News ReleaseVicthom announces restructuring of its collaboration agreement with partner Ossur
QUEBEC, Dec. 17 /CNW Telbec/ - Victhom Human Bionics Inc. ("Victhom", TSX: VHB) announced today that it had entered into a new license agreement to replace previous collaboration agreement with partner Ossur and sold certain Biotronix assets to Ossur for a total consideration of USD 500,000.
Following the completion of Victhom's product development activities on the second generation Power Knee earlier this year, the Company had restructured and refocused its Biotronix activities around product support. In this context, the objective of these transactions is to transfer product support and development activities to partner Ossur in order to facilitate the successful commercial launch of the second generation Power Knee.
Mr. Normand Rivard, President and CEO of Victhom, said: "The product development collaboration between Victhom and Ossur has produced a leading-edge product and IP. The final stage of development and preparation for the commercial launch of the second generation Power Knee is now fully in the hands of Ossur. We believe that these agreements will enable Ossur to fully leverage the great potential of the Power Knee product and help maximize future royalty stream for Victhom".
The Power Knee is the world's first and only motor-powered, artificially intelligent prosthesis for above-knee amputees that restores lost muscle function and enables amputees to perform normal daily functions without even thinking about their next movement. This breakthrough provides unprecedented stability, safety and confidence for any above-knee amputee.
About Victhom
Victhom discovers, develops and manufactures bionic devices involved in the treatment of a variety of physical and physiological dysfunctions. Victhom's wholly owned subsidiary, Victhom Bionized Inc., develops biomechatronic products to support or replace peripheral limbs in what is known as the orthotics and prosthetics market. Victhom also has a 44.4% interest in Neurostream Technologies, General Partnership, a joint venture with Otto Bock HealthCare GmbH, which focuses on the development and commercialization of technologies and products involving devices that feature neurosensing and neurostimulation components, integrated with artificial intelligence.
About Ossur
Ossur (Nasdaq OMX: OSSR/ OSSR DKK) is a global leader in non-invasive orthopaedics that help people live a life without limitations. Its business is focused on improving people's mobility through the delivery of innovative technologies within the fields of braces, supports, prosthetic limbs and compression therapy. A recognized "Technology Pioneer", Ossur invests significantly in research and product development; its award-winning designs ensuring a consistently strong position in the market. Successful patient and clinical outcomes are further empowered via Ossur's educational programs and business solutions. Headquartered in Iceland, Ossur has major operations in the Americas, Europe and Asia, with additional distributors worldwide. Website: www.ossur.com
FORWARD-LOOKING STATEMENTS
Some of the statements made herein may constitute forward-looking statements. These statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause Victhom's actual results, performance or achievements to be materially different from those expressed or implied by any of Victhom's statements. Actual events or results may differ materially. We disclaim any intention, and assume no obligation, to update these forward-looking statements.
For further information: Normand Rivard, President & CEO, Victhom Human Bionics Inc., (418) 872-5665, Fax: (418) 872-6926, normand.rivard@victhom.com; www.victhom.com; Source: Victhom Human Bionics Inc.