QUEBEC CITY, June 25, 2015 /CNW Telbec/ - Opsens Inc. ("Opsens" or the "Company") (TSXV: OPS) (OTCQX: OPSSF) announces that in light of the positive feedback on the performance of its products developed to measure Fractional Flow Reserve ("FFR"), the OptoWire and OptoMonitor ("Opsens' FFR products"), and the recent FDA approval for the commercialization of these products in the U.S., the Company is going forward with a massive expansion to increase the manufacturing capacity and accommodate its growing number of employees.
Anticipating to add more than 50 people to its current work force over the next two years, Opsens is taking measures to accommodate the growth, leasing a nearly 30,000 square foot building in a Quebec City business park. The Company will at the same occasion, relocate its headquarters.
Opsens has therefore signed a long-term lease as the sole tenant of a building that is highly compatible with its activities, given the fact that it was previously occupied by another medical device manufacturing company. The very recent installation offers expansion opportunities and is located within an industrial park occupied mainly by high-tech companies. This facility will become the Company's new headquarters and will host the bulk of its production, R & D, sales and administrative activities.
In recent months, Opsens has begun a controlled release of its FFR products, in Europe and Japan. Feedback on the performance of the OptoWire was very positive, resulting in a need to produce significantly larger quantities to meet the growing market demand. In addition, Opsens received FDA approval to sell its FFR products in the US. The Company is now planning for a successful market introduction by expanding its manufacturing capacity.
"Opsens received enthusiastic comments from some of the greatest cardiologists in the FFR practice. We are now developing a strong network of partners to market our products, thus the necessity to develop a greater capacity to supply our partners and end users within efficient facilities, with cutting-edge technology and a capacity to sustain growth", said Louis Laflamme, President and CEO of Opsens.
Opsens aims to become a key player in the guidewire FFR market with the OptoWire, a nitinol-based optical guidewire for FFR. The OptoWire provides intra-coronary blood pressure measurements with unique, patented optical pressure guidewire technologies. It is immune to adverse effects related to blood contact, and allows easy and reliable connectivity that leads to reliable FFR measurements in extended conditions of usage. The OptoWire is also designed to provide cardiologists with a guidewire delivering optimized performances to navigate coronary arteries and reach blockages with ease. Based on industry sources, the FFR market represented more than US$300 million in sales in 2014 and is expected to reach US$1 billion in the medium-term. Opsens is confident that it is well positioned to capitalize on this significant growth opportunity.
Opsens focuses mainly on two large and growing markets: interventional cardiology with a focus on Fractional Flow Reserve ("FFR") and the industrial, oil and gas segment. In interventional cardiology, Opsens offers an advanced optical-based pressure guidewire (OptoWire) that aims at improving the clinical outcome of patients with coronary artery disease. In the industrial, oil & gas segment, Opsens develops, manufactures and installs innovative fibre optic sensing solutions for critical applications such as the monitoring of oil wells and other demanding industrial applications.
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.
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 OPSENS INC.
For further information: Thierry Dumas, CPA, CA, Chief Financial Officer, 418.682.9996; Louis Laflamme, CPA, CA, President and Chief Executive Officer, 418.682.9996