iAssay Secures Additional Funding

SAN DIEGO - May 31, 2017 - PRLog -- iAssay® Inc., a privately held developer of the world's first open platform, point of care (POC) reader for remote medical diagnostics, today announced a second investment from a physician investor with extensive experience in anatomic and clinical pathology. iAssay also secured funds from the company's law firm, Wilson, Sonsini, Goodrich, and Rosati through their investment company, WS Investments.

According to the physician, the decision to invest additional funds was driven by his experience as a medical professional who continues to witness the challenges that the laboratory industry is encountering, and asserts that the iAssay System offers a unique solution. Unlike standard single use testing devices, the iAssay System, which leverages a smartphone as its engine, can accept nearly any test cartridge or strip and easily archives results in the cloud. Proceeds from the investment will be used chiefly to support and expand the company's pilot activities with National University® and partners J&B Medical/HNC® Virtual Solutions incorporating cutting-edge technologies into the remote care of patients.

Kevin Huttman has been appointed the company's first chief marketing officer and will implement iAssay's strategic objective to partner with leading home health care diagnostics firms. Huttman comes to iAssay with more than 25 years of experience in the diagnostic industry. He started with Abbott Laboratories Diagnostics Division where he rose rapidly into sales and business management positions. Next, Huttman was a member of the core leadership at IDEXX Labs from start-up through successful IPO. Huttman spent the last 10 years as division president of DuPont's Dx-molecular based products. While leading DuPont Qualicon, the business unit captured global market share.

"These are critical achievements for iAssay as we begin executing on our strategy to provide point of care testing with our system in the comfort of one's home," said Lonnie Adelman, founder and CEO of iAssay. "Coupled with his proven track record of global product launches and expertise in establishing commercial operations throughout the world, Kevin is a welcomed and important addition to our leadership team."

About iAssay
The iAssay® System (patents pending) is the world's first open platform for wirelessly-connected point of care diagnostics. The functionality of a closet full of single function readers is replaced by one handheld device and adaptor plug-ins, to adapt nearly any point of care test cartridge to the iAssay System. The HIPAA-compliant device aggregates test/patient/wearables data and pushes all data into the cloud. iAssay eliminates multiple daily trips with blood samples to central labs by testing the patient wherever they are. Testing at a clinic or at the patients' bedside in a few minutes eliminates test result delays (and delayed diagnosis), eliminates sample handling and transportation costs, improves patient outcomes, and saves the healthcare system money. http://iassay.net/