Oakville, Ontario--(Newsfile Corp. - December 13, 2023) - FendX Technologies Inc. (CSE: FNDX) (OTCQB: FDXTF) (FSE: E8D) (the "Company" or "FendX"), a nanotechnology company developing surface protection coatings is pleased to announce it has entered into a Collaborative Research Agreement ("CRA") dated December 12, 2023 with McMaster University ("McMaster") which details the research and development plan to create a protective catheter coating using our nanotechnology licensed pursuant to the license agreement dated February 5, 2021, as amended, between the Company and McMaster.
Dr. Carolyn Myers, President and CEO of FendX, stated,
"We are excited about the prospect of developing a coating for catheters using our nanotechnology which we believe will reduce catheter blockage caused by either blood clots or bacterial biofilms. Early work conducted at McMaster has demonstrated significant reduction in the adherence of both bacteria and blood which could potentially translate to reduced bacterial biofilm or blood clot formation. Our aim is to further this research to tackle the medical need to reduce catheter blockage rates, which can be costly and interfere with patient therapy. We anticipate the development of this coating formulation will also strengthen our overall intellectual property portfolio."
The CRA outlines more fully the research and development work to be conducted by McMaster on behalf of FendX as well as a payment schedule for the maximum research funding requirements. The term of the CRA is for 24 months commencing on the effective date of December 1, 2023, unless terminated in accordance with the provisions of the CRA. In the first and second year, maximum research funding to McMaster will be $150,547 each year.
FendX is a Canada-based nanotechnology company focused on developing products to make people's lives safer by reducing the spread of pathogens. The Company is developing both film and spray products to protect surfaces from contamination. The lead product under development, REPELWRAP™ film, is a protective surface coating film that, due to its repelling properties, prevents the adhesion of pathogens and reduces their transmission on surfaces prone to contamination. The spray nanotechnology is a bifunctional spray coating being developed to reduce contamination on surfaces by repelling and killing pathogens. The Company is conducting research and development activities using its nanotechnology in collaboration with industry-leading partners, including McMaster University. The Company has an exclusive worldwide license to its technology and IP portfolio from McMaster, which encompass both film and spray coating nanotechnology formulations.
ON BEHALF OF THE BOARD
Chief Executive Officer and Director
Dr. Carolyn Myers, CEO and Director
Alyssa Barry, Investor Relations
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain forward-looking statements within the meaning of Canadian securities legislation, including with respect to: the plans of the Company; statements regarding the catheter coating development and anticipated benefits; the Company's belief that the catheter coating could reduce catheter occlusions caused by either blood clots or bacterial biofilms; statements regarding strengthening the Company's overall intellectual property portfolio; the Company's belief that REPELWRAP™ will have applications in healthcare settings and other industries; and products under development and any pathogen reduction benefits related thereto. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and involve several risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and that actual results and future events could differ materially from those anticipated in such statements.
Important factors that could cause future results to differ materially from those anticipated in these forward-looking statements include: product candidates only being in formulation/reformulation stages; limited operating history; research and development activities; dependence on collaborative partners, licensors and others; effect of general economic and political conditions; and other risk factors set forth in the Company's public filings which are available on SEDAR+ at www.sedarplus.ca. Accordingly, the reader is urged to refer to the Company's such filings for a more complete discussion of such risk factors and their potential effects. Except to the extent required by applicable securities laws and the policies of the Canadian Securities Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors should change.
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