July 23, 2018 (Ft. Lauderdale, Florida)
Precision Medical Devices, Inc. (PMD) just completed its first preclinical implant under its new strategic collaboration with the Mayo Clinic. The implant was performed by Mayo Clinic incontinence expert, Dr. Paul Pettit, M.D. with assistance from the veterinarian team leader at Mayo’s main Rochester MN facilities. 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. 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. After reviewing the caliber of the researchers involved and the quality of the facilities, it’s easy to see why the Mayo Clinic has been consistently ranked by the US News and World Report as the overwhelmingly #1 medical care and research facility in US for the past many years. PMD management believes that this collaboration will have a significant impact on the future prospects of the Company if we continue to be able to demonstrate the viability, safety and efficacy of its device technology throughout all our subsequent follow-on studies.
This first implant again is testament to the relative ease of the implant procedure as Dr. Pettit and his Mayo veterinarian associate and surgical team were able to perform the implant without complication despite Dr. Pettit simply previously observing a few of these implants being done by the Company’s Chief of Surgery at another institution.
Additional implants are being scheduled at the Mayo facilities and follow-up reports of the progress of these implants will be filed.