical diagnostic devices; and the WDX Organisation Ltd, the owner of the WOCU®, a global currency data reference source for application in financial markets. (www.wocu.com).
To find out more about Bio-AMD (OTCBB: BIAD), visit our website at www.bioamd.com.
Statements in this news release that are not statements of historical fact are forward-looking statements, which are subject to certain risks and uncertainties. Forward-looking statements can often be identified by words such as "expects," "intends," "plans," "may," "could," "should," "anticipates," "likely," "believes" and words of similar import. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Actual results may differ materially from those expressed or implied by forward-looking statements due to a variety of factors that may or may not be foreseeable or within the reasonable control of the Company. Readers are cautioned not to place undue reliance on such forward-looking statements. Additional information on risks and other factors that may affect the business and financial results of the Company can be found in filings of the Company with the U.S. Securities and Exchange Commission, including without limitation the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2011 filed on March 29, 2012, and in Company reports filed subsequently thereto. Except as otherwise required by law, the Company disclaims any obligations or undertaking to publicly release any updates or revisions to any forward-looking statement contained in this news release to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
CONTACT: Bio-AMD, Inc.
Tom Barr, CEO
+44 (0)8445 861 910
SOURCE Bio-AMD, Inc.