DRAPER, UT -- Flexpoint Sensor Systems, Inc. announces the company shipped additional sensors for the colonoscope to Haemoband Surgical, Ltd. 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.