Modern Mobility Aids, Inc. Announces Technology Agreement With Lumigene Technologies To Develop And Commercialize Molecular Diagnostic Products
Innovative Healthcare Products and Delivery Solutions Will Be Key To Company's Growth
TORONTO, May 4, 2012
TORONTO, May 4, 2012 /PRNewswire/ -- Modern Mobility Aids, Inc. (the "Company") headquartered in Nevada, USA (OTC: MDRM) today announces an Agreement with ACGT Corporation to combine its resources and expertise with Lumigene Technologies, Inc. (Lumigene) to develop and commercialize molecular diagnostic products.
ACGT Corporation based out of Toronto, Ontario, Canada, is considered to be one of the prominent Canadian providers of DNA services and has experience in developing and commercializing DNA based testing equipment.
Lumigene is a private Canadian company engaged in developing molecular diagnostic products for the rapid and accurate detection of a number of specific pathogens and infectious diseases. In a recent press release, Modern Mobility Aids announced the definitive agreement to acquire Lumigene Technologies, Inc. This pending acquisition by the Company could address the ever-increasing demand for less time-consuming and more cost-effective methods of DNA testing and diagnosis of infectious diseases at point of care. Current testing methods typically require several days' work by highly trained technicians in an off-site laboratory.
Antonio Domingues, President and CEO of Modern Mobility Aids, Inc., discussed the importance of the agreement with ACGT Corporation with its valuable expertise and knowledge in developing and commercializing DNA based testing equipment. "The involvement of ACGT combined with the staff of Lumigene will greatly help our efforts to bring the products to market in a timely manner while reducing costs significantly," according to Mr. Domingues.
Modern Mobility Aids and Lumigene have agreed to extend the closing of the share purchase agreement to November 30, 2012 in order to focus all their resources in commercialization of the Lumigene products.
Modern Mobility Aids, Inc. is a Nevada Corporation with offices in Toronto, Ontario. The Company's business focus is in the life sciences and healthcare industry. A mandate was created to acquire and joint-venture with companies within the Biopharma sector, targeting both innovative research and development as well as scalable manufacturing capacity in three niche market segments: CRAM (Contract Research and Manufacturing for Life Sciences Companies), HEALTHCARE INNOVATION (Novel Drug and Device Delivery Format Packaging) and BIOPHARMA PARTNERSHIPS (Strategic Development and Production Alliances).
Lumigene is a private Canadian Company engaged in developing molecular diagnostic products for the rapid and accurate detection of a number of specific pathogens and infectious diseases. The products will address the ever-increasing demand for less time-consuming and more cost-effective methods of DNA testing and diagnosis of infectious diseases at point of care.
Dr. Hai Shiene Chen established ACTG in 1995. Located in Toronto's business and financial center at 700 Bay Street, the Company occupies 6,500 square feet of laboratory and office space. This location is in the hospital and research district, 500 meters away from The Hospital for Sick Children, Toronto General Hospital, Mount Sinai Hospital, Princess Margaret Hospital, Women's College Hospital, St. Michael's' Hospital, and the University of Toronto. ACGT Corporation is considered to be one of the prominent Canadian providers of DNA services. ACGT has consistently been selected as the primary service supplier with superior quality control and fast delivery time (24 hours across Canada) for many well-known medical institutions.
ACGT started its diagnostic technology research and development in 1996. The intellectual property program has commenced since 1997. The first patent was issued by the U.S. Patent Office on January 16th, 2001. Currently, the Company's diagnostic system is at the late prototype stage.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein, which are not historical, are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements including, but not limited to, certain delays beyond the Company's control with respect to market acceptance of new technologies, products and services, delays in testing and evaluation of products and services, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.