Toronto, Ontario–(Newsfile Corp. – May 31, 2016) – CardioComm Solutions, Inc. (TSXV: EKG) (“CardioComm Solutions” or the “Company”), a global medical provider of consumer heart monitoring and medical electrocardiogram (“ECG”) software solutions, today announced that it has entered into a sales and ECG services agreement with California-based Vascular Innovations Ltd. (“Vascular Innovations”), to provide post-market surveillance of patients with coronary artery disease treated with a new drug eluting stent (“DES”). The program will first be launched in India through Vascular Concepts Ltd. (“VCL”), an India-based affiliate of Vascular Innovations.
The arrhythmia surveillance deal provides a significant revenue opportunity to CardioComm Solutions which will be supported from the over 250,000 pre-paid ECG reading fees that will follow the purchase of a minimum of 8,250 HeartCheck™ devices. Additional revenue is expected from continued patient use of the HeartCheck™ SMART Monitoring service following completion of a pre-paid one month surveillance period.
Under the six-year renewable agreement, Vascular Innovations will develop sales and marketing channels to hospitals in India for their coronary and structural heart medical devices with post-market surveillance of patients conducted through the use of HeartCheck™ based technologies. The Company confirms that the Vascular Innovations deal was finalized with the placement of an initial order of 250 HeartCheck™ ECG devices. The first phase for launch of the DES in India will require a maximum of 33 months during which period an additional 2,000 HeartCheck™ devices with pre-paid ECG triages will be utilized. Over the next three years a minimum of 6,000 additional HeartCheck™ ECG devices will be purchased with pre-paid ECG triages. Based on the results of their DES treatment program in India, Vascular Innovations plans to expand the launch of their surgical treatments and patient surveillance program into other territories globally from which CardioComm Solutions will derive further benefits.
Under the sponsored arrhythmia/rhythm surveillance program, patients implanted with a Vascular Innovations medical device will be provided a free HeartCheck™ ECG PEN and a pre-paid one month post-surgery arrhythmia/rhythm surveillance service at hospital discharge. Each HeartCheck™ device serial number will be associated with a specific patient and a set number of pre-paid ECG triages that patients will utilize over their first month of recovery. ECG recordings will be taken once each day or if/when a patient feels symptomatic. Patients will utilize the Company’s free GEMS™ Home software to upload recorded ECGs to the Company’s SMART Monitoring ECG service. A triage report will be generated from each uploaded ECG and should an actionable arrhythmia such as atrial fibrillation (“AF”) be found, the patient’s health care provider will be alerted to provide any needed follow up support. After the initial one month period of free arrhythmia surveillance is completed patients will be allowed to keep their HeartCheck™ ECG PENs. The configuration of the 8,250 HeartCheck™ devices will be automatically converted to a per ECG based, pay-for-use-service model and patients may then continue to access the SMART Monitoring ECG service on a per-ECG fee model identical to what is currently offered to the direct to consumer markets globally.
A representative from Vascular Innovations confirmed that an initial market evaluation of the HeartCheck™ technologies has been completed and that eighteen medical centers within India are ready to implement the HeartCheck™ post-surgery arrhythmia surveillance program. Vascular Concepts further confirms that use of their DES implantable devices and an expected atrial occluder for AF treatment will be expanded globally and that use of the HeartCheck™ ECG technologies will increase proportionately.
This is the second Company announcement regarding a partnership agreement to provide services within India, a country which holds significant growth potential for the SMART Monitoring service. This initiative will assist the Company to expand into new markets and provides the first opportunity for CardioComm Solutions’ technologies to be integrated into a patient care management strategy.
About Vascular Innovations Inc.
Vascular Innovations, Inc. is a premier intellectual property development group providing opportunities for acquisition, merger, or alliances with the latest medical device technologies. Vascular Innovations has assembled a portfolio of technologies from many years of medical device experience. Programs are in many stages, from business plans to pending/issued patent, to stock products ready for market introduction. Innovative technologies are available from the areas of vascular and cardiovascular.
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.
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).
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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