Financing to Target Development of a New 12-Lead ECG Garment Remote Cardiac Monitoring Solution
TORONTO, ONTARIO – CardioComm Solutions, Inc. (TSX VENTURE:EKG) (“CardioComm Solutions” 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 center-based ECG/arrhythmia monitoring solution and allow the fast-track integration of HealthWatch’s wireless ECG and vital signs monitoring smart garment 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 the 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 garment 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 garment 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 HealthWatch
HealthWatch was founded in 2010 in Kfar Saba, Israel, and has developed the Master Caution®, the first and only 3-12 lead ECG smart digital garment that is CE/FDA-Cleared. It advocates a full management solution for the purpose of transforming healthcare, offering a digital health platform and virtual medical care intertwined with the Medical Internet-of-Things. This non-lifestyle changing disruptive technology, based on wearable textile-electrodes and heart-sensing sensors and technologies, contains a myriad of accurate digital health diagnostic services including mobile cardiac telemetry, patient monitoring tele-health services and other services that allow for in-home medical services. The Master Caution®’s continuous monitoring solutions assist clinicians in remotely monitoring their elderly or bed-ridden patients, while being alerted to cardiac events such as ischemia and arrhythmias in near real-time, securing personal health around-the-clock for improved patient safety.
FOR FURTHER INFORMATION PLEASE CONTACT:
Dr. Gary J. Sagiv, Chief Commercial Officer and EVP
+972-9-7677039
[email protected]
www.healthwatchtech.com
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
[email protected]
www.cardiocommsolutions.com
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.
Media inquiries:
Sonya Shorey, Senior Communications Strategist, CIIRDF
[email protected]
Financing to Target Development of a New 12-Lead ECG Garment Remote Cardiac Monitoring Solution
TORONTO, ONTARIO – CardioComm Solutions, Inc. (TSX VENTURE:EKG) (“CardioComm Solutions” 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 center-based ECG/arrhythmia monitoring solution and allow the fast-track integration of HealthWatch’s wireless ECG and vital signs monitoring smart garment 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 the 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 garment 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 garment 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 HealthWatch
HealthWatch was founded in 2010 in Kfar Saba, Israel, and has developed the Master Caution®, the first and only 3-12 lead ECG smart digital garment that is CE/FDA-Cleared. It advocates a full management solution for the purpose of transforming healthcare, offering a digital health platform and virtual medical care intertwined with the Medical Internet-of-Things. This non-lifestyle changing disruptive technology, based on wearable textile-electrodes and heart-sensing sensors and technologies, contains a myriad of accurate digital health diagnostic services including mobile cardiac telemetry, patient monitoring tele-health services and other services that allow for in-home medical services. The Master Caution®’s continuous monitoring solutions assist clinicians in remotely monitoring their elderly or bed-ridden patients, while being alerted to cardiac events such as ischemia and arrhythmias in near real-time, securing personal health around-the-clock for improved patient safety.
FOR FURTHER INFORMATION PLEASE CONTACT:
Dr. Gary J. Sagiv, Chief Commercial Officer and EVP
+972-9-7677039
[email protected]
www.healthwatchtech.com
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
[email protected]
www.cardiocommsolutions.com
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.
Media inquiries:
Sonya Shorey, Senior Communications Strategist, CIIRDF
[email protected]
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