Canada-Israel Industrial Research and Development Foundation Funds CardioComm Solutions (TSXV: $EKG. V) to Fast-Track Wearable Medical Device Integration
Financing to target development of a new 12 lead ECG Shirt Remote Cardiac Monitoring Solution
Toronto, Ontario - June 8, 2017 (Newsfile Corp.) (Investorideas.com Newswire) CardioComm Solutions, Inc. (TSXV: EKG) ("CardioComm" or the "Company"), a leading global medical provider of consumer heart monitoring and medical electrocardiogram ("ECG") software solutions, today announced it has been awarded a $567,079 grant from the Canada-Israel Industrial Research and Development Foundation ("CIIRDF") to enable R&D collaborations with HealthWatch Technologies Ltd. ("HealthWatch") of Israel. This funding will directly support the joint development costs of a novel wireless call centre-based ECG/arrhythmia monitoring solution and allow the fast-track integration of a HealthWatch's wireless ECG and vital signs monitoring smart shirt with CardioComm's GEMS™ ECG arrhythmia management software. In April of this year, CardioComm announced that it had executed a distribution and co-marketing agreement (the "Agreement") with HealthWatch for the integration of the wearable device into CardioComm's Software as a medical device ("SaMD") ECG software platform.
The CIIRDF Board of Directors approved funding in December 2016 in Tel Aviv, Israel, after reviewing proposals that met key eligibility requirements and passed rigorous independent technical and business merit reviews in both countries. CIIRDF supports such bilateral R&D initiatives by contributing up to 50 percent of joint project costs to a maximum of CDN $800,000. The CIIRDF projects that commercialization of the approved products will generate hundreds of millions of dollars in revenues for collaborating companies and would stimulate job creation and other economic benefits in both Canada and Israel. CIIRDF-enabled technologies have generated several hundreds of millions of dollars in economic value for Canadian and Israeli companies over the past decade alone.
Under the terms of the Agreement, CardioComm will develop software and communications compatibility between HealthWatch's smart shirt and CardioComm's own family of ECG management SaMD solutions. By combining their respective medical device clearances, the companies will be positioned to offer the only FDA cleared 12 lead ECG monitoring solution of its kind in the world. The companies will integrate the smart shirt system with CardioComm's GEM™ WIN and their next generation GEMS™ FLEX ECG management solution. GEMS™ FLEX is a web-based application, multi-tier architecture model that can run on-premises or in a cloud hosted environment and will operate on all modern browsers with full support for HTML irrespective of the underlying operating system. The software will allow for touch screen operation and accordingly will be compatible for use on mobile devices. CardioComm Solutions projects this integration project will be completed by the end of the year creating the opportunity to offer a first version of a web-based, wireless, 12 lead and wearable monitoring solution for sale by the end of 2017.
As stated in the SAP eBook, "Connected Care: The Digital Pulse of Global Healthcare", the monitoring of vital signs through remote patient monitoring ("RPM") enable problems to be spotted quickly so that doctors are able to prescribe healthcare treatments as a condition changes, often early enough to prevent further damage. CardioComm's efforts in the introduction of such connected RPM products will eliminate many of the challenges of effectively and efficiently applying ECG sensors and performing ECG monitoring in target service markets that include: mobile cardiac telemetry; arrhythmia and prolonged QT interval screening; ECG monitoring as an extension to in-hospital and in-clinic services; and long-term managed care support for people living with chronic medical conditions.
About CardioComm Solutions
CardioComm Solutions' patented and proprietary technology is used in products for recording, viewing, analyzing and storing electrocardiograms (ECGs) for diagnosis and management of cardiac patients. Products are sold worldwide through a combination of an external distribution network and a North American-based sales team. The Company has earned the ISO 13485 certification, is HPB approved, HIPAA compliant, and has received FDA market clearance for its software devices. CardioComm Solutions is headquartered in Toronto, Ontario, Canada.
FOR FURTHER INFORMATION PLEASE CONTACT:
Etienne Grima, Chief Executive Officer
1-877-977-9425 x 227
About the Canada-Israel Industrial Foundation (CIIRDF)
The CIIRDF promotes, stimulates and invests in collaborative research and development between companies in Canada and Israel, with a focus on the commercialization of new technologies. Established in 1994 under a formal treaty between the Governments of Canada and Israel, CIIRDF is connected institutionally with the Israel Innovation Authority (the former Office of the Chief Scientist in Israel's Ministry of the Economy). CIIRDF has financed more than 120 collaborative R&D projects that have contributed to the joint development and sale of more than 60 new global products. This has generated hundreds of millions of dollars in economic value for Canadian and Israeli companies over the past decade. For additional information, please visit: www.ciirdf.ca.
Sonya Shorey, Senior Communications Strategist, CIIRDF
This release may contain certain forward-looking statements and forward looking information with respect to the financial condition, results of operations and business of CardioComm Solutions and certain of the plans and objectives of CardioComm Solutions with respect to these items. Such statements and information reflect management's current beliefs and are based on information currently available to management. By their nature, forward-looking statements and forward-looking information involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements and forward-looking information.
In evaluating these statements, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not assume any obligation to update the forward-looking statements and forward-looking information contained in this release other than as required by applicable laws, including without limitation, Section 5.8(2) of National Instrument 51-102 (Continuous Disclosure Obligations).
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