New investment for IVMD to develop labour prediction and blood glucose
4 April 2005. Inverness, Scotland. IVMD, Inc. (OTCBB:IVVO), a
developer of leading edge non-invasive medical diagnostic tests and
products, announced that it has received second phase funding from Inverness
and Nairn Enterprise (INE), a UK government agency.
The company previously announced a similar investment in the company by
INE in December of 2004. This funding represents an ongoing commitment by
INE to IVMD’s business success.
John Fuller, President and CEO said, “This latest round of approvals is a
great endorsement of our progress, both technological and commercial. INE
has been very diligent in its review of our business to ensure we have met
the required milestones”.
The payments from INE have been triggered by IVMD’s development of labour
prediction technology in pregnancy, and research work into non-invasive
measurement of blood glucose for the treatment of diabetes.
The payments from INE, ranging between 32 and 50% of the project budgets,
represent part of INE’s long-term commitment to support the growing business
Ian Fraser, Head of Business Development at INE said, “We have been
impressed by IVMD’s progress. We have commissioned external scientific
analysis of their projects and can confirm that we are delighted with the
IVMD, Inc. consists of the former Hall Effect Technologies, Ltd., which
is now IVMD (UK) Ltd. and Jopejo Ltd. IVMD is in the final stage of
developing its first groundbreaking medical device for the cardio-vascular
Other medical conditions being addressed by IVMD’s patented technology
include the diabetes market and those conditions where imaging is essential.
The company’s technology is based on the Hall Effect and although it has
been known since 1879 when E. H. Hall discovered it, it is only through
recent developments in semi-conductor technology and computing power that
scientists have been able to analyze the magnetic properties of bone and
tissue, thereby enabling the Hall Effect to be considered in medical uses.