The option is exercisable upon the satisfaction of certain undisclosed conditions. In the event conditions are met, OrthoMEMS would obtain worldwide exclusive rights to develop and commercialize its core sensing and wireless technology for all medical and industrial applications. Currently, OrthoMEMS has an exclusive license for spine and orthopedics uses.
"This option allows us to leverage our wireless pressure sensing platform everywhere in the human body. Beyond spine and orthopedics, our immediate focus is on applications in cardiology, neurology, and ophthalmology—large medical markets where pressure matters," said Douglas Lee, Chairman and CEO of OrthoMEMS.
OrthoMEMS Inc. (Menlo Park, CA) is a medical device company that is commercializing proprietary MEMS sensor and wireless technology. The pioneering research and patents supporting the company were developed by clinicians and biomedical researchers at the Cleveland Clinic. Currently, the use of implantable MEMS sensors to measure spinal disc pressures is under development for the assessment of mechanical low-back pain. Moving beyond patient data and imaging, these smart sensors will assist clinicians in localizing the source of mechanical back pain and in identifying spine patients who would benefit from surgical intervention. Ongoing development is focused on applications of miniature implantable sensors for serious medical problems that are hard to detect. OrthoMEMS will commercialize products from internal development programs and through strategic partnerships.