(Oslo, November 21st, 2017) Medistim ASA (OSE: MEDI) announces that they are joining GE Vingmed Ultrasound and Sensocure in a collaborative project to develop new production technology, funded by the Norwegian Research Council.
Sensocure, GE Vingmed Ultrasound and Medistim have been granted funding of MNOK 14,4 over 3 years from the BIA Health program at the Norwegian Research Council, for the project «Advanced Manufacturing Technologies for High Impact Medical Devices». The project will be run by the three technology companies in collaboration with University College of Southeast Norway and the research institutions SINTEF and NORNER. Both Sensocure, GE Vingmed Ultrasound and Medistim have established production of own medical technical products in Horten, Norway, and have through pre-projects supported by NRC BIA Health, assessed the needs and explored new concepts for future production technologies.
The collaboration aim to develop new and smart production technologies to enable continued cost-effective production of advanced medical devices in Norway, building on former successes of developing globally competitive manufacturers of complex medical equipment within areas where design, development and manufacturing are based on advanced know-how, competencies and skills.
Erik Swensen, VP R&D at Medistim states, «Medistim sees the funding of this project as a unique opportunity to develop new production technology that may bring today’s production of ultrasound probes to the next level in terms of effectiveness and quality. For a company with labor-intensive manufacturing in Norway, this can mean a significant strengthening of our competitive edge in a global market. The collaboration we have established with GE Vingmed Ultrasound and Sensocure through the pre-project and the application process makes a great platform to strengthen the medical production technology environment in Norway going forward.”
The joint project will be lead by Sensocure’s head of product development, Berit Brosvik.
About GE Vingmed Ultrasound: GE Vingmed Ultrasound develop and manufacture high-end ultrasound devices (systems and TEE probes) for imaging of the heart. The company has more than 30 years of history and is world-leading in cardiovascular ultrasound.
About Sensocure: Sensocure develop and manufacture biomedical sensors for early detection of serious diseases. The sensor system IscAlert provides early detection of insufficient oxygen supply to body organs, which may save lives and increase quality of life for the patients.
About Medistim: Medistim develop, manufacture and sell ultrasound-based medical devices for guidance and quality assessment during cardiac and vascular surgery. The company is the market leader in its segment and has its most important markets in the USA, Europe and Japan.
For more information, contact:
President and CEO, Kari E. Krogstad, Medistim ASA
Tel: + 47 918 38 110
CFO, Thomas Jakobsen, Medistim ASA
Tel: + 47 906 59 940
This information is disclosed under Norwegian law (Verdipapirhandelloven §5-12).