Molecular Vision, Pearson Matthews, Acrongenomics and Imperial College London secure £440,000 (US $825,000) award from the UK National Health Service
Sept 15, 2006
Geneva, Switzerland--Molecular Vision Ltd in partnership with Acrongenomics, Inc. (OTCBB:AGNM), Pearson Matthews Ltd, and Imperial College London has today been awarded GBP 440,000 (US $825,000) by the UK Government's Health Technology Devices (HTD) Scheme for the development of a line of low cost, easy-to-use and portable point-of-care diagnostic devices for testing of cardiovascular health. The HTD scheme, which provides 50% funding, aims to stimulate new and innovative health care technologies designed to improve significantly the quality of healthcare in the United Kingdom.
Molecular Vision's patented diagnostic devices will allow for accurate on-the-spot qualitative and quantitative diagnosis of cardiovascular diseases at first consultation, eliminating the need for patients to make repeat visits and so bringing forward the initiation of treatment, thereby freeing up clinical time, and lowering treatment costs.
The proposed devices have the potential to become a de-facto standard for medical testing and are based on the novel BioLED technology platform, which Molecular Vision is commercializing in partnership with Acrongenomics, Inc. (OTCBB:AGNM). BioLED technology will allow the development of readily portable POC devices for a broad range of medical applications by exploiting 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 -- now Head of the Department of Physics at Imperial -- and his colleagues. This early development led Professor Bradley and colleagues to found Cambridge Display Technology Ltd (NASDAQ: OLED).
Commenting on the HTD award, Professor Bradley said, "This is a tremendous step forward for our company. This new consortium brings together wide ranging expertise in the development and commercialisation of medical technologies, and will allow us to dramatically accelerate our product development plans."
About Molecular Vision Ltd.
Molecular Vision is a spin-out company of Imperial Innovations Ltd. The company was founded by three Imperial College London researchers -- Prof. Donal Bradley, Prof. Andrew de Mello and Dr. John de Mello -- 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. Molecular Vision recently signed a GBP 3.45 million (US $6.5 million) development contract with Acrongenomics Inc. to jointly exploit and commercialise the technology.
About Imperial College London
Consistently rated in the top three UK university institutions, Imperial College London is a world leading science-based university whose reputation for excellence in teaching and research attracts students (11,000) and staff (6,000) of the highest international quality. Innovative research at the College explores the interface between science, medicine, engineering and management and delivers practical solutions that enhance the quality of life and the environment -- underpinned by a dynamic enterprise culture.
About Pearson Matthews Ltd.
Pearson Matthews is a specialist design development company with 20 years experience specifically in the healthcare sector for companies in the UK, US and Europe. Started in 1983 by Mike Pearson, they have built a reputation around innovation and the development of breakthrough products. Pearson Matthews is ISO9001 accredited, giving it the ability to handle major projects from early R&D through to manufacture.
About Acrongenomics Inc.
Acrongenomics Inc. is a publicly traded company that focuses on investing in 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 headquarters in Geneva, Switzerland.
About the Health Technology Devices Scheme
The Health Technology Devices Scheme was set up by the UK National Health Service (NHS) to stimulate, commission and monitor collaborative R&D on innovative new health technology devices that would improve the health and wealth of the UK. The aim of the scheme is to facilitate links between companies, science-based researchers, NHS professionals and patient consumer groups in order to deliver innovative medical and technological devices that assist implementation of the NHS.
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