Nanotechnology Now

Our NanoNews Digest Sponsors





Heifer International

Wikipedia Affiliate Button


android tablet pc

Home > Press > Acquisition Stake with Molecular Vision Completed; Acrongenomics Enters a New Era

Abstract:
Acrongenomics, Inc. (OTCBB:AGNM) are pleased to announce that the restructuring of our relationship with Molecular Vision Limited (an Imperial College London spin-out company) as first announced on August 21, 2008, is now fully and finally completed.

Acquisition Stake with Molecular Vision Completed; Acrongenomics Enters a New Era

London, UK | Posted on November 19th, 2008

As a result, Acrongenomics becomes the largest single shareholder in Molecular Vision, with an approximately 28% ownership. Thus, Acrongenomics acquires a significant stake in the Molecular Vision technology and its current patents. Until August 19, 2008, we had been operating pursuant to a Development Agreement originally dated May 23, 2006 and amended thereafter, whereby we funded with approximately US $4 million the development of the Point of Care device of Molecular Vision in specific medical diagnostics fields, in return for a license to commercialize and sell that device. Under formal agreements dated November 13, 2008, we and Molecular Vision terminated the Development Agreement.

In addition to and regardless of its shareholding in Molecular Vision, Acrongenomics is entitled to two separate forms of royalties: i) 5% on indirect license fee sales (i.e. sales from any other company) and 0.5% on direct product sales received by Molecular Vision for products based on Molecular Vision's current suite of patents regarding any and all medical diagnostics; and ii) 3% on indirect license fee sales and 0.3% on direct product sales received by Molecular Vision for products in all other fields of application based on Molecular Vision's current suite of patents. Taking into account the potential of the Molecular Vision technology, this clearly aims at creating a substantial stream of revenues for our company over the next 20 years.

Further to the above and as part of the transaction, Acrongenomics will be entitled to appoint a director to the board of Molecular Vision. We are pleased to announce that we have designated Dr. Emmanuel (Manos) Topoglidis as our representative on the Molecular Vision board. Dr. Topoglidis, a graduate of Imperial College London, is our Chief Technology Officer, a member of our Board of Directors and a member of our Scientific Advisory Board.

"It is a great pleasure for me personally to formally announce the final completion of a major deal and the opening of a new era in our company history", said Dr. Evan Manolis, Chairman of the Board of Directors of Acrongenomics. "All of us involved in the new team have worked hard and made heavy efforts over the last months. Our company has indeed turned the page and opened a new chapter in its history, and the completion of this deal demonstrates both our strong capabilities and our great potential. A big "thank you" to all in our team".

####

About Acrongenomics, Inc.
Acrongenomics Inc. is a publicly traded company that focuses on investing in and commercializing novel technology platforms concerning the Life Sciences sector. Acrongenomics brings novel and realistic concepts to market by transforming scientific innovations into tangible, consumer-orientated applications. The company has its headquarters in London, England.

About Molecular Vision:

Molecular Vision is an Imperial College spin-out company that develops low-cost diagnostic devices for use in the doctor's surgery and in the home. Its proprietary devices combine microfluidic chips with organic-semiconductor light-sources and photodetectors to provide lab-quality diagnostic tests in a miniaturised, easy-to-use, disposable format.

Important Information About Forward-Looking Statements

All statements in this news release that are other than statements of historical facts are forward-looking statements. Forward-looking statements in this document include that we will have royalties from Molecular Vision products; and that Molecular Visionís technology allows near patient quantitative diagnosis. A number of factors may affect and cause those results to differ materially from those indicated. Such factors include our limited operating history; Molecular Visionís need for significant capital to finance internal growth as well as strategic acquisitions; its ability to attract and retain key employees and strategic partners; its and our ability to achieve and maintain profitability; competition from other providers of similar products and services; the possible unacceptability of Molecular Visionís products by health care authorities and/or practitioners; and other unanticipated future events and conditions. For further information concerning risks and uncertainties that may affect our future results, please review the disclosures contained in our latest filings with the SEC, including our most recent annual report on Form 10-KSB, and subsequent quarterly reports on Form 10-QSB. Other than as required by federal securities laws, we undertake no obligation to publicly update or revise any of our forward-looking statements, whether as a result of changed circumstances, new information, future events, or for any other reason occurring after the date of this news release.

