Integrated wristband, patch and ECG card solutions will introduce new devices with medical credibility and lower consumer costs
TORONTO, ONTARIO – CardioComm Solutions, Inc. (TSX VENTURE:EKG) (“CardioComm Solutions” or the “Company”), a global medical provider of consumer heart monitoring and medical electrocardiogram (“ECG”) software solutions, today confirms it is qualifying devices from multiple manufacturers with the aim to bring to market new Smartphone connected health and cardiac monitoring technologies. CardioComm Solutions approved devices will be supported by the CardioComm Solutions’ SMART Monitoring ECG reading and GEMS™ WIN for use by consumers, physicians and hospital systems.
CardioComm Solutions has pre-qualified several devices of interest and expects pending sales and marketing agreements with manufacturers to be executed in 2016. When testing and integration is completed, the Company intends to apply for and secure Class II medical device clearances for sales of the devices in the USA and Canada under the HeartCheck™ brand. The Company will hold exclusive rights for the sale of the HeartCheck™ branded devices in North America. In turn, the integrated devices would be permitted to be distributed through the original devices’ manufacturer’s distribution networks under their own OEM agreements and brands in overseas markets while promoting connectivity to the CardioComm Solutions’ ECG management software and ECG reading services. Multiple revenue streams for CardioComm Solutions will be created through direct sales from HeartCheck™ branded devices, a percentage of device sales from device manufacturer OEM sales overseas, and recurrent revenue generated through software licensing or fee-for-service use of the SMART Monitoring ECG reading service from all devices sold.
While large wellness product companies, continue to try and out-compete each other by adding more and more built in sensor technologies to monitor wellness, sleep and activity, and consumers look for more credible health monitoring, there are no clear signs that these companies will seek medical device clearances for their devices. The CardioComm Solutions announcement signals that this may soon change.
CardioComm Solutions’ strategy is to focus on its established medical software engineering solutions and leverage its 17 years of medical device integration experience to enable new Medical-Wellness products to be cleared as Class II medical devices. The anticipated new HeartCheck™ devices will cover the wrist band, Smartphone case, chest strap, wearable ECG patches and cards utilizing Wi-Fi, Bluetooth, GSM or USB technologies to transfer data to Smartphones, computers or the Cloud where data can be reviewed and shared with healthcare professionals as needed.
The device manufacturer partnerships will provide CardioComm Solutions with access to a supply of new and already developed hardware technologies without the associated high hardware development costs. Partnering device companies in turn benefit from immediate access to CardioComm Solutions’ market-ready, physician proven ECG software technologies. Adding ECG and cardiac rhythm recording/monitoring, in addition to the array of established common-place wellness sensor technologies, would provide a differentiating and competitive edge for CardioComm Solutions and its device partners. Combined, the companies plan to bring to market novel devices with shorter product development cycle times, simplified medical device clearance applications and a lower cost of goods to the end user when compared to products from the likes of Samsung, Apple, Fitbit, AliveCor and Microsoft. CardioComm Solutions’ goal is to establish a new class of Medical-Wellness and medical-grade health monitoring devices that will make it easier for consumers, and their physicians, to understand changes in their health patterns and manage serious health conditions.
CardioComm Solutions will be providing further updates as device partnership agreements are executed. CardioComm Solutions’ technologies hold clearances for the sale of the HeartCheck™ technologies from the European Union (CE Mark), Australia (TGA), the USA (FDA), China (CFDA) and Canada (Health Canada). To learn more about the CardioComm Solutions’ products please see the Company’s websites www.theheartcheck.com and www.cardiocommsolutions.com or contact the Company at sales@cardiocommsolutions.com.
