Unique Product for chronic back pain sufferers combines iTech Medical's patented Composite Concentric Circle ("C3") magnet technology marketed by BIOflex Medical Magnetics with Back-A-Line's patented Dynamic Back Support system
HUNTINGTON BEACH, Calif., Sept. 9, 2013 (GLOBE NEWSWIRE) -- iTech Medical, Inc. ("iTech") (OTC:IMSU) today announced that it has entered into an exclusive Product and Distribution Agreement with Back-A-Line, Inc., a private California company. iTech reported that the agreement will cover all aspects of a unique product for chronic back pain sufferers that combines iTech's patented Composite Concentric Circle ("C3") magnet technology with Back-A-Line's patented Dynamic Back Support system. iTech's C3 magnet technology is marketed by BIOflex Medical Magnetics, Inc., a wholly-owned subsidiary of iTech.
"The U.S. National Institute for Occupational Safety and Health (NIOSH) considers back pain as one of the most common and significant musculoskeletal problems in the world," said Wayne Cockburn, CEO at iTech. "The market for our combined product with Back-A-Line to treat chronic back pain is extremely large and global in reach. This agreement allows us to incorporate our patented BIOflex C3 magnetic technology into what we believe is the best back support system currently on the market. Equally important, the co-marketing aspect of our partnership with Back-A-Line allows both companies to gain immediate access to markets that would normally take much longer to penetrate on their own."
Bill Landtbom, founder and President of Back-A-Line commented, "The partnership with iTech is an exciting one for us because it specifically targets the legions of chronic back pain sufferers who require two interventions – preventing further damage to the spine and alleviating the pain from previous damage. iTech's patented Composite Concentric Circle magnets create the optimum magnetic field for the pain relief of spinal tissues, and when combined with Back-A-Line's proven correction of spinal mechanics, creates the only all-encompassing solution to a past life of chronic back pain."
About Back Pain
According to a back pain study completed by the Department of Orthopaedics and Sports Medicine, University of Washington, and published in The Journal of the American Medical Association (JAMA) in 2008, the overall costs of treating back pain rose 65% from 1997 to 2005 to an estimated $85.9 billion nationally. The study reported that one of the biggest drivers of spending was increased use of expensive painkillers, with spending on narcotic drugs for back pain climbing 423% during the same period. Researchers then looked at whether the overall spending was making patients feel any better, based on self-reported measures of disability and pain, and found little to no improvement over the eight-year period. "These results, combined with the general trend towards increased usage of non-pharmaceutical products to treat chronic back pain, set the stage for an exciting business opportunity," said Cockburn.
iTech reported that the Product and Distribution Agreement with Back-A-Line covers all aspects relating to the manufacturing, marketing and sales of the combined back support product. Profit sharing will be based on a formula that incorporates total combined sales, cost of goods and marketing costs.
About iTech Medical
iTech Medical, Inc. is a medical device company that develops and markets innovative medical devices and technologies for the rehabilitation, sports medicine and pain management markets. On February 15, 2013, iTech purchased BIOflex Medical Magnetics, Inc. (BIOflex), a private healthcare company that has been developing and selling magnetic therapy devices since 1986. BIOflex manufactures and sells a commercial line of more than 20 pain management products that incorporate a patented technology. BIOflex's products are targeted at a number of large markets including the sports medicine and orthopedic market, the low back pain market and the sleep systems market. BIOflex operates from an FDA-registered facility and many of its products are registered with the FDA as Class I medical devices. iTech is also developing a proprietary platform called Muscle Pattern Recognition (MPR), a unique clinical and rehabilitation tool for the analysis of muscle function.
For more information, visit: www.itechmedical.com and www.bioflexmagnets.com
About Back-A-Line
Back-A-Line, Inc. is a private, California-based company that has developed a line of commercial products based on its patented Dynamic Back Support technology. Founded in 1995, Back-A-Line is the only company to market a wearable back support that corrects poor spinal mechanics at the subconscious level. At the core of Back-A-Line's proprietary technology is a curved and firm lumbar pad that presses against the spine offering a template to which the spine can conform, subconsciously maintaining the spine in a safe range of motion. The technology has been subjected to independent peer review and was found to be the best method for maintaining a safe range of motion of the spine. Back-A-Line received the only "Seal of Acceptance" ever granted by the American Osteopathic Academy of Sports Medicine (AOASM), an elite group of college and professional team physicians. Back-A-Line has conducted over 50 evaluations in the industrial sector involving more than 2,000 subjects, reporting an overall 71% reduction in pain.
For more information, visit: www.backaline.com
Forward-Looking and Cautionary Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that reflect management's current views and estimates regarding future market conditions, company performance and financial results, business prospects, new strategies, the competitive environment and other events. You can identify these statements by the fact that they use words such as "anticipate," "believe," "estimate," "expect," "intend," "project," "plan," "outlook," and other words and terms of similar meaning. These statements involve a number of risks and uncertainties that could cause actual results to materially differ from the potential results discussed in the forward-looking statements.