SciMed Technologies In The News
7/30/2004
SciMed Secures Second Round of Financing from AVAC Ltd.
Edmonton, AB, July 30, 2004 - SciMed Laboratories Inc. (Grand Prize Winner of the 2003/2004 VenturePrize Business Plan competition) announced today that AVAC Ltd. has approved an investment of $700,000 in SciMed's proof of concept activities to fully develop their diagnostic kits (VitaKit A and VitaKit D). The AVAC investment along with co-investment from other partners and SciMed will enable SciMed to undertake its $2 million technology commercialization project for this promising technology. SciMed will aggressively move its two lead product candidates, VitaKit A and VitaKit D (for vitamin A and vitamin D quantification respectively), to commercialization this year. AVAC has previously funded SciMed for the development of VitaKit A and VitaKit D and is continuing to support the Company’s products with this second round of financing which will establish successful commercialization. In respect of this financing, the Company intends to move forward immediately with the manufacturing of VitaKit A and VitaKit D. “AVAC has allowed us tremendous access to investment capital to further our products and we are grateful for their continued support demonstrated by their second round of financing. Both AVAC and the National Research Council’s IRAP program, through their belief in the Company and subsequent financial support, have been instrumental in the efforts to advance the Company and its products to commercialization,” said SciMed’s founder & CEO, Dr. Rajan Gupta. “We are very excited about the road ahead.”
SciMed intends to market these kits initially to dairy processors in North America followed shortly by the remaining food processing industry. Currently, there are no kits available for vitamin A or vitamin D analysis. Instead, a costly and time-consuming (~2 weeks) method is used that is performed using expensive equipment and highly skilled personnel and is usually outsourced to special laboratories.
The VitaKits, which are faster, simpler, less costly, and can be performed on-site, also have applications in the clinical industry and as such, the company will market to this industry following regulatory submissions and approvals. Additionally, SciMed has a number of pipeline products being developed that are based on micro/nano technology and is currently seeking financial partners to accelerate their development.
SciMed is a privately owned biotechnology company dedicated to the development and commercialization of diagnostic and analytical kits for the food and clinical industries. The wide range of applications for SciMed’s products ensures a broad customer base. In its continued efforts to provide the market with industry leading diagnostic and analytical tools, SciMed will continue to seek partners in the research, development, and commercialization of its pipeline products.
AVAC is an Alberta-based not-for-profit, private company that invests in innovative ideas that add value to agricultural commodities. AVAC’s mission is to help accelerate the growth of agrivalue in Alberta.
Contact: Rajan Gupta, CEO SciMed Laboratories Inc. (780) 702-1509 scimed@scimedtechnologies.com
Ross Bricker, VP Investment AVAC Ltd. (403) 274-2774 rbricker@avacltd.com