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 December 6, 2016, 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 (the “MIDS Agreement”), relating to the Company’s Joint Venture vehicle, MIDS Medical Limited (“MML” ).
The MIDS Agreement 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, with the agreement of the Company and its Joint Venture Partner, is now exploring a potential enhancement to the MIDS nanoparticle detection method. MML believes this development could deliver benefits to its novel Point of Care cardiac device, MIDS Cardiac™, which is currently under development. As a result, design and testing work outside of the original project plan and timeline is now being conducted. This work is scheduled to be completed in early 2017 and is being carried out at a minimal cost. The development schedule has been amended accordingly, certain previously planned development work having been deferred, which has allowed for the postponement of certain Phase 1 Payments. Accordingly, the balance of the outstanding Phase 1 Payments have been amended by the Amendment to be payable in the following amounts on these dates: (a) on within 10 days of December 6, 2016, a payment of $22,500; (b) on or before January 31, 2017, a payment of $152,500; (c) on or before February 31, 2017, a payment of $130,000; and (d) on or before March 31, 2017, a payment of $75,000. All other provisions and terms of the MIDS Agreement 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 up +0.0010 at 0.0200 with 133,377 shares trading hands.

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