Medicine pressures mining

Defiance Mining NL is turning its back on minerals and opting for the new, fashionable and potentially more profitable biotechnology industry.

This week shareholders gave the go-ahead to change the name to Medical Monitors Ltd, following the takeover of the Sydney-based company Medical Monitors to reflect its new operations.

It will relist with a new code - ASX:MOM. The former Defiance Mining (ASX:DEF) was listed on the ASX in March 1986 as a Kalgoorlie-based resource explorer.

Its primary remaining asset is a joint venture with mining contractor Barminco to develop a gold prospect in Tasmania.

This asset will be sold once the Medical Monitors asset has been acquired. This Sydney-based IT specialist is poised to capture a significant slice of the burgeoning US consumer market for blood pressure monitoring, and a joint venture deal with US-based A&D company.

A&D is one of the two major providers of blood pressure monitoring equipment to the US market.

The deal will see a joint venture between A&D and Medical Monitors to market the patented BPfone(tm), advanced technology that enables patients to monitor their blood pressure at home and send recordings by phone or the Internet for analysis.

BPfone can take and store up to 20 measurements over a period of days, which is then emailed to specialists for analysis.