Innovative Biosensors, Inc. Receives 2005 Maryland Incubator Company of the Year Award for Best Life Science Company
College Park, MD, May 17, 2005 – Innovative Biosensors, Inc. (IBI),
a company developing rapid, ultra-sensitive tests to detect harmful pathogens,
today announced that it has received the 2005 Maryland Incubator Company of
the Year Award for Best Life Science Company.
An award finalist in both
the Life Science Company and Technology Transfer categories, Innovative Biosensors,
Inc. took home the award for 2005 Life Science Company of the Year during last
night’s 2005 Maryland Incubator Company of the Year Awards reception.
“This prestigious award brings validation to our accomplishments as a
growing developer and manufacturer of rapid pathogen tests and highlights the
importance of incubators to entrepreneurship,” said Joe Hernandez, IBI’s
Founder and CEO. “Our company has experienced exceptional growth this
year, and the launch of our E. coli O157:H7 Detection Kit in January
was only the beginning. We are honored that the Selection Committee recognized
our Company’s achievements and bright future.”
IBI’s BioFlash™ pathogen detection system utilizes CANARY™,
a rapid pathogen detection technology developed at MIT. This technology enables
the detection of pathogens with an unmatched combination of speed and sensitivity.
In January 2005, IBI launched its first of several soon-to-be-released pathogen
tests, the E. coli O157:H7 Detection Kit for food processors. The company
plans to introduce more tests in both the food testing and human clinical diagnostics
market.
About the Maryland Incubator of the Year Awards
Sponsored by The Maryland Technology Development Corporation (TEDCO), American
Express Tax & Business Services, Maryland Department of Business & Economic
Development (Maryland DBED), and Saul Ewing LLP, the Maryland Incubator Company
of the Year awards are chosen in several categories by a committee of regional
industry leaders and early-stage investors.
About Innovative Biosensors, Inc.
Innovative Biosensors is a privately held company developing novel technologies
for the rapid detection of pathogens. The company's technology is expected to
have broad applications in food testing, animal health, and human health care,
including drug discovery and development and disease diagnosis. Additional information
is available at www.innovativebiosensors.com
This release may contain forward-looking statements that are subject to certain
risks and uncertainties, including Innovative Biosensors’ mission to develop
and commercialize instrument systems, Innovative Biosensors’ ability to
develop new technologies to conduct rapid diagnosis. Such statements are based
on management's current expectations and are subject to a number of factors
and uncertainties that could cause actual results to differ materially from
those described in the forward-looking statements. Innovative Biosensors cautions
investors that there can be no assurance that actual results or business conditions
will not differ materially from those projected or suggested in such forward-looking
statements as a result of various factors, including, but not limited to, the
following: Innovative Biosensors’ expectations that they will incur operating
losses in the near future, the early stage of development of Innovative Biosensors’
products and technologies, uncertainties related to preclinical and clinical
testing and trials, uncertainties surrounding the availability of additional
funding, Innovative Biosensors’ reliance on research collaborations, the
actions of competitors and the development of competing technologies, potential
patent infringement claims against Innovative Biosensors’ products, processes
and technologies, Innovative Biosensors’ ability to protect their patents
and proprietary rights and uncertainties relating to commercialization rights.
Contact:
Innovative Biosensors, Inc.
Media Relations
Phone: (301) 738-0604
info@innovativebiosensors.com