QUEBEC CITY, March 2, 2012 /CNW Telbec/ - Opsens Inc. ("Opsens") (TSXV: OPS) is pleased to announce that an out-of-court settlement has been reached in the lawsuit filed by ACIST Medical Systems Inc. ("ACIST").
A year ago, ACIST Medical Systems Inc. filed a lawsuit regarding Opsens' EasyWire device for Fractional Flow Reserve ("FFR").
ACIST and Opsens mutually agreed to dismiss the action with prejudice and on the merits, without costs or disbursements to any party.
FFR: OPSENS REPORT PROGRESS
Last year, Opsens announced it had designed two products to measure FFR, the OptoWire and the EasyWire. After further R&D, Opsens decided to focus exclusively on the development of the OptoWire because of its mechanical performance, market opportunities and regulatory path.
OPTOWIRE - SOLVING PHYSICIANS' COMPLAINTS ALL AT ONCE
By design, the OptoWire is different from guide wires for FFR available on the market. The embedding of Opsens' miniature patented fiber optic pressure sensor leads to a unique efficient guide wire design. The OptoWire aims to deliver improved trackability to navigate through the human body to reach lesions with ease. In addition, the optical sensing technology will allow doctors to connect and reconnect the guide wire at will, while maintaining reliability of the measurement.
FFR, MAJOR BUSINESS OPPORTUNITY FOR OPSENS: MARKET RELEASE TARGET 2013
In the past few months, evidence supporting the practice of FFR has built up.
- The trend was initiated in early 2009 with the publication of the FAME study, which outlined the positive results this cost effective procedure has on patients' overall outcome.
- The level of effectiveness of FFR is such that at the end of 2009, the American Heart Association recommended its practice to improve patients' outcome over traditional methods, elevating its level of evidence to A - the highest possible.
- In January 2012, recruitment for the FAME II trial was terminated as it found a statistically significant reduction in the need for hospital readmission and urgent revascularization when FFR guided assessment was used to direct treatment in patients with coronary artery disease compared with optimal medical therapy (OMT). In other words, the advantage of receiving treatment based on FFR assessment improved patients' outcomes so dramatically, it became unethical to patients who were selected to be treated without FFR assessment.
Opsens' timing to access the market is ideal as several medical devices companies want to add the FFR option to their offering to profit from this new, fast growing market. Opsens is evaluating opportunities to materialize value for shareholders in the medical devices field.
Opsens has accepted the resignation of Darren Wiltse, President of Opsens Solutions, as he pursues other opportunities. His departure will be effective March 2nd. Pierre Carrier, President and CEO of Opsens, was appointed interim President.
Pierre Carrier, President and CEO of Opsens said, "The Company and the Board would like to thank Darren for his contribution and dedication and wish him well in the future."
About Opsens Inc. (www.opsens.com)
Opsens is a leading developer, manufacturer and supplier of a wide range of fiber optic sensors and associated signal conditioners based on proprietary patented and patent pending technologies. Opsens' sensors provide long-term accuracy and reliability in the harshest environments. Opsens provides sensors to measure pressure, temperature, strain and displacement to original equipment manufacturers (OEM) and end-users in the oil and gas, medical and laboratory fields. Opsens provides complete technical support, including installation, training, after-sales service, for its fiber optics systems that are regulated by the ISO 9001-2008 and ISO 13485 norms.
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.
Forward-looking statements contained in this press release involve known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements of Opsens to be materially different from any future results, performance or achievements expressed or implied by the said forward-looking statements.
For further information:
Pierre Carrier, President and Chief Executive Officer, 418.682.9996
Louis Laflamme, CA, Chief Financial Officer, 418.682.9996