Dr. Gawad: We started CardioGenics in November 1997, and operations commenced in early 1998. We develop products for point-of-care, which is a segment of the in vitro diagnostics (IVD) market. We put the science together, filed the patents and contracted one of the centers of excellence here in Canada to validate the science. Once that was done, we then put prototypes together and started developing the products.
TWST: What made you choose the IVD market?
Dr. Gawad: The short answer is that's my area of expertise. The long answer stems from my previous job. I did work for a company called Spectral Diagnostics, where we developed products for point-of-care cardiovascular diagnostics. The products that were developed and approved by the FDA are kind of like pregnancy tests where they give you a "yes" or "no" answer. The acceptance of that product was good but not as great as we expected. The simplest reason is that cardiologists are reluctant to rely on a "yes" or "no" answer for a traumatic event like a heart attack. So there was a clear need to provide quantitative point-of-care test products for cardiovascular diagnostics, specifically for events that are very time sensitive. There are other products on the market targeting more or less the same niche, and they definitely address the patients' needs when one looks at the final market demand for such products.
Tickers included in this excerpt: CHNG
For more information call (212) 952 7433. The Wall Street Transcript does not endorse any of the comments made by interviewees, and does not make stock recommendations.