Zomedica Strengthens Market Position with New Patents Issued for its TRUFORMA(R) Diagnostic Platform
Intellectual property portfolio now includes 188 Patents and 131 Trademarks providing robust protection for the Company’s product platforms
ANN ARBOR, MI / ACCESSWIRE / May 2, 2024 / Zomedica Corp. (NYSE American:ZOM) (“Zomedica” or the “Company”), a veterinary health company offering point-of-care diagnostics and therapeutic products for equine and companion animals, today announced the issuance of three new patents, bolstering the intellectual property protection for its revolutionary TRUFORMA diagnostic platform. The TRUFORMA system provides veterinary professionals with reference laboratory accuracy directly at the point of care, enhancing the health management of horses and companion animals.
TRUFORMA technology represents a breakthrough in veterinary health diagnostics, employing highly sensitive proprietary Bulk Acoustic Wave (BAW) technology in a compact, easy-to-use device. This system utilizes disposable cartridges that are preloaded with reagents to minimize sample preparation and simplify the workflow, allowing veterinarians to deliver timely and accurate diagnostic results at the point of care. This supports more confident decision-making in clinical environments, primarily benefiting small animal practices and equine or mixed veterinary practices.
The newly patents issued include innovations in the TRUFORMA® cartridge design and functionality:
- U.S. Patent 11,933,793 B2 issued for Two Part Assembly
- U.S. Patent 11, 940,414 issued for Crowded Sensor
- U.S. Patent 11,940,415 B2 issued for Fluidic Device with Fluid Port Orthogonal to Functionalized Active Region
Ashley Wood, PhD, Zomedica’s Vice President of Research & Development, stated, “These patents cover innovations that enable the TRUFORMA system to detect a wider array of health conditions, from thyroid and adrenal disorders to gastrointestinal and pancreatic diseases, swiftly and with great precision, empowering veterinarians to enhance the quality of care they provide, which is at the heart of everything we do at Zomedica.”
With the addition of these patents, Zomedica now holds a total of 65 U.S. patents and 123 international patents, with 33 U.S. and 98 foreign trademarks, strengthening the Company’s market position. The Company additionally has 62 patent applications pending in the U.S. and abroad.
“The addition of these new patents to our portfolio is a testament to Zomedica’s innovative spirit and dedication to veterinary excellence,” stated Larry Heaton, Chief Executive Officer of Zomedica. “These new patents not only expand our intellectual property portfolio but also reinforce our capability to deliver industry-leading diagnostic solutions. Our TRUFORMA platform is setting a new standard in veterinary care, providing unique assays not possible with other point of care analyzers, and empowering vets with the tools they need to diagnose and treat animals more effectively at the point of care.”
The total addressable market for Zomedica’s diagnostic and therapeutic products is estimated at $2.5 billion annually. The Company’s potential customer base for TRUFORMA installations is expansive, including approximately 4,450 equine or mixed veterinary practices and 30,000 small animal veterinary practices across the United States, in a veterinary services market estimated at $62 billion.
About Zomedica
Based in Ann Arbor, Michigan, Zomedica (NYSE American:ZOM) is a veterinary health company creating products for horses, dogs, and cats by focusing on the unmet needs of clinical veterinarians. Zomedica’s product portfolio includes innovative diagnostics and medical devices that emphasize patient health and practice health. Zomedica’s mission is to provide veterinarians the opportunity to increase productivity and grow revenue while better serving the animals in their care. For more information, visit www.zomedica.com.
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Except for statements of historical fact, this news release contains certain “forward-looking information” or “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur and include statements relating to our expectations regarding future results. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance, or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, including assumptions with respect to economic growth, demand for the Company’s products, the Company’s ability to produce and sell its products, sufficiency of our budgeted capital and operating expenditures, the satisfaction by our strategic partners of their obligations under our commercial agreements, our ability to realize upon our business plans and cost control efforts and the impact of COVID-19 on our business, results and financial condition.
Our forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: the outcome of clinical studies, the application of generally accepted accounting principles, which are highly complex and involve many subjective assumptions, estimates, and judgments, uncertainty as to whether our strategies and business plans will yield the expected benefits; uncertainty as to the timing and results of development work and verification and validation studies; uncertainty as to the timing and results of commercialization efforts, as well as the cost of commercialization efforts, including the cost to develop an internal sales force and manage our growth; uncertainty as to our ability to successfully integrate acquisitions; uncertainty as to our ability to supply products in response to customer demand; uncertainty as to the likelihood and timing of any required regulatory approvals, and the availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; veterinary acceptance of our products; competition from related products; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology and changes in laws and regulations; our ability to secure and maintain strategic relationships; performance by our strategic partners of their obligations under our commercial agreements, including product manufacturing obligations; risks pertaining to permits and licensing, intellectual property infringement risks, risks relating to any required clinical trials and regulatory approvals, risks relating to the safety and efficacy of our products, the use of our products, intellectual property protection, risks related to the COVID-19 pandemic and its impact upon our business operations generally, including our ability to develop and commercialize our products, and the other risk factors disclosed in our filings with the SEC and under our profile on SEDAR+ at www.sedarplus.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
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SOURCE: Zomedica Corp.
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