Monarch Energy (CSE: CHX) (OTC: MNLIF) as ChroMedX Ltd. Engages ALine Inc. for Development of HemoPalm Cartridges and Handheld Analyzer
Toronto, Ontario - (Newsfile Corp. - July 29, 2014) (www.investorideas.com newswire) Monarch Energy Limited (CSE: CHX) (OTC: MNLIF) ("Monarch" or the "Company") is pleased to announce that its wholly-owned subsidiary ChroMedX Ltd. has engaged ALine Inc. of Rancho Dominguez, CA as its primary contractor for the development of the Company's HemoPalm cartridge and analyzer technology. The goal is to complete construction of the prototype cartridge and analyzer to demonstrate functionality of the system by the first quarter of 2015. ALine has expertise in the engineering, prototyping and manufacturing of microfluidic cartridges used in the life sciences and in vitro diagnostic fields. ALine Inc. was founded by current President and CEO, Leanna Levine, Ph.D.
Wayne Maddever, Ph.D. P.Eng, President and CEO of ChroMedX Ltd. said, "The experience and expertise of Leanna and her ALine team make them the perfect partner for the development of the HemoPalm system."
Leanna Levine, Ph.D., President and CEO of ALine said, "We are excited about the potential for ChroMedX's technologies and are pleased to be a part of this development."
The HemoPalm system is comprised of a disposable cartridge and a handheld analyzer. The system measures co-oximetry, blood gases and electrolytes, in a patient's blood, and the resulting analysis can provide a complete assessment of a patient's acid-base and oxygenation status at the point of care (POC). The leading competitors in POC testing require a second analyzer to provide CO-oximetry, which is the gold standard for measuring hemoglobin oxygen saturation and total hemoglobin. The ability to provide all the measurements described above in a single central laboratory analyzer has been available since the 1990s. ChroMedX intends to be the first company to provide these measurements in a single handheld analyzer.
In addition to ALine Inc., ChroMedX has engaged additional consultants with expertise in microspectrometry and biosensors to compliment the development team led by James Samsoondar, Ph.D., ChroMedX Chief Scientific Officer.
Monarch Energy Ltd. announced the commencement of business in the in-vitro medical diagnostics and point-of-care testing field under its wholly owned subsidiary, ChroMedX Ltd. on July 11, 2014.
Monarch commenced trading on July 7, 2014 on the Canadian Securities Exchange under the symbol CSE:CHX. The Company will seek to change its name at the next Annual and Special Meeting August 29, 2014 to "ChroMedX Ltd.", or such other name as the board of directors determine.
On June 30, 2014 the Company announced the completion of the acquisition of ChroMedX Ltd. in conjunction with a capital raise of gross proceeds of approximately CDN$517,500.
About Monarch Energy
Monarch, operating as ChroMedX Ltd., is 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 US and pending international patents, dealing with blood collection, analysis and plasma/serum processing. Application of the devices is extended to address special requirements for neonatal care.
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Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedar.com.
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