Flex Fuels Energy Inc. (London) has announced that it plans to focus the majority of its future operations into the biomedical device sector. The company is providing an update to investors on the steps being taken as part of the next stage of its turnaround plan.

Since December 12, 2008, new management has undertaken a far reaching review and implemented a value build strategy. The company believes it now has the platform from which to enter the next phase of rebuilding value for shareholders.

Last week, Flex announced that it is in advanced negotiations to invest into point of care (POC) diagnostics. POC testing accounts for around a third of the US$30 billion global in-vitro diagnostic testing market.

The medical device target owns a suite of patents and patent applications for its technology, which are intended to be developed into a range of hand held POC and self-testing devices and technology for licence to global manufacturers and distributors.