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April 26, 2005
MDX Medical Inc. Signs Term Sheet with the University of British Columbia for New Technology
For Immediate Release
Vancouver, BC, April 26,2005 - MDX Medical Inc. (TSX.V: MDX) announced today it has signed a Term Sheet with The University of British Columbia (UBC) to license a new diagnostic technology developed at Vancouver General Hospital, for the non-invasive diagnosis of diseases of the bladder, including urinary incontinence and bladder dysfunction.
The technology is a patent pending, non-invasive medical device employing near-infrared spectrophotometry (NIRS) for use in urodynamic imaging to assess bladder function and diagnose disease. The technology was discovered by an interdisciplinary team comprised of Roy Gagnon and Professor Andrew Macnab, internationally recognized experts in the field of NIRS based at BC Children and Women's Hospital, and Associate Professor Lynn Stothers, Director of the Bladder Care Center at UBC Hospital.
The World Health Organization estimates that bladder dysfunction and related urinary incontinence affects 200 million people worldwide with annual treatment costs estimated at USD $16 billion. This condition, when properly diagnosed and assessed, can be treated effectively.
The UBC research team and the Company believe that the use of the NIRS technology will revolutionize the diagnosis and assessment of bladder disease and replace the current standard of care, a highly invasive procedure involving the insertion of rectal and urethral catheters. The current standard of care has very low patient compliance due to the discomfort, duration and complication of the procedure. The UBC research team and the Company believe that the NIRS technology will provide a superior procedure which is non-invasive and painless. This innovation should significantly increase patient compliance.
Mark Thomson, President of MDX Medical, stated "NIRS is an exciting, new and disruptive technology that has the potential to become the standard of care for over 200 million patients with urinary problems. We believe replacement of the current invasive procedure with Dr. Stothers non-invasive technology in conjunction with our aging population produces a very attractive, compelling and high growth market opportunity for the company and its shareholders."
The UBC research team was awarded first prize for their invention at the Northwest Urological Association held late last year. Dr Stothers had this to say about the agreement with MDX Medical, "MDX is a highly experienced team that provides an excellent platform to develop, commercialize and market this exciting technology to the global clinical market for the benefit of patients and clinicians alike."
The Company expects to complete the definitive License Agreement with UBC within the next several weeks and provide additional details of its commercialization plans at that time. In accordance with the agreement, the terms of the agreement remain confidential.
About MDX Medical
MDX Medical Inc.'s focus is on commercializing novel, innovative and leading edge medical device technologies for improved diagnosis and treatment of cancer and other prominent health disorders. The Company�s business strategy is to acquire promising technologies that have reached the "proof of feasibility" or later stages of product development, complete the final stages of commercialization, obtain the required regulatory approvals and pursue strategic marketing partners. For more information about MDX, please visit our website at: www.mdxmedical.com.
On behalf of the Board,
"Mark Thomson"
President, MDX Medical Inc.
Certain information contained in this press release may be forward looking and is subject to unknown risks, which could cause actual results to differ materially from those, set forth or implied herein. Al though the Company believes that the expectations reflected in such forward looking statements are reasonable, it can give no assurance that such expectations will prove correct.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Larry Horsburgh
Phone: (604) 694-7770, Ext. 112
Email: lhorsburgh@mdxmedical.com |
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