Zenosense (OTC: ZENO), a healthcare technology company, this morning announced that its MIDS Medical Ltd. (“MML”) joint venture (“JV”) has entered a staged funding for the next phase of development of the MIDS Cardiac™ hand-held technology. MML entered into an agreement with a third-party investor for funding of up to a total of $1,200,000 on August 31, 2018. The funding is anticipated to cover the expenses of the next key development phase intended to prove that the MIDS magnetic detection method can detect and accurately quantify a live high sensitivity (“HS”) assay on the MIDS microfluidic test strip. Per the agreement, MML will receive an initial total amount of $300,000 in exchange for ordinary shares in MML representing a 2.91% equity ownership, with the option to make scheduled payments up to an additional $900,000. The full $1,200,000 investment would result in a 10.31% equity ownership in MML.
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About Zenosense, Inc.
Zenosense Inc., through a joint-venture ownership in MIDS Medical Ltd., is primarily focused on the development of a cost-effective, hand-held Point of Care rapid cardiac diagnostic device, MIDS Cardiac. MIDS Medical applies patent-protected magnetic nanoparticle detection technology and a development team with world-class technical expertise. The MIDS Cardiac device and test strip is being designed to support a variety of rapid high sensitivity cardiac biomarker tests, with a focus on troponin I and T, to identify or discount Acute Myocardial Infarction with accuracy equal or superior to high sensitivity assays performed on laboratory analyzers. For more information, visit the company’s website at www.Zenosense.com.
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