Company
CVE:CDX
Cloud DX Inc is disrupting the healthcare market with homegrown solutions. The company provides remote patient monitoring hardware, software and recurring revenue services in a low-friction, reimbursable transaction model, coupled with a sales strategy that is driving rapid adoption among North American healthcare providers. Its Cloud DX Connected Health products were invented and developed in Toronto, Canada and are used by healthcare enterprises and care teams across North America to remotely manage chronic conditions, enable ageing in place and deliver hospital-quality post-surgical care in the home. Cloud DX’s Connected Health platform monitors and reports on physiological data including heart and respiratory rate, blood pressure, oxygen saturation, weight, temperature, and blood glucose levels, along with condition-specific surveys, wound care and connection to the patient via two-way messaging and video visits.
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It comes after Cloud DX announced in March this year a 24-month contract with an Ontario paramedic service provider, enabling it to provide Remote Patient Monitoring (RPM) across its serviceable area
Each unit in the private placement is comprised of a C$1,000 principal amount unsecured convertible debenture and 1,430 common share purchase warrants of the corporation
The virtual healthcare company said the clinic will use and deploy Cloud DX's Connected Health kits to remotely monitor and support its patients with chronic illnesses, representing over 1,000 of its 2,500 patient load
"Working with partners such as Sheridan's Center for Mobile Innovation is essential to push the industry into the future,” Cloud DX co-founder and chief medical officer Dr Sonny Kohli said
Under the terms of the contract and extension with the province, Cloud DX receives an upfront payment for each Connected Health Kit delivered to a patient, and then charges a monthly connectivity, software and service fee for each active pa
The company said the client has purchased 223 Connected Health kits totalling about C$145,000, with additional recurring fees for subscription software services
The company said the new contracts will contribute to a record-setting quarter for Cloud DX, bringing the total signed contracts this quarter to 12
The team will use the company’s Connected Health kits and software services for up to 85 palliative patients
Each unit is comprised of a C$1,000 principal amount unsecured convertible debenture and 1,430 common share purchase warrants of the corporation
The wrist-worn device stands to be the first at-home clinical-grade vital signs monitor to capture diagnostic-quality blood pressure, heart rate, heartbeat irregularities, and respiration status simultaneously
"Patients love our Connected Health platform and Healthcare educators do too," said Robert Kaul, the company's CEO and founder
As of March 1, the company said it has booked C$1.2 million in new business, including its first Medtronic partner contract for Chronic Obstructive Pulmonary Disease therapy support at St. Mary's General Hospital in Ontario
"It is clear this partnership between two renowned providers of healthcare services is an indication of things yet to come - especially when looking into how much more Virtual Care we can expect moving forward,” Cloud DX CEO and founder Rob
Among the 206 patients surveyed, 96% strongly indicated they were satisfied with remote patient monitoring and would recommend the program to a friend or family member
"Insurers such as Equitable Life play a vital role in helping people manage financially through their illness, get back on their feet and manage the long-lasting effects of their illness," Cloud DX founder and CEO Robert Kaul said
The company is being cited for pushing the boundaries of medical device technology with smart sensors, ease of use, artificial intelligence, and incredible design
It is pursuing opportunities to deliver its Virtual Clinician Assistant in an eXtended Reality platform consisting of its VITALITI continuous vital sign monitor and Connected Health software platform to render realistic 3D holographic image
A high 97% of post-surgical patients using Cloud DX’s Connected Health for at-home monitoring indicated high satisfaction and said they would recommend the program to friends and family
Echelon Wealth Partners Inc is acting as lead agent and sole book runner for the placing, which will see the issue of up to 3,000 convertible debenture units of the company, each comprising C$1,000 principal amount and 1,430 (previously 1,2
The research will be conducted with the Department of Cardiology at the New Brunswick Heart Center at the Saint John Regional Hospital (SJRH), part of the Horizon Health Network
