Acrongenomics targets Molecular Vision's microfluidics point-of-care
15 February 2008
Swiss technology investment group Acrongenomics, Inc.
(OTCBB:AGNM), has announced an agreement with with Molecular Vision and The
Imperial Venture Fund to acquire Molecular Vision by the end of the first
quarter this year. Acrongenomics acquired 10.9% of the shares of Molecular
Vision earlier this month.
Acrongenomics identifies and then invests in groundbreaking technologies. In
May 2006, the Company first identified the combination of microfluidics and
light-responsive polymers being developed by Molecular Vision as having the
potential of completely revolutionising the point of care (PoC) diagnostics
In a simple-to-use compact hand-held device the analytical capabilities
of a number of standard pieces of laboratory equipment can be duplicated.
This means that a very wide range of diagnostic tests based on the same
procedures that are used in the laboratory, will now be available to be
undertaken in a physicians office, or even in the field if you were, for
example, trying to identify an outbreak of infectious disease in farm
This wide utility was identified by Acrongenomics and resulted in them
investing US $ 4.6million in Molecular Vision in order to build a prototype
of the hand-held device and undertake trials comparing the results obtained
with the device with those obtained from standard pieces of equipment
routinely used in Pathology Laboratories.
The results of a comparative trial measuring creatinine in urine will be
presented comparing the Molecular Vision device with the Siemens DCA 2000.
These results have shown good correlation. A further comparative trial
measuring vitamin C is underway and various blood-based tests are being
planned. Once these comparative trials are completed, the company will then
commercialise the first diagnostic panel to monitor kidney function,
followed by vitamin C monitoring.
Dr Dimitris Goundis, CEO of
Acrongenomics commented: "Molecular Vision has an exceptional team working
with a very exciting technology that we feel will become a very significant
part of the US$11bn market. Because of the compact and mobile nature of this
technology, we see it as having much wider application than we envisaged
when we made the initial investment to secure rights for kidney,
cardiovascular and STD applications.
"We now see this as a standard unit that will be used in the hospital
clinics, wards, operating theatres and emergency departments, indeed
wherever quick results are required for rapid intervention at one end of the
spectrum or for the convenience of the patient in the clinic or physicians
office environment at the other end.
"However, the true versatility of this device is such that the unit can
be taken into the field, not only to support community based health
initiatives, but also in homeland security and in the veterinary field where
in-situ testing for infectious disease could take place. Having seen all
these applications open to the device it is now appropriate for us to
protect our initial investment and take total control over the rapid
commercialisation of this exceptional and versatile technology."
Campbell, CEO of Molecular Vision added: "Acrongenomics is an ideal partner
to support the Company as we now have the guaranteed access to funding that
will now allow the team to concentrate solely of generating comparative data
for an increasing range of diagnostic tests. Since we first showcased the
device in March of 2007 we have been able to improve the detection
sensitivity 100-fold through a combination of optimised light sources, light
detectors and filters, all of which are assembled at low cost, ideal for the
point-of-care diagnostic market.
"We now need to show unequivocally that this system generates the same
data with the same degree of accuracy as the standard laboratory based
tests. This should be relatively straightforward as the tests are basically
the same but we have the advantage of using microfluidics making the device
portable. We have now worked with the team at Acrongenomics since 2006 and
it is clear that they now understand the technology and have seen much wider
markets that are now open to the technology. We can concentrate on what we
are good at and leave the corporate side to an equally expert team."