IVMD announces commercial agreement on new diagnostic product for schizophrenia

2 June 2005

Scotland. In Veritas, a novel medical device company
(OTCBB:IVME), today announced it has signed a commercial agreement on a joint project with The Ness Foundation, a Scottish based neuro-developmental research organisation.

IVMD will apply its patented, low cost, measurement systems together with The Ness Foundation’s intellectual property to develop a rapid, low cost, non-invasive diagnostic product for the early and effective detection of mental illness. The joint development will focus in the area of phospholipid spectrum disorders and the breakdown in communication between brain cells to evaluate simple, quantitative and diagnostic tests.

Currently the process is imprecise, requires skilled interpretation and is
costly, preventing any widespread use. It has been estimated that one in six people worldwide will suffer from a medically identified
neuro-developmental illness with one in one hundred having a serious
condition (Source: “Counting the Cost”: Northern Ireland Association for Mental Health).

WHO statistics show 24m people worldwide suffering from schizophrenia (0.7% of the adult population) and the cost of treatment alone is $1.44bn/year.

If diagnosed early, there are significant improvements in outcome to the patient and reduced healthcare costs.

John Fuller, President and CEO of In Veritas, said, “In line with our
strategy of addressing global healthcare problems this is an exciting
project for us. Our technology is already proven to measure blood
parameters and was the subject of a recent patent application for
non-invasive measurement. There is tremendous synergy between our
measurement techniques and the type of diagnosis required by the scientists at the Ness Foundation.”

Douglas Mundie, Chairman, Ness Foundation said, “We hope that by using IVMD’ s technology with our own Intellectual Property we can further the understanding and effective treatment of neuro-developmental disorders”.

About the Ness Foundation

The Ness Foundation is a charitable organisation, formed in 1998 from an internationally recognised research group. The Ness Foundation's mission is to improve the quality of life of individuals with neuro-developmental disorders and other related conditions, by conducting research to discover safer, more effective diagnostics and treatments. The conditions that their research is focused on include schizophrenia, bipolar disorder, autism spectrum disorder, dyspraxia, dyslexia, depression and ADHD.

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