ALBUQUERQUE, N.M., May 5 /PRNewswire-FirstCall/ -- Biomoda, Inc. (OTC Bulletin Board: BMOD) (http://www.biomoda.com), a development stage medical diagnostics company, today announced the election of three business leaders, Maria Zannes, David Lambros, and Lewis White, to its Board of Directors. The Board Members' terms as Directors began May 1.
"We are pleased to engage these leaders' keen business expertise and apply their high levels of practical and regulatory experience in the interests of Biomoda shareholders," said John Cousins, Biomoda president. "With their involvement, Biomoda is in an ideal position to influence the future of technology for early diagnosis and treatment of lung cancer throughout the world."
With Biomoda's technology, clinicians can identify cancerous or aberrant cells extracted from samples of lung sputum; cancerous cells glow red under fluorescent light and can be detected under a microscope. Current diagnostic methods for lung cancer, including CT scans and X-rays, often detect the disease at more advanced stages. Biomoda's technology complements these tools by screening for signs of lung cancer at an earlier stage, ensuring that patients receive advanced tests at the appropriate time.
Earlier this year, Biomoda and the New Mexico Institute of Mining and Technology announced their partnership with the New Mexico Department of Veterans Services to conduct a $350,000 clinical study using Biomoda's proprietary testing technology for detection of early lung cancer in the state's veterans. The New Mexico state legislature recently allocated an additional $1.3 million in funding through the Interim Tobacco Settlement Committee to the clinical screening program.
Lung cancer claims more lives than any other cancer. The expected five-year survival rate for all patients diagnosed with lung cancer is 15 percent; the five-year survival rate for cases detected when the disease is still localized is 50 percent. Presently, only 16 percent of lung cancer cases are diagnosed at this early stage.
All statements in this press release that are not historical are forward-looking statements. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including, but not limited to, uncertainties relating to technologies, product development, manufacturing, market acceptance, cost and pricing of Biomoda's products, dependence on collaborations and partners, regulatory approvals, competition, intellectual property of others, and patent protection and litigation. Biomoda, Inc. expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Biomoda's expectations with regard thereto or any change in events, conditions, or circumstances on which any such statements are based.
SOURCE Biomoda, Inc.