SOURCE: In Veritas Medical Diagnostics, Inc.

December 08, 2006 01:00 ET

IVMD, Inc. Announces Substantial Progress in Intellectual Property Following New Patent Grant

INVERNESS, SCOTLAND -- (MARKET WIRE) -- December 8, 2006 --IVMD, Inc. (OTCBB: IVME) (FRANKFURT: I7VF) is pleased to announce the granting of a patent in China for its magnetic scanner technology, intended to provide a device with near-patient tissue scanning capabilities. The Chinese market is set to be an extremely important sector for medical diagnostics.

The patent relates to technology based on the use of Hall Effect Sensors in a magnetic field for tissue imaging. Granting of the patent helps underpin IVMD's efforts across its project portfolio whilst also demonstrating that the company is continually securing IP in key areas related to products in its development pipeline.

IVMD's focused research portfolio is currently pursing the development of several devices and technologies including: 1) a platform for near-patient magnetic particle immunoassay tests, 2) a digital pregnancy test and, 3) a generic digital immunoassay reader.

This patent grant is very timely, following the substantial interest displayed in the company's products and technology at the Medica exhibition in Dusseldorf, Germany last month. Some 20 companies, ranging from major diagnostics players to emerging technology ventures with new biomarkers, registered interest in these products and have requested follow up meetings. IVMD is also in discussion with a well-established clinic regarding a collaborative research venture that will see its skin blood flow sensor technology developed and clinically tested for patient monitoring.

Professor Patricia Connolly, Science and Technology Director, commented, "For a small company there is always a degree of nervousness when pursuing a research programme as there is a delicate balance between ensuring that an innovative R&D programme is executed and delivering what the market really needs. However, I am very heartened by both the strengthening of our IP base through this new patent and the tremendous response we had at Medica. We are in the fortunate position now of having to choose who we want to develop projects with from a list of very notable medical companies. I am looking forward to the interactions we will have with our new partners in 2007 and to growing IVMD's IP and research portfolios still further."

The company's wide range of interdisciplinary scientific research is made possible through the company's core expertise in magnetism and magnetic measurement combined with its established and growing collaborations at the clinical interface. The company has already gained valuable clinical trials experience from two projects in its portfolio, a prothrombin monitor (licensed to Inverness Medical Innovations) and an electrophysiological device for the prediction of labour onset in pregnant women. The clinical data obtained under ethically approved trials is a key part of demonstrating the effectiveness of IVMD's devices.

About IVMD, Inc.

IVMD uses its proven, patented core technology to design, develop and test medical devices for near patient testing and monitoring.

Our products serve large global markets in the monitoring of chronic conditions affecting large numbers of the population.

Our first product to market will be a device for measuring the coagulation of blood in patients with cardiovascular disorders. This product is close to market release.

Our scientists are currently working on several other distinct hand-held or highly portable products which make use of our core know-how and technology and are focused on (a) the measurement and detection of pregnancy and labour and (b) the detection of diseases and medical conditions using magnetic detection techniques applied to tissue and blood.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, when used in the preceding discussion, the words "believe," "expects," "projects," "forecasts," "intends," "will," "anticipated," "could," or "may," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the act and are subject to the safe harbour created by the act. Except for historical information, all of the statements, expectations and assumptions contained in the foregoing are forward-looking statements that involve a number of risks and uncertainties.

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