Acrongenomics Inc. Enters Into Memorandum of Understanding with Molecular Vision, an Imperial Innovations Spin-Out Company
March 29 , 2006
Geneva, Switzerland--Acrongenomics,Inc. (OTCBB:AGNM) and Molecular Vision Ltd -- an Imperial Innovations spin-out company -- today signed a Memorandum of Understanding (MOU) to embark on joint R&D to develop and commercialize a line of low-cost, easy-to-use and readily portable point-of-care (POC) diagnostic devices for medical testing that will greatly extend the tools available to the medical community.
The devices will allow for on-the-spot quantitative/qualitative diagnosis for diabetes, drug abuse, STDs and cardiovascular diseases. The ability to perform accurate and fast diagnosis at first consultation will eliminate the need for patients to make repeat visits, thereby bringing forward the initiation of treatment, freeing up clinical time, and lowering treatment costs.
Furthermore, the technology offers potential outside the diagnostics market and will be of use to many specialists lacking access to on-site laboratory facilities. The global POC testing market is estimated to reach US$18 billion by 2010 (BCC Research).
Molecular Vision's patented diagnostic chips have the potential to become a de-facto standard for medical testing. They are based on a novel technology platform that will allow the development of readily portable POC devices for a broad range of medical applications. They incorporate two powerful technologies: microfluidics and organic semiconductor devices (light emitting diodes and photodetectors).
Organic polymer light emitting diodes have been the subject of intense scientific and commercial interest since their discovery at Cambridge University in 1989 by Molecular Vision co-founder Professor Donal Bradley and his colleagues. This early development led Professor Bradley and colleagues to found Cambridge Display Technology Ltd (NASDAQ:OLED). Professor Bradley is now the head of the Physics Department at Imperial College London and enjoys an international reputation for his organic semiconductor research. In 2005 he was awarded the prestigious Jan Rajchman Prize by the Society for Information Displays for outstanding scientific and technical research in the field of flat-panel displays. He also received the 2005 European Latsis Prize for Nano-Engineering, awarded by the European Science Foundation, for research on molecular-level control of the performance of organic semiconducting materials and devices.
Professor Andrew deMello -- Molecular Vision-co-founder -- is a professor of Chemical Nanosciences in the Department of Chemistry at Imperial College. He is a pioneer in the field of microfluidics. In 2002 he was awarded the SAC Silver Medal by the Royal Society of Chemistry.
Dr John deMello -- Molecular Vision-co-founder -- is a senior lecturer in nanomaterials in the Department of Chemistry at Imperial College. His primary research interests include organic semiconductors, miniaturized devices for chemical and biological diagnostics, and intelligent synthesis techniques for the controlled production of nanoparticles.
"There is a great demand for accurate quantitative and qualitative portable testing devices, and the POC market is still at an embryonic stage. Acrongenomics Inc. looks forward to working with leading research academics from Imperial College London," said Constantine Poulios, President of Acrongenomics. "We believe that this collaborative effort between Acrongenomics and Molecular Vision in advancing medical diagnostics will be fruitful and rewarding for both companies."
About Acrongenomics Inc.
Acrongenomics Inc., is a publicly traded company that focuses on investing and commercializing 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 international headquarters in Geneva, Switzerland.
About Molecular Vision Ltd.
Molecular Vision is a spin-out company of Imperial Innovations Ltd. The company was founded in 2002 in order to meet a clearly defined demand in the medical diagnostics, biosensors and analytical instrumentations markets: the need for miniaturized chemical and biological detectors offering high sensitivity and functionality at low cost. The company has directly addressed this market demand by inventing a novel method for optical detection based on recent advances in organic electronics and light emitting diodes combined with microfluidics technology. The company has mainly focused on applying its technology to the medical diagnostics markets.
About Imperial Innovations Ltd.
Imperial Innovations is one of the UK's leading technology commercialization companies with a strong value creation record having already generated revenues in excess of GBP 30 million from spin-outs and licenses since 1997. The company, together with Imperial's academic inventors, has established equity holdings in more than 54 spin-out companies and completed over 100 commercial agreements. Over 1,000 jobs have been created through the spin-out companies.
Imperial Innovations commercializes technology emanating from Imperial College and external sources. Technologies range across software, micro and nano devices, power electronics, renewable energy, mechanical tools, medical imaging and devices, therapeutics and drug discovery tools.
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.
