CHERRY HILL, N.J.--(BUSINESS WIRE)--Peter Katevatis Esq., Chairman, Mediscience Technology Corp. (OTC BB: MDSC - News) of Cherry Hill, New Jersey, a company developing imaging technology for early detection of cancer, today announced the acquisition, through its wholly owned subsidiary, BioScopix Inc., of SensiVida Medical Systems, a Rochester, NY based bio-medical diagnostic company with a highly experienced and successful corporate management team that will take the helm.
SensiVida Medical Systems, a Delaware corporation, is a minimally-invasive diagnostic device company. Its proprietary, Microsystems-based technology automates bio-sensing and data acquisition while minimizing patient discomfort. SensiVida’s “platform” technology addresses a number of disease-state diagnostics: allergy testing, pain-free automated glucose monitoring without bio-fouling, blood coagulation testing, TB testing, and cholesterol monitoring. SensiVida has an exclusive worldwide license under nine pending patents. Several working prototypes of the allergy test system and proof-of-principle human clinical results have been accomplished. The product pipe line, based on the same technology “chassis”, includes a portable glucose monitor. This device consists of a patch or chip having multiple, individually addressable sensors that are activated in accordance with the patient’s test schedule, automatically recording the patient’s glucose level without pain, bio-fouling or clogging.
Katevatis also announced that the President and CEO of Mediscience/BioScopix and the newly merged company will be Kamal Sarbadhikari, the current CEO of SensiVida, and the CTO and VP of all business development will be Jose Mir, current CTO of SensiVida. Commenting on the merger and new management Katevatis said, “We are indeed fortunate to merge this leading-edge, synergistic technology into Mediscience/BioScopix thus expanding our minimally-invasive product platform while also attracting competent, proven management talent.”
Kamal Sarbadhikari is an entrepreneurial senior executive with 40 years of start-up and management of Fortune 1000 companies. Prior to SensiVida, he ran Bausch and Lomb’s $520M surgical businesses. He was part of the original team responsible for commercializing soft-contact lenses, a $5B global business. As a VP of R&D at Bausch and Lomb, he was responsible for the development of the OTC contact lens solution business. He was also the co-founder of Eastman Kodak’s consumer battery business and part of a small team that commercialized Kodak’s first successful consumer digital “Home Imaging” initiative and the “Picture Maker” kiosk for retail photo-scanning and printing.
Jose Mir started his career at the Eastman Kodak Company, pioneering new technologies that enabled some of the world’s earliest digital imaging products. He evangelized and co-founded a corporate worldwide innovation initiative that after five years was able to drive significant growth beyond Kodak’s traditional product lines. Mr. Mir had P&L responsibilities for a $16M business that commercialized four radically new digital products- two of them won industry awards for technical excellence. After leaving Kodak, he started and led Infotonics Technology Center’s Innovation initiative, responsible for founding two new start-ups. Most recently, he founded SensiVida Medical Systems Inc. and served as its President/CTO for three years. Mr. Mir is a prolific inventor, has won several professional awards, and has served on boards for companies and universities.
Commenting on the merger, Kamal Sarbadhikari said “SensiVida’s technology platform combined with the Mediscience/BioScopix technology platform creates a highly innovative, leading-edge medical diagnostics company that has high growth potential across broad market segments with compelling benefits.”
Investor Notice
Certain of the matters discussed in this announcement contain forward-looking statements that involve material risks to and uncertainties in the company’s business that may cause actual results to differ materially from those anticipated by the statements made herein. Such risks and uncertainties include, among other things, our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from others patents and patent applications necessary to develop products; the availability of financing; the company’s ability to implement its long range business plan for various applications of its technology; the company’s ability to enter into agreements with any necessary marketing and/or distribution partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the company’s technology; and management of growth and other risks and uncertainties that may be detailed from time to time in the company’s reports filed with the Securities and Exchange Commission.
Contact:
SensiVida Medical Technologies, Inc. David R. Smith Chairman drsmith.mail@gmail.com or Empire Jesup Lamont Steve O’Loughlin soloughlin@jesuplamont.com
Source: Mediscience Technology Corp.
