Toumaz Technology has entered into a strategic development and distribution alliance with an unnamed global medical devices business.
The alliance is intended to allow the two companies to develop handheld and body worn wireless diagnostic and monitoring products incorporating Toumaz Amx technology and its Sensium platform. The alliance hopes to produce disposable, non-invasive monitoring products providing real time critical vital sign information.
Toumaz will receive funds from its strategic partner for further development work. The company will retain all the background intellectual property relating to its Amx platform and will be entitled to explore further revenue streams for the technology, outside of the field of use being exploited with its strategic partner.
The strategic partner has committed to provide funding for regulatory approvals, global manufacturing, product marketing, sales and distribution.
‘The establishment of this alliance is a very positive development for Toumaz,’ said Chris Toumazou, chairman of Toumaz. ‘We now have the opportunity to provide end to end solutions in the personalised healthcare space. This has been a key strategic goal of the business that we now believe is deliverable.’
Toumaz is a subsidiary of Nanoscience, who have provided funding for research and development as well as additional commercial and corporate expertise. The directors of Nanoscience estimate that the vital sign monitoring market already exceeds $1.5bn and continues to grow, whilst the point of care diagnostics worldwide market is estimated at $10bn and growing.
Guy Spelman, CEO of Nanoscience, said: ‘This is the most significant landmark in the seven year history of Toumaz as the road to commercialisation is now visible and we look forward to reporting on further progress throughout 2008.’