Toward the end of this release....."Sales proceeds will be used for NanoLogix expansion of petri production and sales domestically and development and marketing of their N-Assay Rapid Bacteria Diagnostic Test. The N-Assay provides the most rapid and sensitive diagnostic for bacteria available, coupled with near-simultaneous determination of antibiotic sensitivity.[
How does it provide the most rapid and sensitive diagnostic for bacteria "AVAILABLE", coupled with near-simultaneous determination of antibiotic sensitivity when it the beginning it talks about development ? Do they have a product for N-Assay on the market that is available ? They sure put out some interesting releases.
HUBBARD, Ohio, July 12, 2017 (GLOBE NEWSWIRE) -- NanoLogix (OTC:NNLX) is pleased to announce the offer for sale of the patents issued in the EU, Hong Kong (Patent EP269949), and the People's Republic of China (PRC Patent CN103842265 (B)) for their unique and exclusively licensed petri plate packaging system known as the FlatPack.
The FlatPack, a method of vacuum-packing for petri plates in an inert gas environment, enables long term storage of many types of petri plates at room temperature for two years or more without deterioration of the nutrient agar contained in the filled plates. Standard storage times and conditions for competitors' petri plates are normally three months in a refrigerated environment. The potential economic impact of long term high quality non-refrigerated agar-filled petri plates is significant, with daily use of agar-filled petri plates worldwide numbering in the millions and access to both guaranteed-quality agar plates and dependable refrigeration for storage varying widely from area to area.
The FlatPack Patent has been granted in the USA, Mexico, New Zealand, South Africa, the EU (40 Patent signatory countries including Hong Kong), the People's Republic of China, and Chile, and is pending in South Korea, Brazil, and Canada.
The offering price range is cited as the estimate of value for the PRC patent ($35mm) and the EU patent ($15mm). Any interest in patent purchase for the other international granted patents is open for discussion.
A research paper by a renowned Biomedical Research Center on the qualities of FlatPack petri plates in a comparison test with competitors can be accessed here:
The decision for patent sale was made based upon the challenges faced in going forward with international development for NanoLogix, basically an R&D company for most of its existence with FlatPack petri sales limited to the US, the UK, and South Africa, versus focusing upon a more easily accessed domestic market and leaving the international market to those large corporations already operating in that environment.
Sales proceeds will be used for NanoLogix expansion of petri production and sales domestically and development and marketing of their N-Assay Rapid Bacteria Diagnostic Test. The N-Assay provides the most rapid and sensitive diagnostic for bacteria available, coupled with near-simultaneous determination of antibiotic sensitivity.
About NanoLogix, Inc.
NanoLogix is a biotechnology company focused on development and production of rapid diagnostics and petri plates. Its products offer accelerated detection and identification of microorganisms for diagnostics, and unrivaled shelf life and durability for petri plates. In addition to medical, National Defense, and homeland security applications, NanoLogix technology is applicable in pharmaceutical, industrial, veterinary and environmental testing.
Patents granted or licensed to NanoLogix can be used in the areas of applied microbiology, soil microbiology, microbial physiology, pharmacology, and antibiotic sensitivity.
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of NanoLogix, Inc., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
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