ERGORESEARCH ANNOUNCES THE MONETIZATION TRANSACTION OF THE SLEEP APNEA TECHNOLOGY
Published August 8 2014 in What's New
LAVAL, QC, Aug. 7, 2014 – Ergoresearch Ltd (TSXV: ERG) – based in Laval and mainly known under the Clinique du pied Équilibre, Orthoconcept and Laboratoire Langelier banners – announced today its that its wholly owned subsidiary Victhom Laboratory Inc. received a net royalty payment of $590,000 representing its share of the net proceeds generated by the monetization transaction of the Sleep Apnea technology completed by its German partner Otto Bock Healthcare. Under the terms of the royalty agreement between Victhom Laboratory and Otto Bock Healthcare, the sleep apnea technology could also generate
additional royalty payments on future net sales if the sleep apnea technology is commercialized.
M.Sylvain Boucher, President and CEO of Ergoresearch states: “The technology, based on the neurostimulation platform developed by Victhom, is an implantable medical device for recording and stimulation of peripheral nerves for treatment of obstructive sleep apnea. It can detect sleep apnea and deliver therapy only when necessary. According to the National Sleep foundation, Sleep apnea affects 18 million Americans. Sleep apnea has severe consequences on Quality of life, being strongly associated with high blood pressure, heart failure, diabetes and stroke. The Gold Standard Therapy, CPAP¹, is often rejected by patients.² Even though the transaction is under a confidentiality agreement, this monetization event represents a strong validation of the potential of the sleep apnea technology.
¹ CPAP: Continuous Positive Air Pressure
² Weaver and Grunstein, 2008
Ergoresearch is a Canadian based company that designs and manufactures cutting edge technologies for the orthopedic industry. The Company holds patents in the field of bionics including intellectual property used in the Power Knee, the world’s only motor-powered prosthesis for above-knee amputees. Ergoresearch has developed and commercialized Web-Fit™, the first robotized custom-fit orthotics manufacturing software program and launched OdrA, a world -patented orthotic device that revolutionizes the treatment of pain associated with knee osteoarthritis.
Ergoresearch owns Quebec’s leading network in orthotics, with over 100 corporate and satellite centres under the Clinique du pied Équilibre, Orthoconcept and Laboratoire Langelier banners. The Company is listed on the TSX Venture Exchange (TSXV) under the symbol ERG.
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