GENEVA, Switzerland, February 11 /PRNewswire/ -- In the news release, "Acrongenomics on Track to Acquire Molecular Vision" issued on 11 Feb 2008 12:20 GMT, by Acrongenomics, Inc. (OTC:AGNM) over PR Newswire, we are advised by a representative of the company that there are several changes to the original release and the version below should be used. Complete, corrected release follows:
- First Quarter Target Agreed
Acrongenomics, Inc. (OTCBB: AGNM), the Geneva based technology development group have agreed with Molecular Vision and Imperial Innovations a time line for the full acquisition of Molecular Vision. Following the initial acquisition of 10.9% of the shares of Molecular Vision announced earlier this month, it has now been agreed by all parties that the full acquisition of Molecular Vision will be completed before the end of Q1 2008.
Acrongenomics is an established company that identifies and then invests in groundbreaking technologies. In May 2006, the Company first identified the combination of microfluidics and light responsive polymers being developed by Molecular Vision as having the potential of completely revolutionising the Point of Care (PoC) diagnostics market. In a simple to use compact hand held device the analytical capabilities of a number of standard pieces of laboratory equipment can be duplicated. This means that a very wide range of diagnostic tests based on the same procedures that are used in the laboratory, will now be available to be undertaken in a physicians office, or even in the field if you were, for example, trying to identify an outbreak of infectious disease in farm animals. This wide utility was identified by Acrongenomics and resulted in them investing US$4.6 million in Molecular Vision in order to build a prototype of the hand held device and undertake trials comparing the results obtained with the device with those obtained from standard pieces of equipment routinely used in Pathology Laboratories. The results of a comparative trial measuring creatinine in urine will be presented comparing the Molecular Vision device with the Siemens DCA 2000. These results have shown good correlation. A further comparative trial measuring vitamin C is underway and various blood based tests are being planned. Once these comparative trials are completed, the company will then commercialise the first diagnostic panel to monitor kidney function, followed by vitamin C monitoring.
Dr Dimitris Goundis, CEO of Acrongenomics commented: "Molecular Vision has an exceptional team working with a very exciting technology that we feel will become a very significant part of the US$11bn PoC market. Because of the compact and mobile nature of this technology, we see it as having much wider application than we envisaged when we made the initial investment to secure rights for kidney, cardiovascular and STD applications. We now see this as a standard unit that will be used in the hospital clinics, wards, operating theatres and emergency departments, indeed wherever quick results are required for rapid intervention at one end of the spectrum or for the convenience of the patient in the clinic or physicians office environment at the other end. However the true versatility of this device is such that the unit can be taken into the field, not only to support community based health initiatives, but also in homeland security and in the veterinary field where in situ testing for infectious disease could take place. Having seen all these applications open to the device it is now appropriate for us to protect our initial investment and take total control over the rapid commercialisation of this exceptional and versatile technology."
Dr Ian Campbell, CEO of Molecular Vision added: "Acrongenomics is an ideal partner to support the Company as we now have the guaranteed access to funding that will now allow the team to concentrate solely on generating comparative data for an increasing range of diagnostic tests. Since we first showcased the device in March of 2007 we have been able to improve the detection sensitivity 100-fold through a combination of optimised light sources, light detectors and filters, all of which are assembled at low cost, ideal for the point-of-care diagnostic market. We now need to show unequivocally that this system generates the same data with the same degree of accuracy as the standard laboratory based tests. This should be relatively straightforward as the tests are basically the same, but we have the advantage of using microfluidics making the device portable. We have worked with the team at Acrongenomics since 2006 and it is clear that they now understand the technology and have seen much wider markets that are open to that technology. We can concentrate on what we are good at and leave the corporate side to an equally expert team."
Notes for Editors
The global PoC testing market was estimated to be worth US$11.3 billion in 2007 and is growing at 11% a year. PoC testing accounts for approximately 34% of the US$33.6 billion global in-vitro diagnostic (IVD) testing market.
The two companies entered into a joint collaboration agreement in March 2006, to establish a highly sophisticated detection platform. In the initial agreement Acrongenomics had exclusive rights to the use of the product in the fields of Kidney Function, Cardiac Markers and Sexually Transmitted Diseases.
Molecular Vision continues to develop the technology and intellectual property portfolio and has filed an additional four patents during the period since the original agreement with Acrongenomics was signed.
An initial concept was developed into a PDA powered demonstrator in March 2007. By October 2007 the second generation device was a battery powered, fully portable unit complete with an LCD display. Before the end of Q1 2008 the PoC technology will be a robust standalone unit capable of measuring creatinine and vitamin C simultaneously in urine with the same level of accuracy and sensitivity to a pathology laboratory test using a multi-channel device in less than 5 minutes.
Work is underway on developing cardiac markers with preliminary data demonstrating that myoglobin at 100ng/ml can be detected by the system using a fluorescent immunoassay.
Important Information About Forward-Looking Statements
All statements in this news release that are other than statements of historical facts are forward-looking statements which contain our current expectations about our future results. Forward-looking statements involve numerous risks and uncertainties. We have attempted to identify any forward-looking statements by using words such as "anticipates", "believes", "could", "expects", "intends", "may", "should" and other similar expressions. Although we believe that the expectations reflected in all of our forward looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. A number of factors may affect our future results and may cause those results to differ materially from those indicated in any forward-looking statements made by us or on our behalf. Such factors include our limited operating history; our need for significant capital to finance internal growth as well as strategic acquisitions; our ability to attract and retain key employees and strategic partners; our ability to achieve and maintain profitability; fluctuations in the trading price and volume of our stock; competition from other providers of similar products and services; and other unanticipated future events and conditions. For further information concerning risks and uncertainties that may affect our future results, please review the disclosures contained in our latest filings with the SEC, including our most recent annual report on Form 10-KSB, and subsequent quarterly reports on Form 10-QSB. Other than as required by federal securities laws, we undertake no obligation to publicly update or revise any of our forward-looking statements, whether as a result of changed circumstances, new information, future events, or for any other reason occurring after the date of this news release.
Acrongenomics Inc. is a publicly traded company that focuses on investing in and commercialising novel technology platforms concerning the Life Sciences sector. Acrongenomics brings novel and realistic concepts to market by transforming scientific innovations into tangible, consumer-orientated applications. The company has its headquarters in Geneva, Switzerland.
About Molecular Vision:
Molecular Vision is an Imperial College spin-out company that develops low-cost diagnostic devices for use in the doctor's surgery and in the home. Its proprietary devices combine microfluidic chips with organic-semiconductor light-sources and photodetectors to provide lab-quality diagnostic tests in a miniaturised, easy-to-use, disposable format.
For more information contact: Dr Dimitris Goundis, CEO, +41-227-165-300, Acrongenomics Inc.; Dr Ian Campbell, CEO, +44-207-594-1430, Molecular Vision; Mike Wort/Kevin Payne, +44-207-861-3838, De Facto Communications Limited