MyndTec Announces Exclusive Supply and Distribution Agreement for Innovative Foot Drop FES Device MyndStep(TM) Across the US and Canada

MyndStep(TM) is designed to provide functional electric stimulation (FES) treatment to patients suffering from foot drop and improve walking ability.

Highlights:

  • MyndTec expands its FES portfolio with new product
  • MyndStepTM is intended to address foot drop ailments and improve gait
  • Exclusive Supply and Distribution agreement for the United States and Canada

Mississauga, Ontario--(Newsfile Corp. - August 5, 2022) - MyndTec Inc. (CSE: MYTC) ("MyndTec" or the "Company"), an emerging leader in neurological rehabilitation, is pleased to announce the addition of its newest product MyndStepTM, to its FES portfolio. MyndStepTM addresses foot drop ailments. MyndTec has entered into a supply and distribution agreement with Guangzhou Longest Science & Technology Co. Ltd. ("GLST") for the exclusive distribution of MyndStepTM Foot Drop device, to be available in the United States and Canada by the fourth quarter of 2022.

"We are so very pleased to announce this new product, and excited about this opportunity to further enhance our FES portfolio of products. The addition of MyndStepTM, a lower body focused FES system for foot drop is a natural complement to our flagship upper body FES product MyndMove," said Craig Leon, CEO of MyndTec Inc. "The addition of our newest FES lower body product MyndStepTM, reinforces our commitment to providing clinics, rehabilitation centers and physicians with innovative products focused on improving patient care and quality of life. We look forward to introducing our latest product to our existing and new customers, and more importantly, introducing patients to an innovative technology which will help them regain function and mobility and restore independence, one step at a time."

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Introducing MyndStep(TM)


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MyndStepTM is intended to provide ankle dorsiflexion of the foot and/or knee flexion, also improving an individual's gait or ability to walk. MyndStepTM prevents or retards disuse atrophy, maintains or increases joint range of motion and local blood flow.

Product Advantage and Convenience

  • Easy Electrode Placement: convenient electrodes with magnetic snap connection, are placed on the peroneal nerve and tibialis anterior nerve.
  • Wearable Design: the device is small and light, with rechargeable battery and can be worn in a cuff just below the knee.
  • Mobile Phone & Tablet Friendly: the MyndStepTM device is connected to a user App, available for download on IoS and Android, and is Bluetooth enabled.
  • App Functionality: the mobile app allows users to control the device more intuitively, and conveniently and provides real time treatment progress for users.
  • Variable Treatment Modes: 1) Training Mode: to exercise the muscle and improve dorsiflexion, 2) Walking Mode: to help patients walk faster, more naturally and safely.
  • Electric Stimulation Intensity: is easily adjustable to suit any users preferred setting
  • Built-in Smart Sensors: Device has built-in sensors that can detect valid gait events and provide precise stimulation, producing a more normalized walking pattern. Users can monitor their improvement in walking pattern, distance and speed using their mobile device.
  • For home and outdoor use.
  • Available across the United States and Canada, beginning Q4 2022.

FOOT DROP MARKET DYMANICS

North America is expected to hold a major market share in the global foot drop treatment market due to the high prevalence of stroke and an increasing number of product approvals. Foot drop can arise due to a stroke. According to the Centre for Disease Control and Prevention, around 795,000 people experience stroke every year in the United States(1).

Functional electric stimulation ("FES") segment is expected to dominate the market growth. Foot drop is typically treated with orthotics such as an ankle-foot orthosis (AFO), physical therapy, or surgery. Nerve stimulation, using myoelectric orthotics such as functional electrical stimulators (FES), is a rehabilitation technique that uses electrical currents to peripheral nerves to improve the movement or function of organs, muscles, and extremities. It is used during rehabilitation for adults and children with neurologic dysfunction such as foot drop. FES has been shown to help patients with foot drop caused by a variety of neurological conditions improve many aspects of their walking(2).

According to the World Stroke Organization, stroke is the second-leading cause of death in the world with 6.6 million deaths due to this disease every year, amounted for 143 million healthy years of life lost. Currently, 100 million people are currently living with the effects of stroke, considering also the social and economic impact at the individual, community and global levels. Ten percent of stroke cases could have been prevented with preventive lifestyle changes, education, services and support (3).

Stroke causes upper motor neuron injuries that lead to foot drop, an inability to lift the forefoot due to the weakness of dorsiflexors of the foot. This, in turn, can lead to an unsafe antalgic gait, potentially resulting in falls (Nori, 2022)(4). Foot drop, presented as hemiplegia resulting from stroke, and one of the main symptoms of the neurological disorder, Charcot-Marie Tooth (CMT), has an incidence of 1 in 25,000 for some symptoms and causes. The incidence may vary depending on each case, underlying conditions, or genetics. Stroke is one of the ten most important drivers of increased disease burden(5) . More than 70% of hemiplegic patients can regain walking ability, but most of them do not achieve good gait and walking speed, which becomes the biggest cause of future falls. Lower extremity motor dysfunction is one of the more serious factors affecting the activities of daily living in stroke patients. Patients with stroke are prone to abnormal gait during walking due to reduced motor muscle strength, poor control, and muscle spasm, increasing the risk of balance disorders and falls.

