Nanomix Announces Equity Investment from Senior Executive of Woodley Equipment Company, Ltd. at a Premium to Market

Rhea-AI Summary

Nanomix Corporation (OTCQB: NNMX) announced a new equity investment from Mike Wickham, Managing Director of Woodley Equipment Company, involving the purchase of 59,640 shares at $1.17 each, totaling $70,000. This investment adds to Woodley's prior investments, now totaling $570,000. The partnership focuses on developing diagnostic solutions for the veterinary market leveraging the Nanōmix eLab® system, which provides rapid testing for critical infections such as sepsis. The S1 Panel Cartridge offers results in about 12 minutes, significantly faster than traditional methods. The company aims to enhance its market presence and product development through this collaboration, which includes Woodley's clinical research division.

Positive

• Woodley's new investment reflects confidence in Nanomix and its technology.
• Total equity investment from Woodley has reached $570,000, suggesting strong partnership potential.
• The eLab® system provides rapid diagnostic results, improving marketability and patient care.
• The CE marking and MHRA registration for the S1 Panel signal regulatory approval and market readiness.

Negative

• None.

SAN LEANDRO, Calif, April 13, 2023 (GLOBE NEWSWIRE) -- Nanomix Corporation (OTCQB: NNMX) (“Nanomix” or the “Company”), a leader in the development of mobile, affordable, point-of-care (POC) diagnostics, today announced an equity investment from Mike Wickham, Managing Director of Woodley Equipment Company, Ltd.  to which Mr. Wickman purchased 59,640 shares of the Company’s common stock at a price of $1.17 per share for an aggregate purchase price of $70,000. To date, Woodley has made a total of $570,000 of equity investments in the Company.

As announced on November 9, 2022, Nanomix and Woodley entered into an exclusive distribution agreement. Woodley will work with Nanomix to develop species specific ranges for the S1 critical infection panel and distribute the eLab system in the veterinary market for regions outside of the United States.

Thomas Schlumpberger, Chief Executive Officer of Nanomix, stated, “I am very pleased to receive Woodley’s additional equity investment which shows continued confidence in Nanomix and our technology. Woodley brings significant product development and commercial expertise that allows us to expand our efforts into the veterinary market earlier than planned. In addition, we plan to work with Woodley’s clinical research division on applications of the Nanomix POC solution.”

Mike Wickham, Managing Director of Woodley, commented, “Woodley supplies equipment for all aspects of laboratory diagnostics in the veterinary market with a specialization in emergency and critical care devices. We are excited to develop a POC device to treat animals and Woodley is proud to partner with Nanomix.”

The Nanōmix eLab® system is a mobile, hand-held immunoassay and chemistry diagnostic system designed for the needs of rapid point-of-care testing. The Nanōmix eLab® system offers a variety of benefits, including results in minutes, lower cost, and portability, while providing accurate, quantitative results comparable in quality to those provided by central lab testing. Furthermore, the S1 Panel Cartridge was developed as an aid in rapidly diagnosing critical infections including sepsis. The panel provides quantitative test results for procalcitonin (PCT), C-reactive protein (CRP) and lactate (LAC) from a single sample. The assay runs on the eLab® Analyzer with results available in approximately 12 minutes from sample to answer, versus the current diagnostic solutions which can take hours to provide a test result. The S1 Panel assay has received the CE marking in Europe and has UK Medicines and Healthcare products Regulatory Agency (MHRA) registration.

About Nanomix Corporation

Nanomix (OTCQB: NNMX) is developing mobile point-of-care diagnostics with its Nanōmix eLab® System platform and assays that provide rapid, accurate, quantitative information for use in settings where time is critical to clinical decision-making and improved patient care. The company’s products are designed to broadly impact healthcare delivery by bringing diagnostics to the point of initial patient interaction, whether in the hospital or in pre-hospital, remote or alternate-care settings, thereby enabling faster clinical decision-making and potentially treatment-in-place. Nanomix’s first assays address the need for faster diagnosis of critical infections including sepsis. The company is developing a pipeline of other tests designed to improve patient outcomes by making high-quality diagnostic information available within minutes. For more information, visit www.nanomixdx.com.

For the latest insights, follow Nanomix on Twitter and LinkedIn.

Forward-Looking Statements

Certain statements in this press release constitute “forward-looking statements” within the meaning of the federal securities laws. Forward looking statements include statements regarding the Company’s intentions, beliefs, projections, outlook, analyses or current expectations concerning, among other things, the Company’s ongoing and planned product development; the Company’s intellectual property position; the Company’s ability to develop commercial functions; expectations regarding product launch and revenue; the Company’s results of operations, cash needs, spending, financial condition, liquidity, prospects, growth and strategies; the industry in which the Company operates; and the trends that may affect the industry or the Company. Forward-looking statements are not guarantees of future performance and actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, as well as those risks more fully discussed in the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as well as discussions of potential risks, uncertainties, and other important factors in the Company’s subsequent filings with the Securities and Exchange Commission. All such statements speak only as of the date made, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Relations Contact: 

Natalya Rudman
Crescendo Communications, LLC
Email: NNMX@crescendo-ir.com 
Tel: (212) 671-1020 Ext.304

FAQ

What recent investment did Nanomix Corporation announce?

Nanomix Corporation announced an equity investment of $70,000 from Mike Wickham, totaling Woodley's investments to $570,000.

What is the significance of the eLab® system developed by Nanomix?

The eLab® system provides rapid diagnostics for critical infections, achieving results in about 12 minutes.

What partnerships does Nanomix Corporation have for product development?

Nanomix has a partnership with Woodley Equipment Company to develop diagnostic solutions for the veterinary market.

What regulatory approvals has Nanomix received for its products?

The S1 Panel Cartridge has received CE marking in Europe and registration from the UK’s MHRA.