Toronto, Ontario--(Newsfile Corp. - December 7, 2017) - ChroMedX Corp. (CSE: CHX) (OTCQB: CHXIF) (FSE: EIY2) (the "Company"), developer of the HemoPalm Handheld Blood Analyzer System, is pleased to announce the appointment of Dr. Richard Janeczko to the Company's Board of Directors. This appointment is consistent with the Company's strategy to strengthen its business development and commercialization team through the addition of an experienced executive who brings hands-on business, diagnostics, operational and technical expertise.
Dr. Janeczko joins the Company from Glendale, California headquartered diagnostics specialists DxEconomix, Inc.(DxEx). ChroMedX recently announced the execution of a binding LOI engaging DxEx for the purposes of completing a value-based transaction of the Company.
"We are very pleased to welcome Richard to the team as a member of the board. His experience and expertise will be especially valuable as we clear development milestones and make our way through the commercialization process." said Gerard Edwards, Executive Chairman, ChroMedX Corp.
Dr. Janeczko is a veteran of the medical diagnostics industry with more than 25 years' experience in development and commercial transaction of novel technology and device companies. He has worked in multiple clinical areas including critical care medicine, oncology and infectious disease driving value-based strategies for companies bringing advanced diagnostics into medical practice.
"I am very excited to formally join the ChroMedX team." said Dr. Richard Janeczko, Director, ChroMedX Corp. "The HemoPalm is a game-changer in the application of point-of-care diagnostics to improved management of critically ill patients. It represents the next logical step in the evolution of diagnosis in this area which began over 15 years ago. I believe that it will allow even better outcomes for patients because it combines the analyses and results-output for both blood gases and co-oximetry on a single, hand-held device and it will achieve this in the shortest possible time. With HemoPalm, ChroMedX has responded to a well-recognized need for rapid, comprehensive and accurate testing for critical care medicine and I look forward to what the future has to bring."
With the appointment of Dr. Richard Janeczko, Dr. James Samsoondar will relinquish his role on the Board of Directors. The ChroMedX Board would like to thank Dr. Samsoondar as the creator and founder of the technology and for his contributions to the Company in working towards the successful commercialization of the HemoPalm System.
"Dr. Janeczko makes a great addition to the board and I look forward to what his experience and expertise contributes to the Company." said Dr. James Samsoondar, Founder, ChroMedX Corp.
ChroMedX retained DxEconomix in August 2017 and following the 90-day due diligence process ChroMedX accepted a proposal from DxEconomix and executed a binding LOI engaging DxEx for the purposes of completing a value-based transaction of the Company.
The LOI stipulates an initial 24-month term during which DxEconomix will lead initiatives to increase the Company's profile, maximize the HemoPalm's value proposition and initiate engagement with important strategic industry players.
The LOI outlines terms of a success fee based contract should DxEconomix lead ChroMedX to a successful sales transaction. For transactions up to CAD$250MM the success fee schedule will provide DxEx with 10.5% of the transaction value.
ChroMedX and the DxEconomix are working to establish a definitive agreement within 60 days of the executed LOI (November 24, 2017).
The DxEconomix transaction team is led by CEO Dr. Richard Janeczko and Director Dr. Thomas Schlumpberger. With the above appointment Dr. Janezcho now serves as a member of the ChroMedX board. Dr. Schlumpber currently acts as a special advisor to ChroMedX.
The Company recently entered into the process of mass manufacturing the HemoPalm's biosensor component. ChroMedX has collaborated with manufacturing and dispensing specialists BioDot Inc. of Irvine, California to custom modify a dispensing platform to produce the sensors in-house, greatly accelerating the manufacturing, development and testing of the biosensor component.
All ChroMedX News can be found on the Company's website at www.chromedx.com
About Dr. Richard Janeczko
Dr. Janeczko is a 25-year veteran of the in-vitro diagnostics industry, specializing in the marketing and management of molecular assays, proteomics, companion diagnostics, and personalized medicine. He has led multiple diagnostic marketing projects from design and development through regulatory approval and market launch. He is a strong advocate of health economics as the key driver for new technology adoption in a global healthcare reform environment. In 2013, he formed DxEconomix to provide unique IVD marketing services based on system-wide economic impact of diagnostics and value-based pricing. DxEconomix has extensive experience in health economics, clinical sciences, and health technology assessment and adoption in multiple markets including USA, Canada and Europe.
Dr. Janeczko served as VP Emerging Markets and Technology at Luminex Corporation, as EVP Business Development and CSO at Tm Bioscience Inc., and as CEO of General Synthesis and Diagnostics. He played a lead in raising capital for Tm Bioscience and eventual sale of the company to Luminex Corp. (Austin, Texas). He holds a PhD in Biochemistry from the University of Alberta, a BSc in Microbiology from Strathclyde University, and is a member of several professional organizations and institutions.
Investors and individuals interested in keeping abreast of latest news and updates can subscribe on the Home and News pages on the Company's website at www.ChroMedX.com
About ChroMedX Corp.
ChroMedX Corp. is a medical technology company focused on the development of novel medical devices for in vitro diagnostics and point-of-care testing. The devices are protected by the Company's issued and pending patents, dealing with blood collection, analysis and plasma/serum processing.
The HemoPalm Handheld Blood Analyzer System is the only handheld blood analysis technology which combines Blood Gases & Electrolytes with full CO-oximetry. Currently this combination is not available on any of the handheld analyzers on the market. Existing technologies require users to purchase a second device to carry out the CO-oximetry. The Company's technology has the advantage of being able to offer a single handheld blood analyzer that provides all the required tests for Blood Gases & Electrolytes, with full CO-oximetry and bilirubin. Another competitive advantage of the HemoPalm system will be its ability to draw capillary blood directly from a pin-prick site into the cartridge, providing an alternative to arterial blood. Drawing arterial blood is painful and can cause nerve damage. CO-oximetry is the measurement of five different hemoglobin species in blood.
The global market for Blood Gases & Electrolytes was estimated to be 1.5 Billion $US in 2015 and is projected to reach over 1.8 Billion by 2020.
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