IGEN Networks signs MOU with Bio Business Development

Apr 1 2010

IGEN Networks Corp. (IGEN: OTCBB)

Mr. Monty Ormsby reports:

IGEN Networks Corp. is pleased to announce that it has signed a memorandum of understanding with Bio Business Development Corp. International, Inc. (BBDC) to negotiate the acquisition of the exclusive global distribution rights to the patented lateral-flow diagnostic testing platform technology for rapid detection of the infectious prion protein diseases. Prion diseases are neuro-degenerative or "brain wasting" diseases with severe symptoms and are always fatal. They are transmissible across different species, the most commonly known being human contraction through infected beef.

BBDC is a private life sciences company specializing in prion diseases affecting the brain and nervous system. BioBDC's world-leading research and technology in this field represent the most sensitive and rapid detection of the infectious prion protein common to the family of Transmissible Spongiform Encephalopathies (TSE), including variant Creutzfeldt-Jakob Disease (vCJD) in humans, Bovine Spongiform Encephalopathy (BSE or "Mad Cow Disease") in cattle, Scrapie in Sheep, and Chronic Wasting Disease (CWD) in Elk/Deer. The Company has already recognized and validated Rapid Prion Test (RPTTM) for the diagnosis of TSE diseases represents its immediate revenue bearing business. This includes not only disease monitoring and control in the affected species, but primarily the protection of the food supply from infected beef originating in BSE diseased cattle, thereby preventing human contraction of vCJD.

A quote from the World Health Organization states "...the possibility of a significant and geographically diverse vCJD epidemic occurring over the next few decades cannot be dismissed."

The purpose of this MOU is to continue to develop and expand a framework of cooperation between BBDC and IGEN to implement a mutually beneficial program, whereby IGEN will acquire the global exclusive distribution rights to the Lateral Diagnostic Platform Technology for BSE and other related animal prion diseases from BBDC. Under the terms of the MOU, the parties will execute a distribution licensing agreement, and IGEN Networks has issued 3,000,000 restricted common shares to BBDC to be released in accordance with the terms and conditions of the agreement.

SOURCE iGen Networks Corp.