Electrical Geodesics, Inc. (“EGI” or the “Company”), a leading neurodiagnostic medical technology company, today announces it has entered into a one-year, renewable agreement to distribute Soterix Medical Inc’s (“Soterix” or “SMI”) products for transcranial stimulation and transcutaneous spinal stimulation.
The distribution agreement brings EGI non-exclusive rights to market the Soterix tDCS-LTE, HD-tDCS and tsDCS stimulators globally (excepting China, Thailand) for use under investigational device exemption (“IDE”) studies. US and Canadian distribution will commence in September 2014.
SMI’s products are being used in a number of clinical studies at leading medical research centres in the study of the non-invasive neuromodulation for treatment of major depression, attention disorders, chronic pain, and brain injury rehabilitation.
Don Tucker, CEO of EGI commented: “The addition of the Soterix Medical technologies to our product portfolio underlines EGI’s commitment to demonstrating the utility of neuromodulation in understanding neurological conditions and the improvement of patient health. These products will complement our GTEN technology, offering customers both Soterix Medical’s established tDCS and our experimental dense-array neuromodulation product.”
Dr. Abhishek Datta, CTO of Soterix Medical, added: “EGI has proved itself a leader in high-density EEG with excellent contacts in the research and, increasingly, clinical neurological community. It is above all EGI’s commitment to providing products that are both simple-to-use and effective, that makes them an ideal partner for Soterix Medical. We are pleased to have EGI as a partner and believe that together we can bring neuromodulation into wider use.”
For more information contact:
UK: Christine Soden, CFO +44 7710 484199
US: Ann Bunnenberg +1 541 687 7962
Robin Azzam +1 888 990 8327
Peel Hunt LLP (NOMAD and Broker) +44 (0) 20 7418 8900
James Steel, Clare Terlouw
FTI Consulting (PR Advisors) +44 (0) 20 3727 1000
Simon Conway, Mo Noonan
Founded in 1992, EGI designs, develops and commercialises a range of non-invasive neurodiagnostic products used to monitor and interpret brain activity based on its proprietary dense array electroencephalography ("dEEG") platform technology. The Company’s technology uses up to 256 sensors, providing much higher resolution brain activity data compared to conventional 8 or 16 channel EEG and is used in medical, clinical and research settings in a diverse range of applications including important areas such as the diagnosis and monitoring of epilepsy, neurosurgical planning, sleep assessment, and many others.
EGI’s dense array technology capitalizes on the Company’s unique Hydrocel Geodesic Sensor Net which allows faster, easier, and more convenient placement of many EEG sensors in an even distribution over the entire scalp, providing more accurate and precise diagnosis and measurement. EGI’s technology is now widely used in neuroscience research laboratories and is becoming more commonly used in clinics, care centers, and hospitals around the world. Data is measured and visualised using EGI’s proprietary amplifier technology and software, providing a complete, advanced, high-resolution EEG platform. The Company’s products are compatible with multiple diagnostic and imaging technologies, including magnetic resonance (MR) imaging, functional MRI (fMRI), and magneto-encephalography (MEG).
In April 2013 EGI commenced trading on the London Stock Exchange AIM market under the symbol EGI.L. See www.egi.com for more information on the Company.
SMI was formed to develop and deploy innovative medical treatments focused on neuropsychiatric and neurological disorders and rehabilitation. Founded in 2008, SMI is the world leader in clinical trials for noninvasive neuromodulation working with over 150 medical centers in the US and worldwide. SMI has licensed and developed a comprehensive intellectual property portfolio that includes High-Definition transcranial Direct Current Stimulation (HD-tDCS), Limited Total Energy tDCS (LTE-tDCS), and Neurotargeting. From the most targeted non-invasive clinical systems to the most portable units, Soterix Medical provides clinicians and patients with unique and adaptable solutions. Ongoing Phase I, II, IIb, and III trials use investigational devices that are regulated/limited by US or Federal law. SMI is proudly based in New York City with international distributors in all major markets.