Micromem Technologies Inc. is a leader in magnetic random access memory (MRAM) technology for use in aerospace/defense, sensors and RFID applications. The company and its wholly-owned subsidiary, Micromem Applied Sensor Technologies Inc. (MAST Inc.), has received an initial purchase order for its sensors from Life Medical Technologies Inc.
Upon completion, the order will total $30 million. Micromem anticipates delivery to begin in 2009 with the bulk expected in 2010, in accordance with fulfilling Life Medical Technologies’ client orders. The initial terms of the purchase order are a request for up to 10 million units and MAST to complete a design, test prototype, and deliver a device approved for commercial use within 30 days.
Micromem’s sensors will be used for Life Medical Technologies’ device developed to enhance breast cancer detection. It is anticipated that the company’s sensors will be included in two components of the device, the wearable portion and the handheld reading component. Work has already begun on the device and routine manufacturing will commence as early as applicable regulatory approvals permit.
Life Medical Technologies and Micromem are working to produce a series of products to serve the breast cancer diagnostic market and anticipate the launch of future generations of design. Micromem’s CEO, Joseph Fuda, commented on the receipt of the first order, “After years of research and development it is gratifying to receive our first of many purchase orders and it represents a significant milestone for the company and its shareholders in the very relevant field of breast cancer detection.”
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