Lifeline Biotechnologies Provides Information to the Public and its Shareholders
GlobeNewswire•February 28, 2018
Reno, NV , Feb. 28, 2018 (GLOBE NEWSWIRE) --
Lifeline Biotechnologies, Inc, (“The Company”) (OTC PINK: LLBO) Provides Information to the Public and Updates It’s Shareholders.
In 2017 Lifeline transferred its previously licensed technology and patents to its affiliate, Cyrcadia, Inc. in exchange for additional equity in Cyrcadia, cash and a promissory note.
As a result of the Lifeline became Cyrcadia’s largest, single shareholder at approximately 40%. At that time the transaction was valued at over twelve million dollars.
Subsequently, Cyrcadia, Inc. licensed Cyrcadia Asia to further develop and finance product upgrades to Cyrcadia, Inc.’s basic capabilities. The increased capabilities include updated and current state of the art technology and efficiencies. These upgrades are nearing completion and product is forecast, by vendors, to be market ready and available by mid-2018. The clinical trials Cyrcadia, Inc. has been conducting at El Camino Hospital and Ohio State University’s Cancer Center, were approximately one-third completed, will be resumed upon product availability, and continued until completion. There have been several positive outcomes derived from the one third completion of the trials, those outcomes, which cannot be described here due to FDA regulations, indicate the trials may be able to be completed in a shorter period of time than originally estimated, possibly completed later this year?
Cyrcadia, Inc. management, in addition to the clinical market potential, has been investigating consumer market opportunities for it early tissue abnormality identification technology. Cyrcadia has retained two medical marketing consulting firms to explore, determine and validate consumer adoption and market potential of its consumer product.
Jim Holmes, Lifeline’s CEO commented “After over 20 years of product development, testing and validation, over $20 million of investment, 2018 is scheduled and expected to be the first year of sales of our potentially lifesaving product. Our tested and proven technology, from our multiple rounds of clinical trials, has shown early identification of breast tissue abnormalities, many of which could lead to cancers, potentially can save lives and costs. We/Cyrcadia prepared an analysis of cost savings for a presentation to a World-Wide Major Insurance Company. The medical cost comparison was identifying breast tissue abnormalities and breast cancers at stage 1-3, vs the abnormality progressing to stage 4 or 5 cancer. The cost savings was estimated at over $300,000 per patient. Applying this projected and estimated cost savings to this large insurance, was in the hundreds of millions of dollars annually.
Current and futures News updates, posted on CI’s website: cyrcadiahealth.com and under “News” will be posted on Lifeline’s Cyrcadia/News.
