Inspiration Healthcare Group (IHC ) said it has recruited the first patient for Project WAVE, a newly developed respiratory device which hwas designed for use in neonatal intensive care.
The global medical technology company said the first patient has been recruited at the Trevor Mann Baby Unit, Brighton & Sussex University Hospital (Royal Sussex) for Project WAVE, a novel technology used in a respiratory device for neonatal intensive care.
The Company acquired the technology for Project WAVE under a licence agreement in 2018 from the University of California Los Angeles. It has since developed it to produce a patented device which is non-invasive and designed to reduce intermittent hypoxia in the newborn. Project WAVE was granted a patent by the U.S. Patent Office back in March 2020.
It was announced back in November 2020 that the UK Medicines and Healthcare products Regulatory Agency (MHRA) had cleared Project WAVE for clinical testing at Royal Sussex.
Shares in Inspiration Healthcare Group have increased by over 60% in value since the beginning of 2021. The stock was trading 0.77% higher this morning at 131.5p.
At the time, Inspiration told investors that the clearance, which represented “another milestone”, was one which both protects the company’s intellectual property and the investment it has made to ensure that this technology soon becomes adopted in hospitals.
In December 2020, Inspiration said Project WAVE had been granted a patent by the European Patent Office meaning it could be validated in individual countries within the EU.
Neil Campbell, CEO of Inspiration Healthcare Group commented: "This is really exciting news. The first patient to be recruited on the trial is a real milestone for us and we eagerly await to see how the trial progresses. We continue to talk to other research groups about their interest and to refine the device as we develop our commercial strategy."
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