MISSISSAUGA, Ontario, Feb. 1, 2011 /PRNewswire/ —
CardioGenics Holdings Inc. (OTC Bulletin Board:
CGNH) announced today that CardioGenics and Merck Chimie SAS
continue the commercialization process of CardioGenics’ magnetic
beads. Merck recently notified CardioGenics that while it is
refining its encapsulation of the CardioGenics beads, it will also
test a batch of magnetic beads coated with CardioGenics’
proprietary silver-coating and polymer encapsulation processes (the
“CardioGenics Encapsulated Beads”) with the aim of commercializing
the CardioGenics Encapsulated Beads while Merck Chimie is
finalizing its owns proprietary encapsulation of the CardioGenics
beads.
CardioGenics also announced that it is accelerating its
commercialization efforts for its magnetic beads and as a result,
the Company has signed two significant Material Transfer Agreements
(“MTA”) with 2 major international life sciences companies. Under
the first MTA with one of the top 3 beads production and
distribution companies, CardioGenics will furnish them with its
silver-coated magnetic beads for polymer coating by the
distributor. In addition, the distributor will provide CardioGenics
with their magnetized bead prototypes, which CardioGenics will then
silver-coat with its proprietary silver-coating technology.
Under the second MTA with one of the top IVD companies,
CardioGenics will furnish them with its silver-coated and polymer
encapsulated magnetic beads for subsequent testing and evaluation
in their various test products.
Magnetic beads are a key component of virtually every
immunoassay analyzer in the world. CardioGenics’ proprietary
silver-coating technology enhances the signaling properties of
magnetic beads, resulting in an increased sensitivity of
immunoassay analyzers by up to seven fold. This can allow for
more sophisticated data collection from patient samples be
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