MISSISSAUGA, Ontario,
Aug. 3, 2011 /PRNewswire/ --
CardioGenics Holdings Inc. (OTCBB: CGNH) announced today that Merck
Chimie has informed the Company that it intends to begin shipping
commercial lots of CardioGenics' proprietary magnetic beads (with
CardioGenics' proprietary encapsulation) to select Merck Chimie
customers on or about September 30,
2011.
The CardioGenics beads are being shipped to select customers for
testing. After testing the beads, Merck Chimie's customers
will then have the opportunity to purchase commercial lots of the
CardioGenics beads for their continued use. In the mean time,
Merck Chimie will continue refining its encapsulation of
CardioGenics' magnetic beads.
"We are very pleased that Merck Chimie has finalized a timetable
for getting CardioGenics' proprietary beads into the hands of its
customers for testing," said Dr. Yahia
Gawad, CEO of CardioGenics. "Testing of our magnetic
beads by these select customers is a key step in opening the door
for volume sales to Merck Chimie's substantial customer base,"
continued Dr. Gawad.
The Company also announced that it will be scheduling an "online
investor conference" shortly, at which Dr. Gawad will be making a
presentation on the status of the Company's magnetic beads
business, which is operated through its Luxspheres subsidiary.
The details for the online conference will be confirmed in a
future press release.
About CardioGenics Holdings Inc.
Through its operating subsidiaries, the Company develops
ultra-sensitive analyzers and other products targeting the
immunoassay segment of the Point-Of-Care IVD testing market.
It has developed the QL Care™ Analyzer, a proprietary and
ultra-sensitive Point-Of-Care immuno-analyzer, which will run a
number of diagnostic tests under development, the first of which
will be a series of cardiovascular diagnostic tests. As part
of its core proprietary technology, the Company has also developed
a proprietary method for silver coating paramagnetic microspheres
(a fundamental platform component of immunoassay equipment), which
improve instrument sensitivity to light. The Company's
proprietary microspheres technology and SAVAsphere™ magnetic
beads are developed and marketed through the Company's Luxspheres
subsidiary. The Company's principal offices are located in
Mississauga, Ontario, Canada.
For more information please visit www.cardiogenics.com and
www.luxspheres.com.
Safe Harbor Statement - Certain statements made herein that
are not historical are forward-looking within the meaning of the
Private Securities Litigation Reform Act of 1995 and may contain
forward-looking statements, with words such as "anticipate,
"believe," "expect," "future," "may," "will," "should," "plan,"
"projected," "intend," and similar expressions to identify
forward-looking statements. These statements are based on the
Company's beliefs and the assumptions it made using information
currently available to it. Because these statements reflect the
Company's current views concerning future events, these statements
involve risks, uncertainties and assumptions. The actual results
could differ materially from the results discussed in the
forward-looking statements. In any event, undue reliance should not
be placed on any forward-looking statements, which apply only as of
the date of this press release. Accordingly, reference should be
made to the Company's periodic filings with the Securities and
Exchange Commission.
SOURCE CardioGenics Holdings Inc.