- First Quarter Target Agreed
GENEVA, Switzerland, Feb. 11 /CNW/ - 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
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
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
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For further information concerning risks and uncertainties that may affect our
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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 further information:
For further information: 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