LAVAL, QC, Aug. 7, 2014 /CNW Telbec/ - 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.
This is not an invitation to purchase securities listed on TSX Venture Exchange. TMX Group and its affiliates do not endorse or recommend any of the referenced securities or investment advisors. Please seek professional advice to evaluate specific securities.
Forward looking statements
Certain statements in this Press Release contain forward-looking statements and information that may entail certain risks related to uncertainties. Such statements are based on management's expectations and no assurance can be given that potential future results or circumstances described in the forward looking statements will be achieved or will occur. Such risks factors include, but are not limited to, those related to the Corporation's ability to finance its activities, competition, ability to negotiate and maintain partnerships, the market acceptance of the said product, fluctuations in operating results, the impact of general economics, industry and market conditions, the ability to recruit and retain qualified employees, the success of research and development programs, fluctuations in cash flow, expectations regarding market demand for particular products, the strength of intellectual property, market dependence on new product development, the trust invested in sub-contractors or their core personnel, as well as other documents containing risks and uncertainties which are put forth every now and then by the firm to various Canadian securities and exchange commissions and made available at www.sedar.com.
The reader should not give great importance to forward-looking statements as the results may differ from conclusions, predictions or projections contained in such forward-looking statements; and certain important factors or hypothesis taken into account in reaching conclusions or the preparation of a projection or prediction may prove to be incorrect in fact.
Management disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or circumstances. All figures are in Canadian dollars, unless otherwise specified.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Ergoresearch Ltd
For further information:
Sylvain Boucher, President and CEO - Ergoresearch Ltd
Tel.: 450-973-6700, x. 213 / [email protected]
Émilie Vion, Communications Coordinator - Ergoresearch Ltd
Tel.: 450-973-6700, x. 242 / [email protected]