Acrongenomics Inc. Enters Into Memorandum of Understanding with Molecular Vision, an Imperial Innovations Spin-Out Company.GENEVA, Switzerland -- Acrongenomics Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AGNM) and Molecular Vision Ltd -- an Imperial Innovations spin-out company -- today signed a Memorandum of Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. (MOU (Minutes Of Usage) A metric used to compute billing and/or statistics for telephone calls or other network use. ) to embark on joint R&D to develop and commercialize a line of low-cost, easy-to-use and readily portable point-of-care (POC (Proof Of Concept) See PoC exploit. POC - Point Of Contact ) diagnostic devices for medical testing that will greatly extend the tools available to the medical community. The devices will allow for on-the-spot quantitative/qualitative diagnosis for diabetes, drug abuse, STDs and cardiovascular diseases. The ability to perform accurate and fast diagnosis at first consultation will eliminate the need for patients to make repeat visits, thereby bringing forward the initiation of treatment, freeing up clinical time, and lowering treatment costs. Furthermore, the technology offers potential outside the diagnostics market and will be of use to many specialists lacking access to on-site laboratory facilities. The global POC testing market is estimated to reach US$18 billion by 2010 (BCC (Blind Carbon Copy) The field in an e-mail header that names additional recipients for the message. It is similar to carbon copy (cc), but the names do not appear in the recipient's message. Not all e-mail systems support the bcc feature. See fcc. Research). Molecular Vision's patented diagnostic chips have the potential to become a de-facto standard for medical testing. They are based on a novel technology platform that will allow the development of readily portable POC devices for a broad range of medical applications. They incorporate two powerful technologies: microfluidics and organic semiconductor devices (light emitting diodes and photodetectors). Organic polymer light emitting diodes have been the subject of intense scientific and commercial interest since their discovery at Cambridge University Cambridge University, at Cambridge, England, one of the oldest English-language universities in the world. Originating in the early 12th cent. (legend places its origin even earlier than that of Oxford Univ. in 1989 by Molecular Vision co-founder Professor Donal Bradley and his colleagues. This early development led Professor Bradley and colleagues to found Cambridge Display Technology Ltd (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :OLED (Organic Light Emitting Device, Organic Light Emitting Diode) A thin film light-emitting technology that is expected to compete with LCD and plasma TVs as well as LCD monitors and readouts. ). Professor Bradley is now the head of the Physics Department at Imperial College London History Imperial College was founded in 1907, with the merger of the City and Guilds College, the Royal School of Mines and the Royal College of Science (all of which had been founded between 1845 and 1878) with these entities continuing to exist as "constituent colleges". and enjoys an international reputation for his organic semiconductor research. In 2005 he was awarded the prestigious Jan Rajchman Prize by the Society for Information Displays for outstanding scientific and technical research in the field of flat-panel displays. He also received the 2005 European Latsis Prize The European Latsis Prize is awarded annually by the European Science Foundation for "outstanding and innovative contributions in a selected field of European research". The prize is worth 100,000 Swiss francs and is awarded within a different discipline each year. for Nano-Engineering, awarded by the European Science Foundation The European Science Foundation is an organisation intended to promote scientific research in Europe through conferences, communication and the funding of research programmes. It comprises learned societies and funding agencies from within Europe.. , for research on molecular-level control of the performance of organic semiconducting materials and devices. Professor Andrew de Mello -- Molecular Vision-co-founder -- is a professor of Chemical Nanosciences in the Department of Chemistry at Imperial College. He is a pioneer in the field of microfluidics. In 2002 he was awarded the SAC Silver Medal by the Royal Society of Chemistry. Dr John de Mello -- Molecular Vision-co-founder -- is a senior lecturer in nanomaterials in the Department of Chemistry at Imperial College. His primary research interests include organic semiconductors, miniaturized devices for chemical and biological diagnostics, and intelligent synthesis techniques for the controlled production of nanoparticles. "There is a great demand for accurate quantitative and qualitative portable testing devices, and the POC market is still at an embryonic stage. Acrongenomics Inc. looks forward to working with leading research academics from Imperial College London," said Constantine Poulios, President of Acrongenomics. "We believe that this collaborative effort between Acrongenomics and Molecular Vision in advancing medical diagnostics will be fruitful and rewarding for both companies." About Acrongenomics Inc. Acrongenomics Inc., is a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. that focuses on investing and commercializing novel technology platforms concerning the Life Sciences sector. Acrongenomics brings novel and realistic concepts to market by transforming scientific innovations into tangible, consumer-orientated applications. The company has its international headquarters in Geneva, Switzerland. About Molecular Vision Ltd Molecular Vision is a spin-out company of Imperial Innovations Ltd. The company was founded in 2002 in order to meet a clearly defined demand in the medical diagnostics, biosensors and analytical instrumentations markets: the need for miniaturized chemical and biological detectors offering high sensitivity and functionality at low cost. The company has directly addressed this market demand by inventing a novel method for optical detection based on recent advances in organic electronics and light emitting diodes combined with microfluidics technology. The company has mainly focused on applying its technology to the medical diagnostics markets. About Imperial Innovations Ltd Imperial Innovations is one of the UK's leading technology commercialization companies with a strong value creation record having already generated revenues in excess of GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 30 million from spin-outs and licenses since 1997. The company, together with Imperial's academic inventors, has established equity holdings in more than 54 spin-out companies and completed over 100 commercial agreements. Over 1,000 jobs have been created through the spin-out companies. Imperial Innovations commercializes technology emanating from Imperial College and external sources. Technologies range across software, micro and nano devices, power electronics, renewable energy, mechanical tools, medical imaging and devices, therapeutics and drug discovery tools. |
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