Santa Monica, CA - April 16, 2012 (Investorideas.com Newswire) Los Angeles Syndicate of Technology, Inc. (OTCQB: LAST), a publicly-traded venture fund and technology incubator, is pleased to announce that its portfolio company, Sanguine BioSciences, Inc. ("Sanguine"), has received approval from the Institutional Review Board ("IRB") to collect Biospecimen and Clinical Data from Patients diagnosed with Multiple Sclerosis, Alzheimer's Disease, and Parkinson's Disease.
The approval by the IRB increases Sanguine's addressable customer markets by allowing Sanguine to collect blood, cerebral spinal fluid, and medical records from a broader base of potential patients. The IRB is a committee that has been formally designated to approve, monitor, and review biomedical and behavioral research involving humans.
Brian Neman, Founder and Chief Executive Officer, commented: "This marks Sanguine's most significant milestone to date. Not only does it enable us to serve many more research organizations and further the field of drug and biomarker research, but it will also significantly increase our capacity to empower those patients suffering from neurodegenerative and neurological disorders. We founded Sanguine with the vision of empowering patients and accelerating Personalized Medicine research and development, and this milestone is an important step to achieving that vision."
Sanguine currently serves over 60 customers through its global network of ten distributors in nine countries including customers like Harvard Medical School, Vanderbilt University, USC, UCLA, Lonza Group, Seracare, and Cambridge Bioscience. The company has surpassed $100,000 of revenue from USA, Canada, UK, France, Spain, Germany, Italy, Singapore, Japan, Korea, UK, Russia and Israel, with a current pipeline of over 160 purchase orders.
About Los Angeles Syndicate of Technology - www.last.vc
Los Angeles Syndicate of Technology, Inc. (OTC: LAST) is a publicly traded Business Development Company (BDC) operating as a venture fund and technology incubator that creates, builds, and invests in web and mobile technology companies. LAST develops digital media, social networking, and life sciences products in its technology incubator, and has a portfolio of six companies at different stages of development. LAST's mission is to foster technology innovation in Los Angeles by partnering with the most talented entrepreneurs of southern California and providing them with the capital, support and tools to bring their ideas to market and commercialize their products.
About Sanguine Biosciences, Inc. - sanguinebio.com
Sanguine Biosciences, Inc. ("Sanguine") is an international supplier of DNA data and bio-specimen to research organizations for the development of personalized medicines. Sanguine provides highly viable primary human cells and tissues to both the academic and industrial life science research communities through a new direct-to-patient platform. The current product offering spans customers' needs in the In Vitro Research & Development stage of Drug Development. Sanguine's vision is to develop into the global leader in high quality cells and tissues for life science research and development.
Forward-Looking Statements
Statements included in this release related to Los Angeles Syndicate of Technology, Inc. and its portfolio companies constitute or may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties such as the inherent uncertainty of investing in early-stage technology companies, the technological and financial difficulties inherent in these activities, and the Company's ability to estimate accurately net revenues due to variability in size, scope and duration of projects. Further information on potential risk factors that could affect the Company's financial results can be found in the Company's reports filed with the Securities and Exchange Commission.
Contact Information
Contact:
Los Angeles Syndicate of Technology, Inc.
Bryce Knight
(310) 694-0640
www.last.vc
Sanguine Biosciences accelerates Personalized Medicine discovery by providing biological and clinical data, including biospecimen and medical records to researchers, through a direct-to-patient platform that empowers patients in drug and biomarker research. Thousands of patients' biospecimen and medical information are needed to develop new drug and diagnostic, and the company's proprietary model enables it to collect, and ultimately provide patient biospecimen and clinical data much more quickly and less costly than current market standards.
$100,000 in Revenue to Date
$55,000 in Revenue in 2012
60 Customers including
10 distributiors selling to USA, Canada, UK France, Spain, Germany, Italy, Singapore, Japan, Korea, UK, Russia, Israel
161 open purchase orders
The market size for patient and non-patient donor-derived biospecimens is estimated to be >$1B and estimated to grow to >$2.5B by 2015.
About Institutional Review Board
An institutional review board (IRB), also known as an independent ethics committee (IEC) or ethical review board (ERB), is a committee that has been formally designated to approve, monitor, and review biomedical and behavioral research involving humans. In the United States, the Food and Drug Administration (FDA) and Department of Health and Human Services (specifically Office for Human Research Protections) regulations have empowered IRBs to approve, require modifications in planned research prior to approval, or disapprove research. IRBs are responsible for critical oversight functions for research conducted on human subjects that are scientific, ethical, and regulatory.
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