Lifeline Biotechnologies Prepares for First Warning System(TM) US Demonstration Site
Lifeline Biotechnologies Prepares for First Warning System(TM) US Demonstration Site
RENO, Nev., Aug 25, 2009 (BUSINESS WIRE) -- Lifeline Biotechnologies, Inc. (Pink Sheets:LLBO) today announced that it is preparing to establish a demonstration site for its First Warning System(TM) to be located in Reno, Nevada.
Jim Holmes, Lifeline's CEO said that "we are preparing to establish a site to operate and demonstrate the First Warning System(TM), a process designed and developed to potentially assist in the early detection of breast cancer. The particulars of the site are being formulated now. We expect to collaborate with local technology and oncology sources with whom we are engaging to assist us in the demonstration process. This site will initially be capable of examining a limited number of women."
Holmes went on to say, "The First Warning technology has been developed with the assistance of our engineers at Nanyang Technological University in Singapore along with scientific and technical consultants here in the U.S. We are focused on installing our proprietary interpretive software at our Reno location's computers. Additionally, we will be updating and upgrading our proprietary hardware to incorporate advances in technologies and materials. The First Warning hardware is used to collect the patient data. Tiny sensors are placed on each breast that collects temperature changes over a period of time. The patient data collected is submitted to our software program for interpretation that classifies the physiological condition of the breasts. The data collection process involves no radiation or compression, and is non-invasive."
Lifeline Biotechnologies previously received two patents on its First Warning System(TM) hardware and has in the past year filed for a patent on the technological advancements of the First Warning System(TM) software. The software has achieved the robust capability of identifying and classifying tissue abnormalities of the breast with sensitivities (ability to identify) of 95% to 100% and specificities (verify) of 87% to 90%. Currently, it is widely recognized that mammograms miss an estimated 20 to 30% of the breast cancers.
Lifeline competes in the money markets for funds to continue the development of its products as well as supporting operating and administrative expenses. The cost of funds, for companies such as Lifeline is expensive and the terms have been, and may continue to be dilutive. The Company is seeking other means of financing in an effort to reduce the dilutive aspects.
Safe Harbor: This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing, successful development of the Company's product and regulatory and shareholder approval for anticipated actions.
SOURCE: Lifeline Biotechnologies, Inc.
