FYR Diagnostics receives grant from the National Institutes of Health to advance epilepsy diagnostic test

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Oct 10, 2019, 08:00 ET

MISSOULA, Mont., Oct. 10, 2019 /PRNewswire/ -- FYR Diagnostics LLC, a privately held, Montana-based company focused on developing novel diagnostic technologies, today announced that the National Institute of Neurological Disorders and Stroke (NINDS), part of the National Institutes of Health (NIH), has awarded the company $333,824, for a Small Business Innovation Research (SBIR) grant. The two-year Phase I award is for FYR Diagnostics to develop biomarkers of certain types of epilepsy, which may be used in diagnostic kits. The grant has the potential to provide a total of $618,086 in nondilutive financing.

"We value and appreciate the NIH's support and validation of our diagnostic development endeavors," said Sarj Patel, PhD co-Principal Investigator and President of FYR. "This award allows us to further advance our previous, successful efforts, which we plan to ultimately commercialize."

FYR Diagnostics is growing rapidly to support its research goals. This grant, as well as support from Two Bear Capital and funding from other grant resources, has allowed the company to train and onboard several new team members in Montana.

"This NIH-supported research effort falls closely in line with FYR Diagnostic's mission to develop diagnostic tools and detection technologies for diseases with large unmet needs, ranging from human health to agriculture," said Chris Booth, PhD Director of Research and Development. "Our goal is to not only to hit the milestones of this grant, but to also continue development until commercialization in the clinic."

Research reported in this publication was supported by the National Institute of Neurological Disorders and Stroke of the National Institutes of Health under Award Number R43NS113682. The content is solely the responsibility of the authors and does not necessarily represent the official views of the National Institutes of Health.

About FYR Diagnostics
FYR Diagnostics is a Montana-based company focused on developing and commercializing novel technology for diagnostics and testing in human health, life sciences, and agriculture. For more information, visit fyrdiagnostics.com.

Forward-Looking Statement

This news release of FYR Diagnostics LLC, Missoula, MT, USA (the "company") includes "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based upon the current beliefs and expectations of the company's management and are subject to significant risks and uncertainties. There can be no guarantees with respect to pipeline products that the products will receive the necessary regulatory approvals or that they will prove to be commercially successful. If underlying assumptions prove inaccurate, or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements. Risks and uncertainties include, but are not limited to, general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; the impact of pharmaceutical industry regulation and health care legislation in the United States and internationally; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; the company's ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of the company's patents and other protections for innovative products; and the exposure to litigation, including patent litigation and/or regulatory actions. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

Contact:
FYR Diagnostics LLC
1121 E Broadway St
Missoula, Mt 59802
[email protected]

SOURCE FYR Diagnostics