The above data leads market experts to predict a Foot Drop Market compound annual growth rate forecast of 9.5%. Foot drop (6) with North America representing one of the largest markets(1). More than 70% of hemiplegic patients who can regain walking ability although they do not achieve good gait, can take advantage of a treatment such as MyndStepTM, designed to help patients to recover their gait and correct their foot drop ailment.

Sources:
(1) Mordor Intelligence: Foot Drop Treatment Market, Growth, Trends, Covid-19 Impact and Forecasts (2022-2027)
(2) Global Information Inc. (GII) - Global Foot Drop Treatment Market - 2021-2028
(3) World Stroke Organization Annual Report 2021
(4) Nori SL, Stretanski MF. Foot Drop. [Updated 2022 Jun 25]. https://www.ncbi.nlm.nih.gov/books/NBK554393
(5) The Lancet. Global burden of 369 diseases and injuries in 204 countries and territories, 1990-2019: a systematic analysis for the Global Burden of Disease Study 2019. https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(20)30925-9/fulltext
(6) https://www.researchandmarkets.com/reports/5529412/foot-drop-treatment-market-growth-trends

About MyndTec

MyndTec is a Canadian medical technology company dedicated to the development and commercialization of innovative products that improve function, maximize independence and enhance the quality of life for individuals who have suffered injury to the central nervous system as a result of stroke, spinal cord injury and certain traumatic brain injuries. The Company develops non-invasive neurological and nervous system electrical stimulation therapeutics for the treatment of neurological diseases and injury specifically targeted to markets with large, growing and global patient populations.

The Company's flagship product MyndMove™ is a non-invasive functional electrical stimulation-based intervention. MyndMove™ uses neuroplasticity mechanisms to stimulate development of new neural efferent and afferent pathways allowing patients to re-establish voluntary movement and improve independence in their activities of daily living. The MyndMove™ system offers trained therapists the ability to assist individuals affected with paralysis to improve voluntary control of their limbs. The MyndMove™ therapy system offers a broad spectrum of sophisticated functional electrical stimulation software protocols which therapists customize to patient needs to enable meaningful controlled movements via proprietary stimulation technology.

For more information visit https://www.myndtec.com.

Contact Information

Craig Leon
MyndTec Inc. | Chief Executive Officer
investor.relations@myndtec.com
Tel: (416) 569-0430

Bill Mitoulas
Venture North Capital Inc. | Principal
billm@venturenorthcapital.com
Tel: (416) 479-9547

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements that constitute "forward-looking information" within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements"). All statements in this news release that are not historical facts are forward-looking statements, including, but not limited to, all statements regarding: events, performance or results of operations that the Company believes, expects or anticipates will or may occur in the future; the duration of the Consulting Agreement, the services provided under the Consulting Agreement; and the consideration paid pursuant to the Consulting Agreement. Forward-looking statements are typically, but not always, identified by words such as: "believes", "expects", "aim", "anticipates", "intends", "estimates", "plans", "may", "should", "could", "continue", "would", "will", "potential", "scheduled", "goal", "target", or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved.

Forward-looking statements are necessarily based on a number of estimates and assumptions that include, but are not limited to: expected future development; general economic conditions; the ability of the Company to execute on its business objectives; and other estimates and assumptions described in the Company's Listing Statement dated February 18, 2022 (the "Listing Statement"), a copy of which is available under the Company's profile on SEDAR at www.sedar.com. Forward-looking statements are inherently subject to a number of significant risks and uncertainties that could cause the actual results or events to differ materially from those described in the forward-looking statements. Important risks and uncertainties that could cause actual results or events to differ materially from expectations include, but are not limited to: the Company's ability to continue as a going concern, the Company's research, development and commercialization of its products could be stopped or delayed if any third party fails to provide sufficient quantities of products or components, or fails to do so at acceptable quality levels or prices, or fails to maintain or achieve satisfactory regulatory compliance; the Company expects to incur significant ongoing costs and obligations relating to its investment in infrastructure, growth, research and development, regulatory compliance and operations; and other risks and uncertainties described in the Listing Statement. The Company has attempted to identify important factors that could cause actual results, performance or achievements to vary from those expectations expressed or implied by the forward-looking statements, however, there may be other factors that cause results, performance or achievements not to be as expected and that could cause actual results, performance or achievements to differ materially from current expectations. These forward-looking statements are only current as of the date of this news release. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties and the Company provides no assurance that they will prove to be correct. Readers should not place undue reliance on such forward-looking statements. The Company does not undertake any obligation to update forward-looking statements contained herein, other than as required by applicable law. All forward-looking statements are qualified in their entirety by this cautionary statement.

The CSE has in no way passed upon the merits of the business of the Company and has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.

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