SANTA MONICA, Calif., April 16, 2012 /PRNewswire/ -- Los Angeles Syndicate of Technology, Inc. (OTCQB: LAST), a publicly-traded venture fund and technology incubator, is pleased to announce that its portfolio company, Sanguine BioSciences, Inc. ("Sanguine"), has received approval from the Institutional Review Board ("IRB") to collect Biospecimen and Clinical Data from Patients diagnosed with Multiple Sclerosis, Alzheimer's Disease, and Parkinson's Disease.
The approval by the IRB increases Sanguine's addressable customer markets by allowing Sanguine to collect blood, cerebral spinal fluid, and medical records from a broader base of potential patients. The IRB is a committee that has been formally designated to approve, monitor, and review biomedical and behavioral research involving humans.
Brian Neman, Founder and Chief Executive Officer, commented: "This marks Sanguine's most significant milestone to date. Not only does it enable us to serve many more research organizations and further the field of drug and biomarker research, but it will also significantly increase our capacity to empower those patients suffering from neurodegenerative and neurological disorders. We founded Sanguine with the vision of empowering patients and accelerating Personalized Medicine research and development, and this milestone is an important step to achieving that vision."
Sanguine currently serves over 60 customers through its global network of ten distributors in nine countries including customers like Harvard Medical School, Vanderbilt University, USC, UCLA, Lonza Group, Seracare, and Cambridge Bioscience. The company has surpassed $100,000 of revenue from USA, Canada, UK, France, Spain, Germany, Italy, Singapore, Japan, Korea, UK, Russia and Israel, with a current pipeline of over 160 purchase orders.
About Los Angeles Syndicate of Technology -www.last.vc
Los Angeles Syndicate of Technology, Inc. (OTC: LAST) is a publicly traded Business Development Company (BDC) operating as a venture fund and technology incubator that creates, builds, and invests in web and mobile technology companies. LAST develops digital media, social networking, and life sciences products in its technology incubator, and has a portfolio of six companies at different stages of development. LAST's mission is to foster technology innovation in Los Angeles by partnering with the most talented entrepreneurs of southern California and providing them with the capital, support and tools to bring their ideas to market and commercialize their products.
About Sanguine BioSciences, Inc. -sanguinebio.com
Sanguine BioSciences, Inc. ("Sanguine") is an international supplier of DNA data and bio-specimen to research organizations for the development of personalized medicines. Sanguine provides highly viable primary human cells and tissues to both the academic and industrial life science research communities through a new direct-to-patient platform. The current product offering spans customers' needs in the In Vitro Research & Development stage of Drug Development. Sanguine's vision is to develop into the global leader in high quality cells and tissues for life science research and development.
Statements included in this release related to Los Angeles Syndicate of Technology, Inc. and its portfolio companies constitute or may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties such as the inherent uncertainty of investing in early-stage technology companies, the technological and financial difficulties inherent in these activities, and the Company's ability to estimate accurately net revenues due to variability in size, scope and duration of projects. Further information on potential risk factors that could affect the Company's financial results can be found in the Company's reports filed with the Securities and Exchange Commission.
SOURCE Los Angeles Syndicate of Technology, Inc.