BIO-AMD, INC. (OTCMKTS:BIAD) Files An 8-K Entry into a Material Definitive Agreement

BIO-AMD, INC. (OTCMKTS:BIAD) Files An 8-K Entry into a Material Definitive Agreement
ITEM 1.01 ENTRY INTO A MATERIAL AGREEMENT

Amendment to MML Subscription and Shareholders’ Agreement
On January 31, 2017, Bio-AMD, Inc. (the “ Company ”) entered into an amendment (the “ Amendment”) to a Subscription and Shareholders’ Agreement, dated June 20, 2016, as amended on September 29, 2016 and December 6, 2016 (the “MIDS Agreement”), relating to the Company’s Joint Venture vehicle, MIDS Medical Limited (“ MML” ).
The MIDS Agreement as amended provided for a series of payments (the “Phase 1 Payments”) from the Company’s Joint Venture partner to MML for an aggregate amount of $650,000 to fund a planned development timeline.
MML is exploring a potential enhancement to the MIDS nanoparticle detection method by the development of a “Magnetic Bridge” technique based on the MIDS technology. On January 18, 2017, MML submitted a patent application for this new detection method. This work is ongoing in accordance with a revised development schedule and the cash requirements during February and March have not yet been finalised. Currently MML has a surplus of development cash on account and there is no immediate requirement for additional funding of MML (“Funding”). Accordingly, the balance of the outstanding Phase 1 Payments has been amended to be payable in the following amounts on these dates: (a) on or before March 15, 2017, a payment of $130,000; (b) on or before April 15, 2017, a payment of $152,500; and (d) on or before May 15, 2017, a payment of $75,000. MML has the right to draw down all or part of the earliest of any undrawn Phase 1 Payments in advance of the payment due date, with 14 days advance notice to the Company. All other provisions and terms of the MIDS Agreement as previously amended and the aggregate amount of the Phase 1 Payments remain the same.

About BIO-AMD, INC. (OTCMKTS:BIAD)

Bio-AMD, Inc. is engaged in developing its Point Of Care (POC) medical diagnostic device business, and commercializing its WOCU-based currency risk mitigation business. The Company operates through two segments: the development of a technology designed to mitigate currency risk through its subsidiary, WOCU Limited (WL), and the development of hand held, electronic medical diagnostic devices capable of reading third party assays through its other subsidiary, Bio-AMD Holdings Limited. It offers a disposable micro-fluidic test strip, which is used to measure prothrombin time/international normalized ratio (PT/INR) through a POC blood coagulation monitoring device (COAG) enabling patient-based, anticoagulant drug therapy monitoring. It also offers a Digital Strip Reader (DSR), which enables to read a range of lateral flow-based immunoassay diagnostic test strips, including cardiac markers, infectious diseases, drugs of abuse and female wellbeing, to provide semi-quantitative results.

BIO-AMD, INC. (OTCMKTS:BIAD) Recent Trading Information

BIO-AMD, INC. (OTCMKTS:BIAD) closed its last trading session 00.0000 at 0.0339 with 313,700 shares trading hands.

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