Sydney - Tuesday -August 26: (RWE) ----------------------------------
BIOTECH COMPANY ON THE EXPANSION TRAIL IN LIVER DIAGNOSTIC TECHNOLOGY Overview: --------- GOE2 has made a takeover bid for unlisted medical company called IVB Technology. In simple terms, IVB uses standard MRI equipment to measure iron concentration in the liver rather than the very invasive detection method of inserting a needle between the ribs into the liver directly. This method is commonly known as a liver biopsy and has been the cause of recent deaths. Doctors around the world are hesitant in using traditional liver biopsies because of potential legal action. The new IVB method can be performed regularly in painless manner, even in infants and children at a cost estimated to be half of a normal liver biopsy. The patient can be discharged within 30 minutes rather than have to stay overnight under the old biopsy method. Results of the test can be assessed in less than 24 hours rather than up to 14 days. A high concentration of iron in the liver, called haemochromatosis, is mostly a genetic disease, especially in people of European background. If left untreated, this iron toxicity is a major cause of organ damage of the liver [commonly known as fibrosis, cirrhosis], heart [congestive heart failure and arrhythmia] and the pancreas [diabetes, and arthritis of the joints]. 22 MRI units now incorporate the IVB Technology, including centres in the USA, South America, Europe, Asia and Australia. This is expected to increase exponentially when both the US Federal Drug Administration and the Therapeutic Goods Administration of Australia adopt its listing. GEO2 estimates that over 10 million people in Asia, 4 million people in the USA and 100,000 people in Australia are afflicted with a form of hereditary iron disorder. A collaboration with a major US clinic is expected to be announced in the short term to strengthen long term revenues.
Background: ------------ Geo2 Ltd is an environmental company with unique waste management material separation technologies, focusing on the treatment of polluted water, soil remediation, mineral and metail production processes. There are 3 main divisions, GeoWater, GeoMetal and GeoFlora. GeoWater focuses on removing contaminants from water with its water purification plants, both fixed and mobile, and acid mine drainage remediation process. GeoWater also works on separating solids from liquids with the Clarke IC-SEP technology (an air induced dissolved air flotation system). and separating liquids from liquids with its second generation hydrocyclones and oil water separator systems. GeoMetals main goal is to address the world environment's need for cleaner processing methods by developing and commercialising technologies which are socially responsible, ecologically sound and cost effective. GEL have developed "demetalisation" technology which will allow recovery of the precious metals from electronics scrap in a non-waste producing process and also allow the recycling of the plastic. GEL have also developed Soil Remediation Technology and Dilute Leach Technology to combat soil contamination by heavy metals. The GeoMetals division has two joint ventures operate in China and a third J.V. has been signed with Metss in the USA which is transferring our knowledge and technology.
