Zenosense, Inc.: MIDS Medical JV to Receive Funding of Up to $1.2 Million
September 05 2018 - 8:00AM
InvestorsHub NewsWire
Valencia Spain -- September 05, 2018 -- InvestorsHub NewsWire --
Zenosense, Inc. (OTCQB: ZENO, "Zenosense", the "Company"), a
healthcare technology company focused on the development and
commercialization of the MIDS Cardiac™ hand-held technology for the
early detection of heart attack at the Point of Care, is pleased to
announce that its MIDS Medical Ltd. joint venture (“MML") has
entered a staged funding for the next phase of development of MIDS
Cardiac.
On 31 August, 2018 MML entered into an agreement with a third
party investor for funding of up to an aggregate amount of
$1,200,000 (“Agreement”). This funding is expected to cover the
costs of the next crucial development phase of the MIDS Cardiac
microfluidic test strip which aims to embody a high sensitivity
(“HS”) troponin assay or a similar assay to prove the MIDS system
on a live test.
As reported on June 19, 2018 the patented MIDS technology has
successfully detected commercial assay beads at a level
approximately four times better than the threshold advised by MML’s
assay consultants as required for a HS troponin assay.
The next phase development plan includes;
- Design and create an active version of the MIDS microfluidic
strip, including the closer integration of the MIDS magnetic
sensors to improve the detection levels even further;
- In conjunction with a leading assay development Company
contracted to MML design, develop and embody a live HS assay on the
MIDS test strip;
- Refinements of electronic circuitry and software, system
testing and data collection; and
- The creation of compliance dossier.
MML’s work is ongoing and it plans to expand its development
operations by engaging a number of specialists in the fields of
electronics, microfluidics and software development to carry out
the work required.
The outcome of this next phase is intended to prove to the
industry that the MIDS magnetic detection method can detect and
accurately quantify a live HS assay on the MIDS microfluidic test
strip. If successfully completed, the Company believes this will
demonstrate that MIDS Cardiac can be used at the Point of Care for
HS Troponin testing and is ready for final device development.
HS Troponin testing for myocardial infarction at the Point of
Care would meet a critical unmet medical need. It is expected to be
of intense interest to global diagnostic majors and the proof of
concept should also open up substantial opportunities for the MIDS
system to be applied to numerous other immunoassay tests.
Under the Agreement MML will receive an initial aggregate amount
of $300,000 in exchange for ordinary shares in MML representing a
2.91% equity ownership, with the option to make scheduled payments
up to an additional $900,000. The full $1,200,000 investment would
equate to a final 10.31% equity ownership in MML.
Details of the Agreement have been filed on form 8K with the
Securities and Exchange Commission.
About Zenosense, Inc.
Zenosense Inc., through a joint-venture ownership in MIDS
Medical Ltd., is primarily focused on the development of a
cost-effective, hand-held Point of Care rapid cardiac diagnostic
device, MIDS Cardiac. MIDS Medical applies patent-protected
magnetic nanoparticle detection technology and a development team
with world-class technical expertise. The MIDS Cardiac device and
test strip is being designed to support a variety of rapid high
sensitivity cardiac biomarker tests, with a focus on troponin I and
T, to identify or discount Acute Myocardial Infarction with
accuracy equal or superior to high sensitivity assays performed on
laboratory analyzers. To find out more about Zenosense,
visit www.zenosense.com
Forward-Looking Statements
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, 2017 filed on filed on April 17, 2018, 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. Respective statements concerning the
development of both MIDS Cardiac™ and other devices under
development have been made based on information obtained from MIDS
Medical Ltd., which the Company believes to be accurate, but have
not been independently verified.
Contact:Zenosense, Inc. www.zenosense.com Tel: +34 960 454 202 ir@zenosense.net
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