For more information, please click here

Contacts:


Acrongenomics Inc.
Platon Tzouvalis
President

Copyright © Business Wire 2008

If you have a comment, please Contact us.

Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.

Bookmark:
Delicious Digg Newsvine Google Yahoo Reddit Magnoliacom Furl Facebook

Related News Press

News and information

Conductive Inks: booming to $2.8 billion by 2024 April 17th, 2014

High-temperature plasmonics eyed for solar, computer innovation April 17th, 2014

INSCXô exchange to present Exchange trade reporting mechanism for engineered nanomaterials (NMs) to UK regulation agencies, insurers and upstream/downstream users April 17th, 2014

Transparent Conductive Films and Sensors Are Hot Segments in Printed Electronics: Start-ups in these fields show above-average momentum, while companies working on emissive displays such as OLED are fading, Lux Research says April 17th, 2014

Nanomedicine

Novel stapled peptide nanoparticle combination prevents RSV infection, study finds April 17th, 2014

More effective kidney stone treatment, from the macroscopic to the nanoscale April 17th, 2014

High-temperature plasmonics eyed for solar, computer innovation April 17th, 2014

Harris & Harris Group Continues Its Blog Series to Highlight Most Impactful Portfolio Companies With Champions Oncology, Inc. April 17th, 2014

Announcements

More effective kidney stone treatment, from the macroscopic to the nanoscale April 17th, 2014

High-temperature plasmonics eyed for solar, computer innovation April 17th, 2014

INSCXô exchange to present Exchange trade reporting mechanism for engineered nanomaterials (NMs) to UK regulation agencies, insurers and upstream/downstream users April 17th, 2014

Transparent Conductive Films and Sensors Are Hot Segments in Printed Electronics: Start-ups in these fields show above-average momentum, while companies working on emissive displays such as OLED are fading, Lux Research says April 17th, 2014

Patents/IP/Tech Transfer/Licensing

Harris & Harris Group Notes Mersana's Collaboration Agreement With Subsidiary of Takeda Pharmaceutical Co. April 8th, 2014

Nanoparticles cause cancer cells to self-destruct April 3rd, 2014

A*STAR's Simtech collaboration agreements to accelerate the growth and development of the microfluidics industry April 1st, 2014

Dolomite releases novel droplet-on-demand sequencing and droplet generation microfluidic system April 1st, 2014

Acquisitions/Mergers/Splits

Applied Nanotech Holdings, Inc. (OTCQB: APNT) and Nanofilm, Ltd. Sign Merger Agreement March 14th, 2014

Harris & Harris Group Notes Molecular Imprints' Semiconductor Business To Be Acquired By Canon February 14th, 2014

FEI Buys Digital Rock Solutions Provider and microCT Product: Lithiconís Solutions Will Expand FEIís Oil & Gas Industry Offerings February 5th, 2014

World Mobile Holdings, Inc. Completes Order for Signage Media Player System and Announces the Merger Plan January 9th, 2014

NanoNews-Digest
The latest news from around the world, FREE







  Premium Products
NanoNews-Custom
Only the news you want to read!
 Learn More
NanoTech-Transfer
University Technology Transfer & Patents
 Learn More
NanoStrategies
Full-service, expert consulting
 Learn More














ASP
Nanotechnology Now Featured Books




NNN

The Hunger Project







© Copyright 1999-2014 7th Wave, Inc. All Rights Reserved PRIVACY POLICY :: CONTACT US :: STATS :: SITE MAP :: ADVERTISE