2014 – 3rd Quarter Business Update

“Success is not final; failure is not fatal. It is the courage to continue that counts.”     Winston Churchill

Let’s get the lone negative out-of-the-way – the investment catalyst that we anticipated would occur during the 3rd quarter did not occur.  The investment transaction continues to advance towards closing, but at a slower speed than originally thought.  Based on the updates we have been receiving from the fund manager, things are progressing – the fund’s structure is fully organized, marketing materials have been sent to the investment community, and there are early strong indications of interest.  We remain confident this investment will close before year-end.  As we discussed in the previous Business Update, we continue to pursue additional investment opportunities as both a backup or to supplement the pending investment.  While nothing is imminent, the discussions are ongoing with several of those groups.

South Africa

The number one priority in South Africa is the completion of a publishable article.  After circulation of the initial draft the co-authors made several revisions and suggested changes.  The revisions and changes will significantly improve the original draft and present TBDx™ in the most appropriate and beneficial manner.  All of the co-authors are diligently working towards completion and submission.

A second publishable article will focus on the economic benefits of TBDx™, and its fit within a layered diagnostic environment, and will follow closely on the heels of the South African article.  Dr. David Dowdy, Johns Hopkins Bloomberg School of Public Health, will be the principal author of this article.

Our business development activities in South Africa will accelerate upon receipt of investment funding.  There is revenue opportunity in South Africa and we maintain very strong relationships with the key stakeholders and international luminaries.

Nigeria

Earlier this week the collection and processing of the protocol required number of cases was completed.  While the formal data analysis and report have not been completed, the preliminary results indicate a highly successful clinical evaluation.  We have heard from several key participants in the clinical study that TBDx™ was resoundingly successful and extremely well received by the laboratory personnel directly involved in the clinical evaluation.

A more detailed blog will be issued later this week or next.

FIND Peru

The evaluation protocol and required ethics review have been completed.  FIND anticipates that we will evaluate approximately 350 cases.  The timeline to complete the evaluation will be solely dependent upon the daily case flow.

Tosh Sondh, our Director of Engineering, leaves for Peru on the 12th of October.  Tosh will provide the installation, setup, calibration, and training.  He will also oversee routine processing of slides for a number of days to ensure that laboratory personnel can independently operate the system.

A more detailed blog will be issued later this week or next.

FIND Vietnam

The evaluation protocol, which we anticipate to be very similar to Peru, has not been finalized nor has the ethics review been completed.  Given the timing of The International Union Conference at the end of October, it is anticipated that the evaluation study will commence during November.

As we learn more specifics about the evaluation protocol, objectives, and timing we will provide greater detail.

International Union Conference

The week long conference in Barcelona will take place beginning October 28th.  While we will not be demonstrating the technology at this conference, we will be in attendance.  The conference is an exceptional platform for establishing or growing business relationships.  Our primary targets at the conference will be the Pakistan National TB Program, WHO, FIND, and the Stop TB Partnership.

A more detailed blog will be issued as we move closer to the conference date.

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