Modern Mobility Aids, Inc. (MDRM .OTCBB) has been through a change of control, and has subsequently moved away from the wholesale and distribution of products for mobility challenged individuals. The company now plans to direct its focus on the multibillion dollar pharmaceutical industry.
MDRM intends to research and seek out companies from early stage to mezzanine level that are aggressively pursuing both research and development, and or manufacturing activities within the pharmaceutical world. Through strategic acquisitions and first stage investments, it intends to build a global entity.
Management recently announced the execution of a Definitive Agreement to acquire all of the common stock of LumiGene Technologies, Inc. (LumiGene). LumiGene is a Canadian molecular diagnostics company that is developing point-of-care products which will enable healthcare professionals to quickly and effectively diagnose and treat infectious diseases.
Until recently, DNA tests have been expensive because they are highly complex and are typically performed by specially trained personnel in a laboratory setting. Days can pass from the time of sample collection to the actual test result. LumiGene's solution allows doctors and nurses to perform DNA testing, enabling them to obtain fast, accurate results at the point where the sample is collected.
Through the development and commercializing of its POSiChek™ System for the near sample/point-of-care DNA diagnostic markets, LumiGene expects to address the current needs that are in high demand by healthcare professionals worldwide.
This easy-to-use portable system reliably and economically automates the process of preparing and amplifying DNA in order to detect diseases and pathogens in just 30 to 60 minutes. The LumiGene POSiChek™ System will have a wide range of potential market applications where rapid and cost effective testing is in high demand.
Mohamed K. Karatella, President and CEO for Modern Mobility Aids, stated, "We are extremely pleased to have signed this Definitive Agreement. LumiGene possesses key attributes that we look for in a company." He also stated, "LumiGene expects to be the first to market with a greatly needed new technology that we expect will be in high demand. We are confident that upon the completion of this acquisition, LumiGene will become an excellent addition to our corporation."
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