CardioGenics Announces Further Update Regarding Status of Merck Agreement
10 März 2010 - 4:51PM
PR Newswire (US)
MISSISSAUGA, Ontario, March 10 /PRNewswire-FirstCall/ --
CardioGenics Holdings Inc. (BULLETIN BOARD: CGNH) , a developer of
technology and products targeting the IVD segment of the
Point-Of-Care (POC) diagnostic market, announced today a further
update regarding the status of its agreement with Merck Chimie
s.a.s. ("Merck Chimie"). As mentioned in the Company's prior
announcement and Current Report on Form 8-K filed on November 24,
2009, Merck Chimie completed their encapsulation of a "test batch"
of CardioGenics' proprietary paramagnetic beads (the "CardioGenics
Beads") and targeted December 2009 for delivery of the CardioGenics
Beads to the Company for "bench testing" to determine adherence of
the encapsulated beads to specifications established jointly by
Merck Chimie and CardioGenics for the commercial product. In
December 2009, the Company received the encapsulated "test batch"
of the CardioGenics Beads from Merck Chimie and performed the
necessary bench testing. After analyzing the bench test results,
the Company reported its findings to Merck Chimie and both parties
agreed that Merck Chimie would undertake technical adjustments to
the encapsulation process to meet the specifications. Consistent
with the Company's recommendation, Merck Chimie will now
encapsulate a second "test batch" of the CardioGenics Beads,
incorporating such technical adjustments, and deliver the second
"test batch" of the encapsulated CardioGenics Beads to the Company
for what the parties anticipate will be the final bench test. The
Company expects to receive the second "test batch" of the
encapsulated CardioGenics Beads from Merck Chimie during May, 2010.
The Company will shortly thereafter perform its second bench test
with those beads and anticipates meeting with Merck Chimie also
during May, 2010 to discuss the bench test results and Merck
Chimie's efforts for "scaling-up" production of the final
encapsulated CardioGenics Beads for commercialization. While being
extremely close to satisfying the jointly developed specification
for the commercial product, the Company nevertheless felt that some
additional minor technical adjustments were necessary in the
encapsulation process in order to optimize performance of the
CardioGenics Beads during commercial use. Dr. Yahia Gawad Chief
Executive Officer of CardioGenics Holdings Inc., stated, "We are
extremely satisfied with the efforts of Merck Chimie and the talent
of their team who are working with our team to commercialize a
superior product to meet market needs." About CardioGenics Holdings
Inc. Through its CardioGenics subsidiaries, the Company develops
technology and products targeting the immunoassay segment of the
In-Vitro Diagnostic testing market. It has developed the QL Care
Analyzer, a proprietary Point Of Care immuno-analyzer, which will
run a number of diagnostic tests under development, the first of
which will be a series of cardiovascular diagnostic tests. As part
of its core proprietary technology, the Company has also developed
a proprietary method for silver coating paramagnetic microspheres
(a fundamental platform component of immunoassay equipment), which
improve instrument sensitivity to light. The Company's principal
offices are located in Mississauga, Ontario, Canada. Safe Harbor
Statement - Certain statements made herein that are not historical
are forward-looking within the meaning of the Private Securities
Litigation Reform Act of 1995 and may contain forward-looking
statements, with words such as "Anticipate, "believe," "expect,"
"future," "may," "will," "should," "plan," "projected," "intend,"
and similar expressions to identify forward-looking statements.
These statements are based on the Company's beliefs and the
assumptions it made using information currently available to it.
Because these statements reflect the Company's current views
concerning future events, these statements involve risks,
uncertainties and assumptions. The actual results could differ
materially from the results discussed in the forward-looking
statements. In any event, undue reliance should not be placed on
any forward-looking statements, which apply only as of the date of
this press release. Accordingly, reference should be made to the
Company's periodic filings with the Securities and Exchange
Commission. DATASOURCE: CardioGenics Holdings Inc. CONTACT:
Investor Relations: Robert Schatz, Managing Director of
WolfeAxelrod Weinberger Associates LLC, +1-212-370-4500; Media
Relations: MikeGraff of The Investor Relations Group,
+1-212-825-3210
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