Flexpoint Sensor Systems, Inc. Provides Units To Haemoband Surgical Ltd For Clinical Trials
DRAPER, Utah, Dec. 11, 2014 /PRNewswire/ -- Flexpoint Sensor Systems, Inc. (OTCBB: FLXT) today announced the company shipped additional sensors for the colonoscope to Haemoband Surgical, Ltd. on Monday. With the sensors and the display units Haemoband Surgical, Ltd. can now begin its clinical trials of the product and they plan to share the system with a number of eminent doctors in the field.
Flexpoint delivered screen readers and sensor units, including electronic PCB components, which will be tested and evaluated by selected doctors. Under the terms of the agreement, Flexpoint is to receive a milestone payment upon completion of delivery. Flexpoint is also making requested changes to the base unit and plans to ship the modified units before the end of the year. Haemoband will continue to use the base units they have for the clinical trials until the modified units arrive. At that time, the original base units will be returned to Flexpoint for the requested modifications.
In early November, Flexpoint made a partial delivery of the colonoscope product for Haemoband Surgical, Ltd. to introduce at the Medica 2014 medical trade show in Dusseldorf, Germany. After receiving positive feedback from the event, Flexpoint has now completed units so that Haemoband can bring the colonoscope system to clinical trials.
The final phase of production, Phase Five, will incorporate the signing off on final specifications and plans. Final production agreements will be completed during early 2015. A full product launch is expected by mid-year 2015. There are about 5 million procedures per year in the US alone with growth expected as population ages in industrial nations.
Each phase of production results in payments to Flexpoint from Haemoband Surgical, Ltd. The contract totals for the deliverables will result in record revenues for the company. Once the product is completed and available for market, Haemoband Surgical, Ltd. and Flexpoint will cooperate to bring other medical device products to market.
Clark Mower, CEO of Flexpoint Sensor Systems, Inc., said, "We are very excited to have delivered the sensors and base units so that Haemoband can move forward with clinical trials. Feedback from specialists and doctors to date has been extremely positive, and we anticipate the product continuing successfully through the clinical trial process."
Flexpoint Sensor Systems, Inc. has been appointed as principle subcontractor for the project as a result of their unique expertise in bend sensor technology. Haemoband Surgical, Ltd., with assistance of QUB, identified this company as a primary source of applicable technology. A contractor with the desired skills and experience could not be found in the UK or Europe.
AboutHaemoband Surgical, Ltd.
Haemoband Surgical, Ltd. was founded in 2005 in Belfast, Northern Ireland, by Essam Ghareeb and Colin Foster. Mr Ghareeb's profession as a lower gastrointestinal surgeon, and Mr Foster's experiences in the medical marketplace and in bringing products to a global market, led to the design, development and launch of Haemoband, the first automatic multi-action, pre-loaded, disposable ligator onto the global market. Haemoband Surgical works to the highest levels of quality possible and has achieved many quality certifications. The most recent of which is a FDA 510k clearance. For further information please visit www.haemobandsurgical.com.
About Flexpoint Sensor Systems, Inc.
Flexpoint Sensor Systems, Inc. (FLXT) is an innovative technology firm specializing in developing products that feature the Company's patented Bend Sensor® and related technology. The Bend Sensor® is a ground breaking sensing solution that is revolutionizing applications in the automotive, safety, medical and industrial industries. The Bend Sensor's single-layer, thin film construction cuts costs and mechanical bulk while introducing a range of functions and stylistic design possibilities that have never before been available in sensing technology. Flexpoint's technology and expertise have been recognized by the world's elite business and academic innovators for over 17 years. The company is setting a new standard for sensing solutions in the "smart" age of technology.
Forward-Looking Statements
This press release contains certain forward-looking statements. Investors are cautioned that certain statements in this release are "forward-looking statements" and involve both known and unknown risks, uncertainties and other factors. Such uncertainties include, among others, certain risks associated with the operation of the company described above. The Company's actual results could differ materially from expected results.
Contact Information:
Flexpoint Sensor Systems
Clark Mower, President
801-568-5111
Brokers and Analysts:
Chesapeake Group
410-825-3930
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SOURCE Flexpoint Sensor Systems, Inc.