iTech Medical (OTCBB: IMSU) (FWB: 0IM), an information technology company, announced today that it has signed an exclusive, three-year manufacturing agreement with Thought Technology Ltd. of Montreal, Quebec for the Company’s proprietary Muscle Pattern Recognition (MPR) technology. MPR is a patented clinical tool that analyzes patterns of muscle recruitment. It provides detailed physiological information on muscle function that can assist in the diagnosis and treatment of back and neck injuries and illness.
“We are very excited about continuing our long-standing relationship with iTech Medical”
“We have been working with Thought Technology for over ten years and during that time have seen our relationship grow from contract manufacturing to one that now includes collaboration on product development,” explained Steeve Asselin, Vice President, Research and Development for iTech Medical. “As we move into the commercialization phase of the MPR technology, we expect to be working even more closely with them, particularly on our US, Canadian and European regulatory filings.”
“We are very excited about continuing our long-standing relationship with iTech Medical,” said Dr. Hal Myers, President and co-founder of Thought Technology. “Over the years, we have built and developed a strong regulatory team to work with our own products and those of our partners. Thought Technology has obtained and maintained ISO 13485 and CE certification for our organization and our products which means we can support companies like iTech Medical in their European and FDA regulatory filings. We believe the agreement with iTech Medical will provide an opportunity for both companies to grow in the field of managing back and neck pain.”
iTech Medical reported that it expects to complete the clinical testing of its MPR System in 2010 and that, based on positive results, it will move the technology into commercialization in North America and Europe before the end of the year.
“Having a strong, reliable manufacturer for our MPR equipment is vital to us because of its importance to our commercial and regulatory programs,” said Wayne Cockburn, President and CEO of iTech Medical. “With over half a million instruments sold around the world, and with a distribution network encompassing over 150 distributors and dealers in 50 countries around the world, we believe that with the Thought Technology agreement, we are setting the stage for a corporate partnership that has the ability to grow beyond its current mandate to potentially include new product development and product distribution.”