TEL AVIV, Israel, January 29, 2019 /PRNewswire/ --
Omeq Medical Ltd. ("Omeq"), a portfolio company of The Trendlines Group Ltd. ("Trendlines") (SGX: 42T) (OTCQX: TRNLY), announced today that it has signed an investment and commercialization agreement for its smart epidural device with Pharos Medical ("Pharos"), a Shanghai-based manufacturer and distributor of medical devices.
"Omeq's goal is to transform epidural procedures, which have not seen innovation in a century, with a smart device; we have already completed our proof of concept (POC) preclinical study," commented Omeq CEO, Lior Margalit. "The agreement with Pharos paves the way to providing anesthesiologists with a smart device that confirms needle penetration into the right spot and prevents overshooting into the spine."
Omeq has developed a single-use, smart epidural device for safe, accurate epidural injections to thwart inaccurate needle placement - estimated at up to 30% of initial injections. Using a standard epidural needle, Omeq's device accurately detects needle penetration into the epidural space. Omeq's device prevents multiple insertions, saves physician time, improves analgesia/anesthesia success rate, and reduces needle placement complications.
The US$3 million agreement between the companies includes commercialization of Omeq's device in the Chinese market. Pharos will establish a production line for Omeq's product in China and will support Omeq's efforts in the rest of the world. Leveraging on the collaboration with Pharos, Omeq expects to complete CFDA clearance and to be in production by mid-2020.
Chairman of Pharos Medical, Mr. Sun Xin Peng said, "We are delighted to close this deal with Omeq and become a shareholder. We are confident that our agreement will accelerate Omeq's penetration of the Chinese market and the rest of the world, providing patients the benefits of this device as soon as possible. We are committed to introducing more such innovative medical devices into China in the future."
Lior Margalit, CEO Omeq Medical
SOURCE Omeq Medical