LONDON, Aug. 23, 2010 (GLOBE NEWSWIRE) -- Flex Fuels Energy, Inc. ("Flex" or the "Company") (OTCBB:FXFL) announces an update on progress at its 63% owned subsidiary, Bio-AMD Limited ("Bio-AMD").
Bio-AMD is currently in various stages of developing and commercialising three core technologies integral to its planned range of hand held, Point Of Care ("POC"), medical diagnostic devices:
- DSR – a Digital Strip Reader able to read existing lateral flow test strips;
- COAG - a Prothrombin Time (PT) blood coagulation monitor; and
- MPR – a novel Magnetic Particle Reader multiple application diagnostic technology incorporating microfluidics.
Bio-AMD is targeting these technologies at the fast growing global POC market which independent research indicates is expected to reach a total market size of $5.5bn in sales by the end of 2010 and to grow significantly beyond that date.
The Company and Bio-AMD believe that of these three technologies DSR offers early opportunity with the shortest estimated time to market and expect DSR to be applied to read existing test strips initially in the established pregnancy detection market, where there is a shift toward digital devices. In addition, Bio-AMD is working on developing strategic relationships in the cholesterol, cardiovascular and infectious disease markets where there are clear commercial and medical advantages to quick, accurate and affordable diagnosis results, near patient and without the need for laboratory intervention.
COAG is designed to address patient demand for self testing of anticoagulation therapy and treatment. Bio-AMD is currently working with a potential manufacturer to create a PT device to measure the clotting time of blood, which must be tested regularly by patients taking anticoagulants, so as to remain in his/her prescribed range.
The Company and Bio-AMD believe MPR is a next generation technology ideally suited to POC devices and that MPR may open new markets for near patient diagnostic testing, where quantitative and timely measurement is required, including cardiac testing, infectious disease and oncology.
Intellectual Property Rights
Since Flex made its investment in Bio-AMD in March, 2010, Bio-AMD has filed two new patent applications designed to protect its COAG and MPR technologies. Bio-AMD expects to file a further patent application for a novel DSR technology in the next two months.
Product Development Accelerated
Bio-AMD has, as planned, prioritized the development of DSR as management believes it offers a significant opportunity for early revenues. A prototype device has been produced utilizing a bespoke optical sensor and is undergoing calibration and testing. Early talks have already commenced with third parties interested in potential manufacturing and marketing.
In addition, exploratory discussions with potential manufacturers have revealed strong interest in Bio-AMD's COAG device, given the potential for this particular market. In response, Bio-AMD has brought forward the design and development of COAG. Bio-AMD has supplied a working demonstration prototype COAG meter to a potential manufacturer and distributor and plans to work with that party to test a new detection assembly, source the necessary coagulation reagent and design and prototype a board to take the new detection assembly using a new test strip.
Furthermore, a third party silicon wafer designer has indicated it intends to proceed with designing and prototyping the MPR "Lab-on-Chip" microfluidics test strip, which is expected to bring forward Bio-AMD's development plans for this technology.
The nature of the collaborative arrangements means that this accelerated development of COAG and MPR is not currently expected to a draw materially on Bio-AMD's financial resources, with Bio-AMD remaining in line with its original plan.
MEDICA Trade Fair
Bio-AMD will be represented at the MEDICA World Forum of Medicine International Trade Fair on 17 - 20 November 2010 in Dusseldorf, Germany. Interested parties can contact Bio-AMD to arrange meetings and obtain further information on Bio-AMD's technologies at www.bioamd.com.
Nasser Djennati, Managing Director of Bio-AMD said; "Progress has been rapid. I am particularly pleased with the early interest shown from potential licensees and technology partners."
Tom Barr, CEO of Flex, said; "Bio-AMD has demonstrated that it is well on the way to efficiently developing technologies that are in high demand in this rapidly growing sector."
About Flex Fuels Energy, Inc.
Flex has two majority owned UK subsidiaries: Bio-AMD (www.bioamd.com), a developer of medical devices and technology; and the WDX Organisation Ltd, the owner of the Wocu™, a currency-basket instrument with associated reference data products (www.wocu.com).
To find out more about Flex Fuels Energy (OTCBB:FXFL), visit our website at www.flexgp.com.
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Forward-Looking Statements
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