SOURCE: Bio-AMD

March 03, 2016 08:30 ET

Bio-AMD, Inc.: MIDS Patent Grant in People's Republic of China

DARESBURY, UNITED KINGDOM--(Marketwired - Mar 3, 2016) - Bio-AMD, Inc. and Bio-AMD Holdings Ltd., our majority owned medical devices subsidiary (together "Bio-AMD," "We" or the "Company") (OTCQB: BIAD) is pleased to confirm that it has received a Certificate of Grant of a patent in the People's Republic of China ("PRC") for our Magnetic Immunoassay Detection System (MIDS) technology platform.

Patent Number ZL201180025701.5 was granted by the State Intellectual Property Office of the PRC, covering our MIDS "Immunoassay Apparatus Incorporating Microfluidic Channel."

The Company is delighted to have obtained this first territorial protection for its MIDS technology platform. The Company expects to receive further MIDS patent grants, having concurrently applied for protection in a global package of similar applications; in the U.S.A., the European Union and India. The Company believes that the PRC patent grant is indicative of the likelihood of grant in other territories, the PRC grant merely being "first past the post."

MIDS is an early stage technology platform capable of performing a wide range of immunoassay tests with significant potential for the Point of Care sector, expected to offer quantitative results and gold standard, "laboratory accuracy," at the patient's bedside, over a wide range of tests. Subject to resources being available, the Company intends to start work on the production of a MIDS technology bench demonstrator this year.

About Bio-AMD, Inc.

Bio-AMD has two majority owned UK subsidiaries: Bio-AMD Limited, a technology developer for medical diagnostic devices; and WOCU Ltd, the owner of the WOCU®, a global currency data reference source for application in financial markets (www.wocu.com).

To find out more about Bio-AMD (OTCQB: BIAD), visit our website at www.bioamd.com.

Forward-Looking Statements

Statements in this news release that are not statements of historical fact are forward-looking statements, which are subject to certain risks and uncertainties. Forward-looking statements can often be identified by words such as "expects," "intends," "plans," "may," "could," "should," "anticipates," "likely," "believes" and words of similar import. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Actual results may differ materially from those expressed or implied by forward-looking statements due to a variety of factors that may or may not be foreseeable or within the reasonable control of the Company. Readers are cautioned not to place undue reliance on such forward-looking statements. Additional information on risks and other factors that may affect the business and financial results of the Company can be found in filings of the Company with the U.S. Securities and Exchange Commission, including without limitation the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2014 filed on March 30, 2015, and in Company reports filed subsequently thereto. Except as otherwise required by law, the Company disclaims any obligations or undertaking to publicly release any updates or revisions to any forward-looking statement contained in this news release to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

Contact Information

  • CONTACT:
    Bio-AMD, Inc.
    Tom Barr
    CEO
    +44 (0)8445 861 910