ChroMedX Acquires Automated Ultrafiltration Immunoassay Technology

(firmenpresse) -
CHROMEDX ACQUIRES AUTOMATED ULTRAFILTRATION IMMUNOASSAY TECHNOLOGY

November 28, 2014 - ChroMedX Corp. (the Company) (CSE: CHX, OTC: MNLIF, Frankfurt: EIY2), a developer of in vitro diagnostics and point-of-care technologies is pleased to announce the acquisition of the Automated Ultrafiltration Technology AUF and associated intellectual property.

After thorough investigation of the technology, potential market, and development requirements we are very enthused to add the AUF technology to our portfolio. We found the AUF intellectual property to be of significant merit and the nature of the technology will allow us to develop and commercialize the potentially disruptive technology in a timely manner. said Dr. Wayne Maddever, President & CEO

ChroMedX has exercised the option to acquire patent application PCT/CA2013/050935 related to Automated Ultrafiltration Technology and associated intellectual property (AUF) from InvidX Corp. (the Transaction) pursuant to an option agreement dated June 16, 2014 (the Option Agreement), whereby InvidX Corp. agreed to assign the AUF to ChroMedX Corp for a purchase price of CDN$1,500,000. As consideration for the acquisition of the AUF the Company will issue 5,474,452 common shares which was determined based on the 20% discount to the 10-day volume weight average price of the Companys shares immediately preceding the date of exercise of the option as per the terms of the Option Agreement. The Company expects to complete the Transaction next week following receipt of all patent documents from InvidX.

About the Technology

The Automated Ultrafiltration AUF is a potentially disruptive technology which will allow the preparation of samples for immunoassay of free therapeutic drugs and hormones to be done more efficiently as part of a rapid automated system, replacing the current manual dialysis/centrifugation preparation step.

Serum or plasma is used to determine the concentration of hormones (e.g. Testosterone) or therapeutic drugs (e.g. Dilantin, an anti-convulsant) obtained from a patients blood. However, the major portion of some of these chemical species tend to bind to proteins in the blood system thereby rendering them inactive. Only the unbound or free chemical species are biologically active. In order to measure the free drug/hormone, an additional manual step of separating the protein-free fraction from the sample must be taken. The separation is currently performed by a process that incorporates dialysis that takes about 18 hours, or 30 minutes of centrifugation.

The immunoassay market comprises approximately one-fourth of the IVD market and is projected to reach $13.0 billion in 2013 (Markets and Markets Report: Immunoassay Market - Global Forecast to 2018 (2014)). Therapeutic drug monitoring alone was estimated to reach $335 million in 2014 (Kalorama Report: Worldwide Market for In Vitro Diagnostics (2010)) while endocrine (hormone) testing was valued at $1,537 million in 2012 with a forecast 4.3% CAGR (Transparency Market Research Report: Endocrine Testing Market- Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019 (2014)). Preliminary market study has shown that there are approximately 100,000 independent and hospital laboratories in the US, not including physicians offices, many of which could benefit from the AUF technology by reducing costs and time required for sample processing.

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 Companys issued US and pending international patents, dealing with blood collection, analysis and plasma/serum processing.

Follow ChroMedX Corp.:
Website: www.chromedx.com
Facebook: facebook.com/chromedxcorp
Twitter: www.twitter.com/Chromedxcorp

Investor Enquiries:
W. Clark Kent
Corporate Development
647-519-2646
ckent(at)chromedx.com

CHROMEDX CORP
Suite 520 - 65 Queen Street West
Toronto, Ontario
M5H 2M5
CSE:CHX - OTC: MNLIF
Büro: 647-872-9982
Tel (gebührenfrei)/Fax: 1-844-247-6633
E-Mail: info(at)ChroMedX.com -

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 Companys 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 Companys filings with Canadian securities regulators, which filings are available at www.sedar.com

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Datum: 28.11.2014 - 22:01 Uhr
Sprache: Deutsch
News-ID 355984
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