Healthcare Industry News: Bayer HealthCare
News Release - February 28, 2008
Adnavance Technologies Inc. Appoints Anthony P. Bihl III to its Board of DirectorsFormer CEO of Siemens Medical Solutions Brings Market Development and Diagnostics Expertise to Adnavance
VANCOUVER, British Columbia & SAN DIEGO--(HSMN NewsFeed)--Adnavance Technologies Inc., a developer of direct detection molecular diagnostic tests for medical applications, announced today that the company appointed Anthony P. Bihl III to its Board of Directors. Mr. Bihl served as CEO of Siemens Medical Solutions Diagnostics until his retirement in November 2007. He also served as president of Bayer HealthCare’s Diagnostic Division, which was acquired by Siemens in December 2006 for $5.4 billion. Mr. Bihl has more than 25 years in executive level management in healthcare that spans medical instrumentation (Sterling Diagnostic Imaging), manufacturing (E.I. Dupont) and medical diagnostics (Bayer & Siemens).
“We are very pleased Tony has joined the Adnavance board as an independent director,” said Vincent Lum, Chairman of the Board. “His worldwide industry knowledge will be invaluable as we continue to develop our M-DNA technology platform and products. We look forward to his guidance as we approach commercialization.”
Adnavance Technologies’ proprietary ultra-sensitive M-DNA™ direct detection technology may eliminate the need for target amplification for a large number of molecular diagnostic tests. Laboratories that perform tests using target amplification technologies require expensive capital equipment, specialized infrastructure, highly trained personnel, and a high-complexity testing license. As a result, only about 10% of all hospital laboratories and only 35% of all independent laboratories in the U.S. perform molecular diagnostic testing.
With its significant advantages over existing DNA testing methods, including ease of use, time to result, and lower cost, the M-DNA platform is expected to be approved for use by hospitals and medium and small sized independent laboratories.
“Within molecular diagnostics, we’ve long searched for a method to directly detect DNA. Adnavance’s M-DNA technology may fulfill that promise and create a marketing gateway to enable significant growth in the existing $3.5 billion molecular diagnostic marketplace,” said Mr. Bihl.
“Tony is an exceptional addition to our board of directors,” said Randy White, Adnavance CEO. “His wide reaching industry relationships and keen understanding of how to commercialize novel medical technologies will be a great asset to us as we continue to develop our technologies and drive our partnering efforts.”
About Adnavance Technologies Inc.
Adnavance is a molecular diagnostic company focused on development of DNA-based tests using the Company’s patented metalized-DNA (M-DNA™) platform. M-DNA™ is based on the conducting properties of hybridized DNA. Under strict reaction conditions, certain metal ions can enter the central core of hybridized DNA and displace the hydrogen bonds forming the equivalent of a metal wire in the center of the DNA and making the DNA highly conductive. The Company uses a microarray of 10-micron electrodes to detect the M-DNA™ and the inherent ultra-sensitivity arises from the differential change in conductivity between hybridized DNA and metalized DNA. This change in conductivity is so large that it may obviate the need for target amplification used in current molecular-based tests. Adnavance scientists were the first to discover the M-DNA™ phenomenon, and the Company believes its technology platform will open new molecular testing markets worldwide.
Certain statements made in this press release are forward-looking. Such statements are indicated by words such as “expect,” “should,” “may,” “anticipate,” and similar words indicating uncertainty in facts and figures. Although Adnavance believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations reflected in such forward-looking statements will prove correct. Actual results could differ materially from those projected in the forward-looking statements as a result of the following factors, among others: uncertainties associated with the technology development process, the risk that Adnavance technology will not gain market acceptance, the risks associated with dependence upon key personnel and the need for additional financing to commercialize the technology platform.
Source: Adnavance Technologies
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