Distributed Diagnostics Inc. company acquires Real Radiology Inc.

New York 07 July 2004Distributed Diagnostics Inc. has acquired the entire Issued Share Capital of Real Radiology Inc. Real is a Health Care Biotechnology company that focuses on creating value to health care professionals, pharmaceutical companies, and medical diagnostics companies. Real Radiology conducts research in the areas of real time, point of care technologies and discoveries to serve its identified markets.

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Distributed Diagnostics' focus on low cost, handheld, rapid testing diagnostic technology represents a highly valuable and unique opportunity because it can revolutionize patient care, pharmaceutical drug development (clinical and preclinical trials), veterinary medicine, agriculture, and bioterrorism protection. Whether testing for simple molecules, complex proteins, DNA, antibodies, or other substrates, a single, simple handheld platform for a broad array of tests is an important advancement for science.

Distributed Diagnostics is developing a ubiquitous mobile diagnostic system, capable of simultaneously measuring numerous analytes in a liquid sample, as well as a back-end "virtual laboratory" analysis architecture. The combination of these two powerful biotechnology and information technology platforms permits Distributed Diagnostics to perform near real time measurements of many laboratory tests using a few drops of blood or other fluid sample.

The Distributed Diagnostics platform will enable physicians to operate rapid and sophisticated laboratory testing in their offices that will bring to reality the concept of testing and treating in the same office visit. Physicians will provide speedier care while reaping new revenue streams; hospital emergency rooms will save more lives and increase throughput, and third world clinics will possess new inexpensive tools to fight death and disease. Better treatment will follow testing to physician offices, hospitals, rural clinics, and battlefields.

Requiring just a few drops of blood instead of painful needles and tubes filled with blood from veins, the Distributed Diagnostics platform is designed to be handheld, rapid, and fully automated to reduce laboratory errors from specimen collection, transport, processing, storage, and identification.

While its core technology is readily adapted to many applications in the pharmaceutical industry, the Distributed Diagnostics platform is best suited to clinical trial diagnostics, long-term patient monitoring, and targeted drug delivery applications, as opposed to high throughput screening leading to drug discovery. Indeed, Distributed Diagnostics logically complements high throughput drug discovery projects by bringing similar, long overdue technological efficiencies to the time consuming and costly pre-clinical and clinical trial phases of drug development.

In addition, this same platform can help for identify drug trial candidates as well as target speciality drugs to patients of need. By reducing the time it takes for drugs to go to market, pharmaceutical companies will reap increased revenues as new drugs typically provide a billion dollars a year in revenue.

Distributed Diagnostics intends to exploit all aspects of this technology to drive early revenues and strategic alliances. Distributed Diagnostics architecture enables it to deliver real-world advantages to a wide range of markets, including a variety of human applications such as clinical trials; POCT applications including emergency care use, hospital use, doctors office use, IDNs, etc.; home health applications including "direct to consumer" and HCP-managed applications such as chronic care patients; animal applications such as pharmaceutical pre-clinical trials, companion animals, and food animals; and agriculture, and bioterrorism protection.

The Point-of-care (POC) testing market is projected to nearly triple within a decade, rising from $1 billion in 1998 to $3,2 billion in 2008 according to Enterprise Analysis Corporation, 1999, Stamford, Connecticut. Dr. Richard Ferrans has been appointed President and CEO of the company and has replaced Mr. Richard Axtell.

Dr. Richard Ferrans is a physician executive with broad experience in biotechnology and information technology, academic medicine, health care policy, government, and managed care. A graduate of Tulane University School of Medicine, Dr. Ferrans received his internal medicine training in Washington, D.C. Dr. Ferrans is a former Assistant Professor of Public Health and Preventive Medicine and Clinical Assistant Professor of Medicine at Louisiana State University Health Sciences Center where he served as the Chief of Medical Informatics and Telemedicine.

Dr. Ferrans is the founder and former President of Avreo, a health care information technology company specializing in integrated radiology imaging and information systems. He is the former Senior Vice President of Labnetics, an Austin based biotech company, and also helped start Kaylone Biopharmaceuticals. Dr. Ferrans served as a consultant working with the Department of Veterans Affairs and the Department of Defense on integrating computer based patient records, and has also served as a consultant for private firms such as Pfizer, XL Vision, and TeleHealth Broadband.

He served as a staff member of the National Committee for Vital and Health Statistics, the U.S. federal advisory committee that oversees health care privacy, security, and data policy for the Department of Health and Human Services. Dr. Ferrans has spoken at the U.S. Senate, the Food and Drug Administration, the Board of Regents for the National Library of Medicine, and the American Medical Informatics Association, as well as Kellogg Business School and Tulane Law School. Dr. Ferrans most recently has served as a medical director for a Medicare managed care health plan.

"This technology is slated to change the standard of care by providing clinicians with the all important real time patient data that is critical at the time of treatment. Instead of waiting hour or days for lab results, physicians can within minutes institute potentially life saving treatment. Furthermore development timetables and costs for pharmaceutical companies should stand to be dramatically reduced by having access to real time results in the clinical trial phases of drug development", stated Dr. Ferrans.


Leslie Versweyveld

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