DRAPER, Utah, March 7, 2017 /PRNewswire/ -- Flexpoint Sensor Systems, Inc. (FLXT) and 11 Health and Technologies Inc. are excited to announce the next phase of their launch and commercialization of the 11 Health "ostom-itm Alert Sensor", a key component of a comprehensive, colostomy care management system which augments and enhances most standard ostomy bag implementations. The current generation system, leveraged by all patient care stakeholders, patients, doctors and clinicians combines the advanced sensor, (featuring Bend Sensor® technology), wireless communication, a mobile communications application and advanced "cloud-based" enabling capabilities.
11 Health was founded in 2013 in England by system inventor Mr. Michael Seres. Michael was diagnosed at age 12 with the incurable bowel condition Crohn's Disease. In late 2011 he became the 11th person to undergo a small bowel transplant in the UK at The Churchill Hospital in Oxford. The company currently holds device regulatory approval in both the USA and Europe and product sales success to date has been realized in the US and UK. The technology was granted complete FDA (510k) approval in late 2014. In the months following approval, the company successfully secured US Medicare Insurance and other payer support for the benefit of its' patient customers. 11 Health and Flexpoint began working together in late 2016 on "current generation" product development and continue to work collaboratively on next-generation (multiple) product developments.
As stated by multiple recognized data sources, the global ostomy care/stoma care market is expected to reach USD $3.41 Billion by 2021; up from USD $2.62 Billion in 2016 and anticipated to grow at a CAGR of 5.4% from 2016 to 2021. The global stoma care market is broadly classified into product, type of usability, type of end user, and region. Commenting on the positioning of the company and the value of the relationship with Flexpoint, Mr. Seres, 11 Health and Technologies Inc. CEO stated, "we are tremendously pleased to be exploring our future together as technology partners." Adding that "the Flexpoint Bend Sensor represents a huge leap in realizing the development of wearable sensors in healthcare."
According to Paul Sexauer, Flexpoint VP Sales & Marketing, "We are extremely proud to have established this exciting 11 Health relationship. The ostom-itm Alert Sensor represents a huge leap forward in quality of care/quality of life for these patients. The Bend Sensor® and our willingness and ability to collaborate with partners like 11 Health are clear difference makers for us. Flexpoint remains keenly focused on the development of strategic, product partnerships in the medical (IoT) device markets."
The company is currently fulfilling orders from 11 Health to support development and fulfill established system demand, and anticipates sustained, production PO's in 2017 and beyond. As 11 Health ramps up their global commercialization efforts in early 2017, achieving desired market share growth, sensor sales volumes are expected to grow in kind.
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 groundbreaking sensing solution that is revolutionizing applications in many industries such as sports/fitness, automotive, safety, medical and industrial; some of which can be further categorized in the rapidly growing "wearables" space. 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.
About 11 Health and Technologies Inc.
11 Health and Technologies Limited is a connected medical device company, where all of their patented devices use Bluetooth® wireless technology to send secure real-time data to most mobile devices, including smartphones, tablets and watches. Data is stored on a HIPAA compliant cloud server and then shared with physicians, clinicians, nurses and family members who care for patients. 11Health's engineering teams work closely with patients, nurses and physicians to create the most elegant and seamless end user experience across all of their ostomy solutions. For more information visit www.11 Health.com.
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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SOURCE Flexpoint Sensor Systems, Inc.