HUBBARD, Ohio, June 25 / / - NanoLogix, Inc. announces initial production contract for BioNanoChannel(TM) Rapid Detection Technology Devices and presents an operations update.
First large scale production of BioNanoChannel(TM) device: NanoLogix, Inc. has contracted with and funded ICO Mold of Toledo, Ohio, for the first production run of components for the BioNanoChannel(TM) Rapid Detection Technology device. The production run will consist of 15,000 injection-molded parts, sufficient to assemble 2,500 separate BioNanoChannel(TM) kits. The kits will be utilized as prototypes for testing purposes by veterinary clinics, food testing laboratories, and other medical-related laboratories as the company initiates pursuit of approval for the device from the FDA and other regulatory agencies. NanoLogix anticipates that the BioNanoChannel(TM) device may become the definitive state-of-the-art Rapid Detection Technology for bacterial and spore (microorganism) identification.
Expansion of Research and Development Facility: NanoLogix, Inc. on Friday, June 22nd 2007, signed an agreement with BIO/START in Cincinnati, for both a one-year renewal of the company's lease and a 400% expansion in the size of the Research and Development facility.
Carol Frankenstein, President of BIO/START, www.biostart.org, Cincinnati's Bio/medical Start-Up Center stated, "With the expansion of Nanologix's research and development facilities at BIOSTART, the company's management and scientific team is poised to develop promising, innovative diagnostic technologies into products that generate rapid results at lower cost."
Corporate office relocation: the company offices have been moved from Sharon, PA to a new location at 843 North Main Street, Hubbard, Ohio, 44425. This move takes the company from its original shared-office location in a medical practice, to an independent stand-alone environment. This move provides the company with over 1,600 square feet of office space at approximately 20% of the previous cost per square foot.
Cost control initiative: During the last three months, the company has reduced overall spending by over 50% while increasing Research and Development investment by over 100%, and initiating manufacturing on a scale never before attempted by the company.
Redesigned website and new Internet address: the new domain address is www.nanologixinc.com. This newly designed website signifies the company's efforts to provide current information to shareholders and the general public. It illustrates the company's new focus on corporate growth while capitalizing on the company's existing intellectual property by its conversion into marketable technology and products. As the company grows, the website will be continuously updated.
Bret T. Barnhizer, Chairman, CEO and President of NanoLogix stated: "All of what is occurring is very exciting and positive in scope. We look forward to the results of our team effort and the establishment of a strong revenue stream for the company from those efforts. We will work at keeping the investing public informed of our progress and will soon be issuing a status update on our ongoing Welch's hydrogen bioreactor operation and the R&D related to our Erie Wastewater Treatment plant project."
The agreement with Randall S. Goulding and Associates to represent NanoLogix as corporate counsel has been terminated by the company.
On June 5th 2007, Dr. Mitchell Felder tendered his resignation as Chief Technology Officer for personal reasons.
About NanoLogix, Inc.
NanoLogix is an industry innovator in the research, development, and commercialization of nano-biotechnologies, applications and processes. The Company has developed and owns or has rights to 31 patents related to various medical technologies, 5 of which also have hydrogen-generation aspects. In the past year the Company has filed an additional 28 patent applications for discoveries related to hydrogen bioreactors, medical testing, and innovative medical treatments potentially related to leukemia and sepsis. NanoLogix is presently operating a hydrogen bioreactor at Welch's Food. NanoLogix-developed patents are used to design and market diagnostic test kits for use in early detection of the bacteria present in infectious and noninfectious human diseases such as tuberculosis, pneumonia, HIV/AIDS, cancer, and cystic fibrosis. The company also owns a patent for the non-toxic induction of apoptosis ('cell suicide') for the treatment of cancer. BioNanoChannel is a Trademark of NanoLogix, Inc. For more information on the Company, visit nanologixinc.com.
Source: NanoLogix, Inc.
Web site: www.nanologixinc.com/