£5million sale prompts name change
Following the successful disposal of the group’s infusion business for £5 million, VivoMedica plc (AIM: VVM) the Sittingbourne Enterprise Hub - based clinical device company, previously known as Zi Medical Plc, has changed its name.
VivoMedica’s financial position continues to strengthen, and the disposal of the infusion business in Wales (Zimed Limited), provided £1.25 million in cash immediately on completion. Progress with the development of PathScore and DrugPrintTM has attracted positive feedback from potential partners and commercialisation discussions and are now actively being pursued.
Vivomedica CEO Susan Veness commented, “Both DrugPrint and PathScore are attracting significant and encouraging attention from potential partners and recognition at scientific forums. We look forward to updating shareholders on the Company’s progress in the near future.”
VivoMedica plc (AIM VVM.L) is focused on the development of two technologies, DrugPrintTM and PathScore. DrugPrintTM is a pre-clinical tool to identify drug-induced cardio-toxicity. The system consists of patented data collection and analysis tools based on sophisticated algorithms developed by QinetiQ. It produces a ‘fingerprint’ that is then compared to existing data, creating a cardio-toxic profile for the compound. Pathscore is a computerised image analysis system comprising a suite of patented applications that support cancer diagnosis and treatment pathways.
DrugPrintTM was unveiled to the wider scientific community in September 2007 as members of the DrugPrintTM team presented their latest data as a poster presentation at the Safety Pharmacology Society (SPS) meeting in Edinburgh. This international conference attracted many of the global safety pharmacology divisional managers from the US, European and Asian pharmaceutical industry.
A number of companies expressed a desire to continue discussions after the conference with a view to potential collaborations and commercial opportunities.
VivoMedica’s commercial and operational team has been strengthened across a number of functions including sales and marketing, the appointments of a highly respected electro-physiologist and a skilled analyst-programmer, to take advantage of their developing market position.
Sittingbourne Enterprise Hub Director John Dodd commented, “Vivomedica are a great example of a Bio business with potentially great solutions to support the drug testing delivery of major BioPharma companies worldwide as well as early cancer diagnosis and treatment options. The potential for early revenue generation is high and the Hub has been able to support Dr Scott Nicol and his colleagues on the Kent Science Park by exposing their offerings to the UKTI Life Sciences team from across the world recently. We hope this will add to their potential list of interested partners in 2008.”
Contact: John Dodd
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Publish Date: 27th February 2008
