Innovative Biosensors is Awarded Over $162,000 in Grants from the State of Maryland
Gaithersburg, MD, Jan. 27– Innovative Biosensors Inc., a privately
held developer of rapid diagnostic technologies today announced that it has
been awarded a matching grant from The Maryland Industrial Partnership (MIPS)
Program valued at $112,148 and $50,000 from The Maryland Technology Development
Corporation (TEDCO) through its Maryland Technology Transfer Fund (MTTF) program.
The company will use the funds to further develop and commercialize the company’s
CANARY™ (Cellular Analysis and Notification of Antigen Risks and Yields)
technology. The CANARY system utilizes genetically engineered biosensors, uncomplicated
sample preparation and simple instrumentation to facilitate extremely rapid
testing of analytes at previously unachievable levels of sensitivity and specificity.
The technology is expected to play a significant role in the rapid detection
of infectious agents.
“We are very honored to have received these awards and will use the funds
to further develop and bring to market much needed rapid, sensitive pathogen
detection systems for food safety and public health applications”, said
Joe Hernandez, Founder and CEO of Innovative Biosensors, Inc. “The award
of these two competitive grants further validates the value of the CANARY technology
and brings merit to our strategic vision.”
About Maryland Industrial Partnerships
The MIPS program supports collaborative research with faculty members from the
state university system and promotes technology with high commercial potential
through university/industry partnership. MIPS matching grants are awarded on
a competitive basis for projects based on proposals submitted jointly by Maryland
companies and researchers from any of the 13 University System institutions.
For more information on MIPS visit www.mips.umd.edu
About The Maryland Technology Development Corporation
The Maryland Technology Development Corporation (TEDCO), a specialized technology
transfer arm of the Department of Business and Economic Development, was established
by the General Assembly as a tool for Maryland to use in maintaining and enhancing
its reputation as a leader in technology. TEDCO's mission is to foster the development
of a technology economy that will create and sustain businesses throughout all
regions in the State of Maryland. Currently, TEDCO has programs that aid and
promote state-funded incubators, federal and university laboratories to increase
technology transfer and Maryland's eCommerce. For more information on TEDCO
visit www.MarylandTEDCO.org
About Innovative Biosensors
Innovative Biosensors is a privately held company developing novel technologies
for the rapid detection of pathogens. The
Company's technology is expected to have broad applications in food testing,
animal health, biodefense, and human health care, including drug discovery and
development, and disease diagnosis. Additional information is available
at www.innovativebiosensors.com
This release may contain forward-looking statements that are subject to
certain risks and uncertainties, including Innovative Biosensor’s mission
to develop and commercialize instrument systems, Innovative Biosensor’s
ability to develop new technologies to conduct rapid diagnosis. Such statements
are based on management's current expectations and are subject to a number of
factors and uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements. Innovative Biosensors
caution investors that there can be no assurance that actual results or business
conditions will not differ materially from those projected or suggested in such
forward-looking statements as a result of various factors, including, but not
limited to, the following: Innovative Biosensor’s expectations that they
will incur operating losses in the near future, the early stage of development
of Innovative Biosensor’s products and technologies, uncertainties related
to preclinical and clinical testing and trials, uncertainties surrounding the
availability of additional funding, Innovative Biosensors reliance on research
collaborations, the actions of competitors and the development of competing
technologies, potential patent infringement claims against Innovative Biosensors
products, processes and technologies, Innovative Biosensor’s ability to
protect their patents and proprietary rights and uncertainties relating to commercialization
rights.
Contact:
Innovative Biosensors
Media Relations
info@innovativebiosensors.com