VALENCIA, SPAIN, Sept. 05, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- 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.