RemSleep Holdings Inc. (OTCQB: RMSL), a medical device manufacturer dedicated to forever changing the level of treatment provided to Obstructive Sleep Apnea (OSA) patients, provides an update on its testing protocol for 510K clearance of its DeltaWave CPAP Mask as well as positive developments for its next generation masks which have shown internal indications of relief from those suffering with certain comorbidities in conjunction with their sleep apnea.
The company previously announced DeltaWave testing was targeted to be completed in 14-18 weeks prior to submission for 510K clearance. The original timeline put the target towards mid to end of March of this year. After further review and discussion with the company’s partnering lab and our compliance director, the timeline has been extended 7-8 weeks. One of the lengthier tests in the protocol (Cytotoxicity) had been restarted roughly halfway through the testing process due to a contaminated sample. The source of contamination could not be identified but it was determined to not come from the mask itself. Out of caution for any impact on the final results, the test was halted, and a new test started with a sealed DeltaWave sample from the original sample batch provided to the testing lab.
The current test is on track to be completed towards the middle to end of May as previously announced on the company Twitter feed. It is important to note that there was no product failure in the test; rather, it was procedurally driven due to an observation of contamination once the test had already begun. While these issues cannot be foreseen and every step is taken to prevent them, it is also standard practice to provide additional, sealed samples for testing in an event such as this. While the delay was unexpected and frustrating, preparing for the possibility ahead of time resulted in the delay being relatively minimal.
The company recently announced a new test is being run in addition to those in the original protocol. The additional test was deemed prudent due to the ongoing recalls and scrutiny in the CPAP industry and to alleviate any potential concerns going forward based on these ongoing changes. However, due to the lengthier Cytotoxicity test being restarted, the additional test will have no impact on the May timeframe. To date, all completed tests have provided the results as expected and the company remains confident the remaining tests will show similar results. Once these tests have ended, the company expects it will take 3-6 weeks for Risk Management Assessments to be completed, 3rd party certification of toxicology results, and final compilation to submit to the FDA for 510K clearance.
The company has just recently received positive news on their next generation DeltaWave masks with respect to design and performance. RemSleep believes this provides significant support to the design being unique for respiratory masks and ultimately what the company considers to be the pathway for relief for those aforementioned sufferers. The company continues to evaluate medical centers & sleep study centers to perform the tests & trials demonstrating that relief from a clinical standpoint. RemSleep believes the potential for these masks to compete in the institutional and residential spaces will position the company in a much better position strategically and financially over the DeltaWave alone.
As the company previously discussed in the shareholder letter at the beginning of the year, CPAP device sales continue to be a focus. While RemSleep had several promising commitments early on that started the initiative and fell through, the last several months have shown several new sales channels opening up with orders being taken. While equipment sales are important for revenue and cash flow, ultimately the company is looking at sales of these devices to establish new sales channels and relationships to partner with once the DeltaWave line of masks are cleared.
RemSleep CEO, Tom Wood, commented further: “Obviously the stopping and restarting of a critical test is frustrating as a CEO, shareholder, and a product designer. The regulatory landscape has changed dramatically since the last product I brought to market and the increased scrutiny of respiratory devices and masks in general certainly isn’t making it any easier. While frustrating, it also reaffirms the decision we made to hire Ms. Strzepek with her specific, regulatory experience with respiratory masks, to oversee the 510K process. She remains invaluable to navigating this fluid environment and addressing any issues ahead of time that could be cause for concern on the administrative and procedural processes. Despite these challenges, I have never been more confident or excited for the impact I believe RemSleep can have on the market with the DeltaWave as well as the next generation devices as we near the end of the testing process. It can be a difficult balance trying to share that confidence and excitement while dealing with the day-to-day issues, delays, and waiting but I hope that passion we must make these products successful continues to be seen and understood by our shareholders.”
The company will continue to update investors as information becomes available and is confirmed. RemSleep appreciates the ongoing questions and interest in the DeltaWave products and will follow up accordingly in press releases, on the company website: www.remsleep.com, and through the company Twitter feed: @RemsleepInc
About RemSleep Holdings Inc.
RemSleep Holdings Inc. is a medical device manufacturer dedicated to forever changing the level of treatment provided to obstructive Sleep Apnea patients. Our focus is primarily designing and manufacturing devices and products for the treatment of Sleep Apnea and other respiratory conditions. With over 30 years of collective experience in CPAP therapy, the RemSleep team has extensive knowledge and understanding of CPAP and the challenges of patient compliance. We diligently strive for our products to make a difference and improve the condition of those suffering from Sleep Apnea. www.remsleep.com
Some statements in this release may contain forward-looking information. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential acquisitions and financings) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, the inability of the Company to obtain sufficient financing to execute the Company's business plan; competition; regulation and anticipated and unanticipated costs and delays, and other risks disclosed in the Company's public disclosure record on file with the relevant securities regulatory authorities. No information in this press release should be construed as any indication whatsoever of the Company's future revenues, results of operations or stock price. Although the Company has attempted to identify important factors that could cause actual results or events to differ materially from those described in forward-looking statements, there may be other factors that cause results or events not to be as anticipated, estimated or intended. Readers should not place undue reliance on forward-looking statements. The forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.
Investor Relations Contact:
Preya Narain, Investor Relations
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