SOURCE: In Veritas Medical Diagnostics Inc.

July 20, 2006 07:37 ET

In Veritas Applies for New Grant Funding

INVERNESS, SCOTLAND -- (MARKET WIRE) -- July 20, 2006 -- IVMD Inc., a novel medical device company (OTCBB: IVME), today announced that it has applied for a significant development grant for Veterinary applications of its Labour Prediction technology.

IVMD has already received a feasibility grant in 2005. The project successfully proved the application of human technology into equine and allowed all of the technical and commercial activities to be assessed in a full study. The study was undertaken using Veterinary support and successfully tracked a number of equine pregnancies.

The results from the trial showed that foaling followed a similar pattern to human birth, however, the signal characteristics allowed a very accurate prediction of the onset of labour in the mare from 2 days out.

Accurate information predicting the onset of foaling will save the owners many days of worry and needless and expensive observation -- potentially saving from $4k for an eventing horse to $1m for a Flat Race horse on a birth that is missed or ends up with fatal complications, particularly as foaling mares have the second highest mortality rate in the animal kingdom.

There are 60 million domestic horses worldwide. As the average lifespan of a horse is approx. 20-25 years, approx. 2.6 million horses are born each year. In the UK, there are 900,000 horses; the number rising annually and in the UK equestrianism is a £2.6 billion industry (BETA National Equestrian Survey). In the USA alone, horse owners spend 12 billion dollars per year on their horses.

The development grant would allow the development of the technology to a full commercial solution in a short period of time. IVMD has already identified suitable marketing partners in the equine marketplace and has undertaken cost and marketing studies that show significant market potential.

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. Two applications form the focus of current development work. The first is a device for measuring the coagulation of blood in patients with cardiovascular disorders which is in the last stages of clinical trials. The second is a device that predicts the onset of human labour up to several weeks before birth.

Our scientists are currently working on several exciting minimally and non invasive additional products based on novel, highly sensitive immunoassays. From across all sectors of industry, our development team uses our technology to create rapid prototype and product development, in partnership with major marketing and distribution partners.

IVMD actively seeks bespoke product development, manufacturing, marketing and distribution agreements.

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 harbor 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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