James M. Phillips to Lead Luminetx

Memphis TN – Memphis is now home to a new bioscience company. Conenhill Biomedics has been combined with Luminet Corporation, forming Luminetx Corporation. Months of quiet, steady work to bring on new board members, expand the management team, and to complete a major financing round have resulted in an energized Luminetx team led by CEO Jim Phillips.

Mr. Phillips is well known for starting and guiding companies through successful IPOs and pioneering new technologies into major industry leading positions. His experience includes leadership roles with a number of well-known success stories, including serving as president and co-founder of SkyTel, the nation’s largest messaging company, which led to the PDA revolution; president and vice-chairman of Telular Corporation, the world’s largest fixed wireless cellular company; corporate vice president of Motorola, running the PCS/Cellular Division and Multi-Media Divisions where his team invented the cable modem; and co-founder, Chairman and CEO of iPIX Corporation, one of the nation’s largest Internet imaging companies.

Mr. Phillips joined the Conenhill team as a director last Fall, and worked closely with Dr. Herb Zeman, inventor of the company’s first product, a vein locating technology formerly known as OnTarget, now re-cast as VeinViewer. “Herb is an absolute genius,” says Mr. Phillips. The product has achieved significant visibility world-wide, including recognition by Time Magazine as “one of the coolest medical inventions of the year”.

VeinViewer makes veins visible to the naked eye, thereby eliminating multiple sticks to draw blood or insert IVs . It uses multiple patented technologies that leverage an infrared light source to image red blood cells and then project it back onto the patient’s skin. This virtual map allows medical professionals to precisely guide the insertion of needles, IVs, and other devices requiring intravenous insertion.

The vein locating device has received FDA clearance and is being prepared for commercial production in Q4 2005. Manufacturing partners and distribution networks are being selected, and clinical trials are on-going with promising results. From 2002-2003, a proof-of-concept device tested at the LeBonheur Children’s Medical Hospital demonstrated VeinViewer’s ability to locate veins in a clinical setting; 93% of 160 difficult cases resulted in successfully visualized veins. Current evaluations at LifeBlood Biological Services are promising as well. Dr. Edward Scott, President of Lifeblood says, “Most healthcare providers have experienced situations in which obtaining venous access to draw blood or deliver life-sustaining treatment have been emotionally wrenching experiences for both patient and healthcare worker because of hard-to-find veins. VeinViewer holds the promise of making sure that this essential process can be performed as effectively as possible every time. It will be a boon for both patients and their caregivers”.

Primary target markets for the device include every hospital and medical clinic around the world, blood and plasma donation centers, labs and testing centers, surgical suites, home healthcare organizations, and cosmetic surgeons.

Many other potential applications for the technology are currently being pursued including the screening of medical conditions such as diabetes and hypertension, Homeland Security biometric identification, and assisting in removal of glass fragments from accident victims. Other Luminetx products in development include the BioMask, BioContainer and BioSight X-Ray System.

“We are delighted to have Luminetx headquartered here and take center stage alongside GTX, Greystone, Accredo, and other Memphis biotech firms,” says Steve Bares, President and Executive Director of the Memphis Bioworks Foundation.

Doug Edwards, CEO of Morgan Keegan & Company says, "Jim is one of the most connected executives in the South in the field of technology and Memphis is fortunate to have him leading this exciting new Memphis-based bioscience company”.

Luminetx is working with the University of Tennessee and other universities in the area to advance biomedical science and explore technology transfer and commercialization with those universities.

Strategically located in the Memphis Bioworks district, Luminetx Corporation discovers, develops, and commercializes bioscience technologies in the digital imaging, SCM, nanotech, wireless, and IP communications arenas.