Flexpoint Fulfilling Delivery Units for Haemoband Surgical, LTD - Disposable Directional ColonoScope Product Expected to be Commercially Available During 1H 2015
DRAPER, Utah, July 10, 2014 /PRNewswire/ -- Flexpoint Sensor Systems, Inc. (OTCBB: FLXT) http://www.flexpoint.com/, today announced that Haemoband Surgical Ltd. has approved the company for Phase 3. To complete Phase 3, Flexpoint will deliver 5 screen readers and 60 sensor units including electronic PCB components for demonstration and market evaluation with selected key doctors.
Flexpoint completed Phase 1, consisting of determining if the Bend Sensor could conceptually be used to reliably determine the bending and looping of the colonoscope during procedures, during mid-2013. The company completed Phase 2, converting concept ideas into working alpha units suitable for initial testing to establish proof of concept and complete initial laboratory trials and conduct early market evaluation, during late 2013. The company anticipates final delivery of Phase 3 units to occur during the current quarter.
Phase 4, includes incorporating any changes after market test feedback and supplying sufficient units for clinical trials. Clinical trials and product registration will occur during the remainder of 2014.
Phase 5, incorporates signing off on final specifications and plans. Final production agreements will be completed during early 2015. A full product launch is expected in approximately 8-10 months.
Each of these phases will result in payments to Flexpoint from Haemoband. The contract totals for the deliverables will result in record revenues for the company.
Colin Foster CEO Haemoband Surgical stated, "Phase 1 and Phase 2 outcomes have exceeded our expectations. Haemoband Surgical is confident that this collaboration will create very positive rewards for both companies."
Flexpoint Sensor Systems Inc., has been appointed as principle subcontractor for the project because of their unique expertise in bend sensor technology-based sensors. Haemoband, with assistance of QUB, identified this company as a primary source of applicable technology. A contractor with these skills and experience could not be found in UK or Europe.
The American Cancer Society "Guidelines for the Early Detection of Cancer" recommends, beginning at age 50, people receive a Colonoscopy every 10 years. There are millions of procedures each year in the US and Europe, a number that is expected to continue to grow as the population continues to age in industrial nations.
About Haemoband 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.
Flexpoint Sensor Systems, Inc. (FLXT), (http://www.flexpoint.com/) 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.
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.
Flexpoint Sensor Systems
Clark Mower, President
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