- Agreement signed with third party investor to fund up to $1.2 million to support next crucial development phase of MIDS Cardiac POC diagnostic device
- Patented MIDS technology has successfully detected commercial assay beads at a level approximately four times better than the threshold advised as required for a high sensitivity troponin assay
- Cardiac biomarkers global market expected to reach $13.3 billion by 2024
- HS Troponin testing for myocardial infarction at the point of care would meet a critical unmet medical need
- CDC reports that heart disease is the leading cause of death for both men and women
A new economic study conducted by RTI International for the American Heart Association offers sobering statistics, as the number of Americans diagnosed with cardiovascular disease (“CVD”) is projected to rise to 131.2 million within the next two decades, totaling about 45 percent of the total U.S. population. Overall costs to treat CVD are expected to soar to $1.1 trillion by 2035, an article in ScienceDaily reveals (http://nnw.fm/Lvp4I).
Health care technology company Zenosense, Inc. (OTCQB: ZENO), through the company’s joint venture ownership of MIDS Medical Limited (“MML”), is focused on developing and commercializing its highly sensitive MIDS Cardiac hand-held technology for the rapid, early detection of heart attack at the point of care. Funding for the next critical phase of developing the device and accompanying test strip was recently announced in a news release (http://nnw.fm/Xhf8u).
An agreement between MML and a third party investor will provide staged funding of up to an aggregate amount of $1.2 million, which is expected to cover costs of the next crucial development phase of the MIDS Cardiac microfluidic test strip. The specialized strip aims to embody a high sensitivity (“HS”) troponin assay or a similar assay to prove the MIDS system on a live test. To date, the patented MIDS technology has successfully detected commercial assay beads at a level approximately four times better than the threshold advised by MML’s assay consultants, as required for a HS troponin assay.
Providing HS troponin testing for myocardial infarction (heart attack) at the point of care would meet a critical medical need. The cardiac biomarkers market is expected to reach $13.3 billion by 2024, according to a report by Grand View Research (http://nnw.fm/Bxc0t). The high prevalence of coronary heart disease in western countries like the U.S. is one of the major contributing factors to the growing demand for cardiac biomarker diagnostics, with the troponin biomarker segment expected to grow at the highest compound annual growth rate and capture the largest market share, the report states.
The MIDS Cardiac device is being developed to deliver accurate, rapid results of a single troponin I or T test within three minutes, as well as results of a three panel test that provide additional cardiac biomarkers within eight minutes, all at a fraction of the cost of laboratory analyzers and specialized medical personnel, an article detailing the MIDS Cardiac device states (http://nnw.fm/U1C1w).
The next phase of MML’s development plan includes:
- Design and create an active version of the MIDS microfluidic strip, including the closer integration of the MIDS magnetic sensor to improve the detection levels even further
- Design, develop and embody a live HS assay on the MIDS test strip in conjunction with a leading assay development company contracted to MML
- Refine electronic circuitry and software, system testing and data collection
- Create a compliance dossier
Company management expects the outcome of this next phase to prove to the industry that the MIDS magnetic detection method can detect and accurately quantify a live HS assay on the MIDS microfluidic test strip. If successfully completed, the company believes that test results will demonstrate that MIDS Cardiac can be used at the point of care for HS troponin testing, proving that the device is ready for final development.
For more information, visit the company’s website at www.Zenosense.com
More from NetworkNewsWire
About NetworkNewsWire
NetworkNewsWire (NNW) is a financial news and content distribution company that provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with NNW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
To receive instant SMS alerts, text STOCKS to 77948
For more information, please visit https://www.NetworkNewsWire.com
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
NetworkNewsWire (NNW)
New York, New York
www.NetworkNewsWire.com
212.418.1217 Office
[email protected]