Home > Press > Lifecare Awarded $2 Million From the Research Council of Norway
Funds to Develop Proprietary Glucose Monitoring Sensor
Lifecare Awarded $2 Million From the Research Council of Norway
WEST PALM BEACH, FL | Posted on July 12th, 2007
IQ Micro Inc. (OTCBB: IQMC), exclusive licensor of patented electro-osmotic membranes and micro-pumps for the rapidly emerging microfluidic technology sector, announced today that Lifecare AS, a Norwegian R&D company currently being acquired by IQ Micro, has been awarded a $2 million grant from the Research Council of Norway to develop the Company's proprietary glucose monitoring sensor.
IQ Micro Chief Financial Officer Robert Rudman said, "We are excited about the potential for Lifecare's proprietary technology in the pursuit of continuous glucose monitoring for diabetics. The Company's injectable sensors will revolutionize the way diabetes is treated and launch a paradigm shift in blood glucose monitoring when launched worldwide.
Rudman continued, "The $2 million grant awarded from the Research Council of Norway represents a significant contribution to the total R&D costs that will be incurred in developing the SENCELL, and represents a shared belief in our ability to develop and commercialize this revolutionary product."
Lifecare is currently focused on developing an injectable, continuous blood glucose reader as part of its proprietary sensor platform, the SENCELL. The microscopic reader will be located under the skin and continuously, wirelessly and in real time, transmit data to an external wrist-mounted receiver that computes critical information and then triggers an alarm function if blood glucose levels rise or fall beyond predefined, safe limits.
Lifecare is also establishing a consortium of leading technical institutions to assist in developing several technological aspects of the SENCELL, focusing on osmotic membranes, power supply, control systems, packaging and biomedical adaptability.
On July 10, 2007, IQ Micro Inc. announced that it had entered into an Agreement in Principle with its parent company, Osmolife AS, to acquire all of the issued and outstanding shares of Lifecare AS. A private Norwegian company, Lifecare is developing advanced micro and nanotechnology for the glucose monitoring market.
About IQ Micro Inc.
A subsidiary of Osmolife AS, IQ Micro Inc. ( http://www.iq-micro.com ) is an international licensing company that commercializes proprietary technology developed for use in the microfluidics sector. Developed from the micro-chip industry, microfluidics involves circuits of tiny chambers, channels and pumps that direct the flow of liquids on a single micro-chip.
IQ Micro is actively pursuing global licensing opportunities for its patented electro-osmotic membrane technology and its "invisible pump," a microfluidic technology with a wide range of consumer, medical and industrial applications. With its proprietary technology and highly experienced management, IQ Micro expects to become a leading global, specialized supplier of low-voltage microfluidic technology.
For more information, visit http://www.iq-micro.com. A profile for investors can be accessed at http://www.hawkassociates.com/iqmcprofile.aspx. An online investor kit, including press release, current price quotes, stock charts and other valuable information for investors may be found at http://www.hawkassociates.com. To receive free e-mail notification of future releases for IQ Micro, subscribe at http://www.hawkassociates.com/email.aspx.
This release contains various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, which represent the company's expectations or beliefs concerning future events of the company's financial performance. These forward-looking statements are further qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements. The words "may," "could," "should," "believe," "anticipate," "estimate," "expect," "intend," "plan" and similar words are intended to identify forward-looking statements. These factors include the effect of competitive pricing, the company's dependence on the ability of third-party manufacturers to produce components on a basis which is cost-effective to the company, our ability to protect our intellectual property rights from infringement by third parties, our ability to convert our intellectual property rights into product offerings that are accepted by the market, the development of competitors of intellectual property and associated products that are superior to ours or that gain better market acceptance than ours and the ability of our intellectual property rights to keep pace with the advances in technology, market acceptance of the company's products and licensing rights, the effects of government regulation and other factors. Results actually achieved may differ materially from expected results included in these statements. The company is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise. Furthermore, this company cautions that the risk factors listed in this paragraph are not exhaustive.
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D.P. Martin & Associates
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