ChroMedX Announces In-House Biosensor Manufacturing for Expedited Testing and Refinement; Appoints Edwards as Executive Chairman

ChroMedX Corp. (the “Company”) (CSE:CHX) (OTCQB: CHXIF) (FSE: EIY2), developer of the HemoPalm Handheld Blood Analyzer System, is pleased to report that the Company is now in the process of mass manufacturing the HemoPalm’s biosensor component at the ChroMedX lab in Ontario, Canada. The Company also announces the appointment of Gerard Edwards as Executive Chairman, and George Langdon as Corporate Communications Director.
In August of this year ChroMedX announced the construction of a new lab and relocation of corporate headquarters/development activities, apart from the manufacturing of the HemoPalm’s biosensor component. Since that time ChroMedX has continued to manufacture the sensors at the McMaster University Biointerface facility and has worked with a number of specialized manufacturing firms to find a partner to expedite the biosensor development process for testing and commercial manufacturing.
ChroMedX is very pleased to announce that following an extensive vetting process the Company has collaborated with manufacturing and dispensing specialists BioDot Inc. of Irvine, California to custom modify a dispensing platform to produce the sensors in-house, greatly accelerating the manufacturing, development and testing of the biosensor component.
“This is a major turning point for HemoPalm development and the biosensor is now on the critical path. Our results with McMaster were positive but the manufacturing of the sensors greatly slowed the process. Our collaboration with BioDot has put us on the fast-track and the sensors developed with them have exceeded our expectations,” said Ash Kaushal, President & CEO, ChroMedX Corp.
Using the modified dispensing equipment, the Company has manufactured biosensors that have demonstrated remarkable performance in terms of accuracy, stability, and reproducibility of measurement. In addition, ChroMedX has eliminated an electrolyte layer that current devices have and has also simplified the reference half-electrode. These improvements will result in a decrease in manufacturing cost and a longer cartridge shelf-life.
The modified platform also provides positional accuracy and high-speed aspirating and dispensing, for manufacturing the biosensors. The Company is now in the process of optimizing the deposition technique, using sophisticated microscopic image technology to minimize defects in the ion-selective membrane.
Other Business
The Company is also pleased to report on new appointments. Current Director Gerard Edwards has been appointed Executive Chairman of the ChroMedX, and Director George Langdon as Corporate Communications Director.
“As a founding director of ChroMedX, I have always been enthusiastic about its potential to disrupt this industry. It is a rare opportunity to take part in a successful business and advance the standard of healthcare for those in critical need. I am honored with this appointment and look forward to playing my role in the advancement of this technology,” said Gerard Edwards, Executive Chairman, ChroMedX Corp.
Gerard Edwards holds an undergraduate degree in Commerce and a Masters of Business Administration with a focus in finance. Mr. Edwards has 30 years of independent business experience as a serial entrepreneur and venture capitalist. He has developed companies in the technology sector, oil & gas exploration/development, and real estate development. Gerard was recently appointed as lead negotiator of the ChroMedX, DxEconomix M&A transaction.
Recent News
ChroMedX recently announced the signing of an LOI with diagnostic marketing experts DxEconomix Inc. to conduct a potential high-value transaction for the Company. The Company and DxEconomix are now working towards a definitive agreement within 60 days of the LOI signing. Further information can be found on the Company’s website.
About BioDot Inc.
BioDot manufactures premium non-contact and quantitative fluid dispensing systems. Combined with our expertise in lamination, cutting, and assembly, our wide range of platforms serve our customers from R&D through high volume manufacturing in the industrial, diagnostic, life science and medical product markets.Started in 1994 and based in Irvine, California, BioDot has international offices to service a variety of industries in every nation. Our long-lasting relationships with customers are built on precision products and quality service around the world.
For further information please visit: https://www.biodot.com/
Website
Investors and individuals interested in keeping abreast of latest news and updates can subscribe on the Home and News pages on the Company’s website at www.ChroMedX.com.
About ChroMedX Corp.
ChroMedX Corp. is a medical technology company focused on the development of novel medical devices for in vitro diagnostics and point-of-care testing. The devices are protected by the Company’s issued and pending patents, dealing with blood collection, analysis and plasma/serum processing.
The HemoPalm Handheld Blood Analyzer System is the only handheld blood analysis technology which combines Blood Gases & Electrolytes with full CO-oximetry. Currently this combination is not available on any of the handheld analyzers on the market. Existing technologies require users to purchase a second device to carry out the CO-oximetry. The Company’s technology has the advantage of being able to offer a single handheld blood analyzer that provides all the required tests for Blood Gases & Electrolytes, with full CO-oximetry and bilirubin. Another competitive advantage of the HemoPalm system will be its ability to draw capillary blood directly from a pin-prick site into the cartridge, providing an alternative to arterial blood. Drawing arterial blood is painful and can cause nerve damage. CO-oximetry is the measurement of five different hemoglobin species in blood.
The global market for Blood Gases & Electrolytes was estimated to be 1.5 Billion $US in 2015 and is projected to reach over 1.8 Billion by 2020.
Website: www.chromedx.com
Contact:
Gerard Edwards
Executive Chairman
Office. 647-872-9982 ext. 2
TF. 1-844-247-6633 ext. 2
investor.relations@chromedx.com
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company’s control. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company’s filings with Canadian securities regulators, which filings are available at www.sedar.com.
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