News
Epocal Inc. Secures US$2.5MM From MMV Financial Inc.
Press Release
Ottawa, Canada
January 26, 2006
Epocal Inc., a developer of enterprise diagnostic products, announces that it has secured a US$2.5 million venture loan from MMV Financial Inc.
Epocal has developed the EPOCTM System, an enterprise point-of-care blood analysis platform that combines ultra-low cost diagnostic cards and bedside card readers to immediately deliver lab quality results to the bedside at a fraction of the manufacturing cost of conventional point-of-care testing solutions. The product development pipeline includes cards for a variety of test applications including immunoassay biomarker tests, general chemistries, hematology and hemostasis.
"We are very pleased to have MMV Financial join our investor group" said Dr. Imants Lauks, President and Chief Executive Officer of Epocal. "MMV's investment was done quickly and efficiently, allowing us to strengthen our balance sheet while remaining focused on meeting our clinical and commercial objectives. This investment caps a good year for the Company, having concluded earlier in 2005 a CND$6.6 million Series B equity round and an investment of CND$1 million from the National Research Council of Canada's Industrial Research Assistance Program (NRC-IRAP)."
"We are excited about the potential for Epocal's low cost technology which will allow the broad adoption of point-of-care testing, while providing the additional benefit of wireless connectivity to the enterprise", added Brian Hendry, Senior Vice President, MMV Financial Inc.