IRVINE, Calif.--(BUSINESS WIRE)--Feb. 5, 2004--Chemel AB will be presenting on February 24, 2004, at 11:05 a.m. at Medtech Insight's Prestigious "Investment In Innovation" Event, taking place February 24-25, 2004, at the Hyatt Regency Irvine in Irvine, California.
Biosensor for in vivo monitoring
Company background
The global annual market for biosensor instrumentation alone (consumables not included) was estimated in 1999 to be $700 - $1100 million. Approximately 90% of this market is found within the medical sector with an annual growth rate of 15% while the remaining part is found within the industrial sector with an annual growth rate of 30%. The business operation of the Swedish biotech company Chemel AB is focused on R&D, manufacturing and sale of biochemical analytical instrumentation, software and consumables. The company has built a strong SIRE(R) Biosensor technology platform for the ongoing expansion. A quality controlled production of instrumentation and reagents has been established. Local test marketing targeting laboratory and quality control costumers in the food industry, pharmaceutical industry, wood/forest industry, and hospitals has shown successful. The products are protected by strong patents owned by Chemel.
New intensive care monitor
An exploratory project with enormous potential is the application of the SIRE(R) Biosensor technology platform in medical equipments for patient or animal real-time in vivo glucose or lactate monitoring. A SIRE(R) technology based invasive needle biosensor for patient monitoring has been demonstrated in the company laboratories. Chemel has not the capability to carry the costs for such a project alone and is therefore looking for a partner with sufficient funding and expertise in the field.
Acquisition proposal
The European Institute of Science AB (publ), founded in 1990, is a Swedish venture capital company and the main owner of Chemel AB. As an active investor and owner, the European Institute of Science, has assisted Chemel to finalize its R&D, product manufacturing and quality control. Chemel now has products launched on the market. In order to accelerate market penetration and further exploitation of the patented SIRE(R) Biosensor technology platform, the European Institute of Science is searching for a new ownership structure for Chemel. The new owner is expected to have the financial strength and suitable market contacts in order to facilitate the exploitation of Chemel's strong platform. The European Institute of Science has a strong conviction that Chemel AB has the potential to become the leading Biosensor company on the world-market. So far $4.4 million has been invested in the SIRE(R) Biosensor platform owned by Chemel. Assuming a development correlating to the prognosis made the market value of Chemel AB is expected to be around $15 million.
For more company information visit: www.chemel.com
About Medtech Insight
Medtech Insight's "Investment In Innovation (In3): A Preview of Early-Stage Medical Technology Companies" conferences are considered the premier forum for senior executives in the medical technology and investment community to preview emerging medtech companies in need of funding, acquisition and/or strategic partnership. In addition to conferences, Medtech Insight publishes the "medtech insight" newsletter, a monthly publication covering the latest trends and innovations in the medical technology industry, analyses of medtech markets through its Reports group, and offers custom consulting and market research. To register for the Irvine conference or for more information on Medtech Insight, please call Scott Pantel at (949) 219-0150 or (888) 290-2225 toll-free in the U.S., e-mail in3@medtechinsight.com, or visit http://www.medtechinsight.com/in3-10.html.
Contacts
Chemel AB Dario Kriz, +46 (709) 79 18 00
