SOURCE: SensiVida Medical Technologies Inc.

SensiVida Medical Technologies Inc.

June 22, 2010 14:32 ET

SensiVida Medical Technologies Inc. Gains Momentum in Product Development of Painless Allergy Test and Glucose Monitor

HENRIETTA, NY--(Marketwire - June 22, 2010) - SensiVida Medical Technologies (PINKSHEETS: SVMT), a developer of painless diagnostic systems, today announced that it has stepped up its product development activities after raising the first $1.5M of their $10M Series A financing.

This initial financing phase is being used to accelerate internal product development and fund commercialization activities with partners such as Wi Inc. (http://www.marketwire.com/press-release/SensiVida-Medical-Technologies-Inc-Enters-Design-Development-Agreement-With-Wi-Inc-Advance-1269639.htm) and Dhurjaty Electronics Consulting LLC. 

Dhurjaty Electronics Consulting performs research and development for research hospitals as well as industry customers. Among its notable clients are the University of Pittsburgh Medical Center and Abbott Point of Care. The principal, Sreeram (Ram) Dhurjaty, has 35 years of experience in medical electronics and systems. With a rich portfolio of experienced associates, the company has tackled projects that include sensitive devices for non-radiological breast screening, patient monitoring systems, low noise medical power supplies, embedded systems and application software, and complete medical systems, including packaging. The company is well versed in design and documentation in conformance to FDA regulations with the help of several associates, each of whom are experts in the fields of hardware, software, regulatory, and packaging.

President and Chief Technology Officer Jose Mir said: "Dhurjaty Engineering is a great addition to our product development efforts. They bring to us significant expertise in medical electronics, imaging systems, and image processing -- all critical to our product family. We have been interacting with Dr. Dhurjaty and his colleagues for over a year. They are already very familiar with SensiVida's technologies and will be able to hit the ground running." 

First in SensiVida's product family plan is a totally painless allergy test that provides digital results after only 10-12 minutes. (http://www.marketwire.com/press-release/SensiVida-Medical-Technologies-Inc-Announces-Promising-Early-Human-Clinical-Results-1259527.htm

Mr. Mir stated, "Our allergy test is designed to deliver the quantitative objectivity of in vitro allergy testing while improving the comfort, immediacy, accuracy, and productivity of the widely used Skin Prick Test. Simply put, it provides the best of each test while avoiding their respective disadvantages. Allergic reaction data and images are also saved as part of the patient's electronic medical record, which is expected to greatly improve the physician's ability to diagnose the patient's allergic profile over time."

SensiVida will also use proceeds from recent financing to accelerate development of its second product, a totally painless in vivo blood glucose monitor. The automated glucose monitor is based on the same platform as the company's allergy test, leveraging its optical microneedle and image processing technologies. Unlike reported optical glucose monitors (all still at the research stage), SensiVida's test directly samples minute amounts of body fluids, accurately, without extraction, biofouling, or frequent calibration. SensiVida's proprietary technology is also advantaged relative to commercial in vivo Continuous Glucose Monitors (CGMs), since optical discrimination methods are used to measure actual glucose levels, while discarding invalid elements of the measurement. The technology has been described as a "microscopic window to the physiology" that probes body chemistry intelligently using image processing.

Mr. Mir added, "SensiVida's technology has the potential to provide both Type I and Type II diabetics an automated monitor that tracks their blood glucose levels periodically like CGM's but with therapeutic accuracy. Although we have a ways to go before our glucose monitor becomes a reality, early laboratory tests are promising and we believe that we have filed strong patents supporting this innovation."

About SensiVida Medical Technologies Inc.

SensiVida is a developer and provider of minimally invasive diagnostic devices with proprietary, microsystems-based technology that automates bio-sensing and data acquisition while minimizing patient discomfort. The Company's optical-digital platform technology addresses a number of multi-billion dollar market opportunities: allergy testing, pain-free automated glucose monitors, blood coagulation testing, TB testing, cholesterol monitoring, and more.

SensiVida has an exclusive worldwide license to nine pending patents. In addition to the SensiVida allergy test, the product pipeline, based on the same microsystem and image processing technology, includes a portable glucose monitor. This device consists of a patch or chip having multiple, individually addressable sensors that are activated in accordance with the patient's test schedule, automatically recording the patient's glucose level without pain, bio-fouling or clogging. For more information about SensiVida, please visit www.Sensividamedtech.com

Forward Looking Statements:

Certain of the matters discussed in this announcement contain forward-looking statements that involve material risks to and uncertainties in the company's business that may cause actual results to differ materially from those anticipated by the statements made herein. Such risks and uncertainties include, among other things, our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from others patents and patent applications necessary to develop products; the availability of financing; the company's ability to implement its long range business plan for various applications of its technology; the company's ability to enter into agreements with any necessary marketing and/or distribution partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the company's technology; and management of growth and other risks and uncertainties that may be detailed from time to time in the company's reports filed with the Securities and Exchange Commission. This is not a solicitation to buy or sell securities and does not purport to be an analysis of the Company's financial position. See the Company's most recent Quarterly Report on Form 10Q and related 8-K filings.

Contact Information

  • Company Contacts:
    Jose Mir, President & CTO
    585-953-5559
    Email Contact

    David R. Smith, Chairman of the Board
    585-230-5171
    Email Contact

    SensiVida Medical Technologies
    77 Ridgeland Road, Henrietta, NY 14623
    585-413-9080

    CONTACT:
    Stanley Wunderlich
    Consulting For Strategic Growth 1, Ltd.
    880 Third Ave, 6th Floor
    New York NY 10022
    Telephone: (800) 625-2236
    Fax: (646) 205-7771
    Email: Email Contact