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MIDS Medical to Receive up to $1.2M for POC Heart Attack Test

NEW YORK (360Dx) – Zenosense on Wednesday announced that its joint venture called MIDS Medical has reached an agreement for up to $1.2 million in funding to further develop its handheld device for the early detection of a heart attack at the point of care.

The funding from an undisclosed party is expected to cover the costs of the next stage in the development of the MIDS Cardiac microfluidic test trip, which is being designed for use with a high-sensitivity troponin assay or a similar assay, Zenosense said. The next development stage includes designing and creating an active version of the MIDS microfluidic strip to improve detection levels, and creating a high-sensitivity troponin assay for use on the MIDS test strip.

In 2017, MIDS Medical and Future Diagnostics Solutions inked a deal covering assay development services, including the development of a high-sensitivity troponin assay.

Also planned in the next development stage are refinements to the electronic circuitry and software of the technology, as well as system testing and data collection. Additionally, a compliance dossier will be created.

Under the terms of the funding agreement, MIDS Medical will receive an initial aggregate amount of $300,000. In return, the financing party will receive ordinary shares of MIDS Medical representing 2.9 percent equity ownership of the company. The deal includes an option to make scheduled payments up to an additional $900,000. The full $1.2 million financing would translate to a final equity ownership in MIDS Medical of 10.31 percent.