March 15, 2018 (Ft. Lauderdale, Florida)
Precision Medical Devices, Inc. (PMD) announces the initiation of a new strategic collaboration with the Mayo Clinic. It will begin with a preclinical implant program directed by Mayo Clinic incontinence expert, Dr. Paul Pettit, M.D. The collaboration is expected to assist PMD in advancing the company’s unique and revolutionary patented bionic Bluetooth-controlled and adjustable urethral valve/sphincter technology designed to near optimally treat the severest cases of urinary incontinence to the clinical trials phase. PMD expects the device technology to also have applications in the treatment of other medical conditions that are related to sphincteric insufficiency or can be improved using controlled tissue compression mechanical action including, but not limited to; fecal incontinence, morbid obesity, GERDs and even ED. Dr. Pettit, who recognized as one of Mayo’s key researcher in the field, will be contributing essential know how to the project. Mayo Clinic will be obtaining equity in PMD and royalty compensation as a result of the collaboration.
Any revenue that Mayo Clinic will receive as a result of this collaboration will be used to support its not-for- profit mission in patient care, education and research. A further expansion of the collaboration is anticipated to possibly include additional preclinical implants, cadaver studies, pre-human and human clinical trials and pre-and post-regulatory approval and commercialization efforts for the UI device and could even further expand to similar participation agreements relating to the other prospective applications of the technology if additional contractual terms can be agreed to for each of these milestone phases. The initial implant program will begin as soon as the preparational efforts are completed.