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
About Ergoresearch
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.
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SOURCE Ergoresearch Ltd
