Flexpoint Sensor Systems, Inc. Signs Manufacturing and Supply Agreement for Sensor Product and Electronics System to Aid in Fighting Opioid Epidemic
Product will be supplied to Government Agencies, Addiction Clinics, Hospitals and Large Pharmaceutical Distributors
DRAPER, Utah, Oct. 18, 2018 (GLOBE NEWSWIRE) -- Flexpoint Sensor Systems, Inc. (FLXT) is excited to announce that Flexpoint Sensor Systems, Inc. (“Flexpoint”) finalized a Manufacturing and Supply agreement that will give exclusive manufacturing and supply of sensors to Counted LLC for delivery to selected and established end users.
The five-year agreement calls for Flexpoint’s patented process, featuring the Bend Sensor® Technology to be integrated into a system conceptualized by Counted which provides a mechanism for the tracking of medications and digital distribution of data. The data from the device has the ability to be transmitted to pharmaceutical companies, insurance companies, patients, healthcare providers, law enforcement or the government health care system. The smart packaging system is designed to generate data in real time and has the ability to be sent to a database, operating in the cloud. By monitoring medication adherence and patient compliance, the technology can help stop the abuse of many prescription medications.
Every day, more than 115 people in the United States die after overdosing on opioids. The misuse of and addiction to opioids—including , , and synthetic opioids such as —is a serious national crisis that affects public health as well as social and economic welfare. The Centers for Disease Control and Prevention estimates that the total "economic burden" of prescription opioid misuse alone in the United States is $78.5 billion a year, including the costs of healthcare, lost productivity, addiction treatment, and criminal justice involvement.
“The technology is readily transferable to an expanded number of additional products and applications. Flexpoint’s Bend Sensor® technology will be used in a system configuration that will allow the healthcare industry to effectively track and monitor the usage of medications on a real-time basis. Prototype production, testing, and proof of concept testing have already been successfully completed with positive results. Upon completion of the numerous pilot programs which Counted will participate in, beginning as early as this current quarter and continuing into the next quarter, we anticipate wide scale production and distribution. During the first and second quarters of 2019, the company anticipates delivering several hundred thousand sensors on a monthly basis with numbers expanding from these levels. We believe this is the most important and most lucrative product with which the company has ever been involved. When combined with our recent sizeable orders from multiple customers in the VR/AR/MR industry, Medical IoT and Robotics market segments and advancements we are making with other medical device companies, we expect revenues to increase substantially as we enter 2019,” stated Clark Mower, CEO of Flexpoint.
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About Flexpoint Sensor Systems, Inc.
Flexpoint Sensor Systems, Inc. (FLXT) is an innovative technology firm specializing in developing products that feature the Company's patented Bend Sensor® and related technology. The Bend Sensor® is a groundbreaking sensing solution that is revolutionizing applications in the automotive, safety, medical and industrial industries. The Bend Sensor® single-layer, thin film construction cuts costs and mechanical bulk while introducing a range of functions and stylistic design possibilities that have never before been available in sensing technology. Flexpoint's technology and expertise have been recognized by the world's elite business and academic innovators for over 18 years. The company is setting a new standard for sensing solutions in the "smart" age of technology.
Forward-Looking Statements
This press release contains certain forward-looking statements. Investors are cautioned that certain statements in this release are "forward-looking statements" and involve both known and unknown risks, uncertainties and other factors. Such uncertainties include, among others, certain risks associated with the operation of the company described above. The Company's actual results could differ materially from expected results.
Contact Information:
Flexpoint Sensor Systems
Clark Mower, President
801-568-5111
Brokers and Analysts
Chesapeake Group
410-825-3930
