ChroMedX Provides 2016 Development Summary and Reports on Recent Warrant Exercise and Expiration

ChroMedX Corp. (CNSX:CHX,OTCQB:MNLIF,FSE:EIY2) provided a 2016 development summary and report on development initiatives in 2017. ChroMedX is the developer of the HemoPalm Handheld Blood Analyzer System.
As quoted in the press release:

In 2016 the Company’s core focus was the development and testing of the HemoPalm biosensor component and to commence assembly of the HemoPalm analyzer prototype. ChroMedX also welcomed the addition of Ash Kaushal as Director, President and CEO and secured global patent protection on its HemoPalm Blood Analyzer System.
Intellectual Property
2016 was a pivotal year for the Company’s effort in securing protection on its HemoPalm Blood Analyzer System receiving the US and Canadian patents entitled “Joint Spectroscopic and Biosensor System for Point-of-Care Testing”, and filing for protection in the remaining major international markets of Europe, India, China, Japan, and South Korea.
The main claims in the issued patents cover the HemoPalm system, the HemoPalm cartridge, and a method for using the HemoPalm system. HemoPalm is positioned to be the only hand held POCT analyzer that combines Blood Gases & Electrolytes, with full CO-oximetry. Currently this combination is only available in benchtop analyzers that are usually found in the central laboratory. The significance of this patent is that patent protection of the HemoPalm system is now extended until 2035.
Biosensor Development
ChroMedX Corp. faced significant challenges with its biosensor development in 2016 but was successful in developing the micro sensors and announced the commencement of testing in November.
There were initial challenges with the deposition process that has since been solved with the joint development program managed by ChroMedX President & CEO Ash Kaushal at McMaster University in Hamilton Ontario. Initial results on the pH biosensor, were very positive , and showed expected electrical signals in response to pH changes.
In December 2016 the Company’s collaboration with Dr. Leyla Soleymani of McMaster’s Biointerface Institute was again recognized and an Innovation and Productivity I grant was received from Ontario Centres of Excellence for continued HemoPalm biosensor development.
“We are excited to continue our collaboration with Dr. Soleymani in 2017. The support provided by her team has enabled us to work closely with Ontario’s world-class academic institution, leading to significant headway on our development.” said Dr. James Samsoondar, Director & CSO, ChroMedX Corp.

Click here for the full press release.