Cloud DX (TSX-V:CDX, OTCQB:CDXFF) has announced a new contract to design a wearable that tracks ECG and other vital signs in a comfortable, wrist-based form factor.
The digital health platform and provider of remote patient monitoring (RPM) solutions said the contract is valued at C$115,000, plus a success fee, and the company will earn a 4.5% royalty on the gross profit of all Cloud DX (TSX-V:CDX, OTCQB:CDXFF)-designed devices sold.
"Our expertise in medical device design and manufacturing allows us to deliver the highest possible quality product for the client, designed in Canada," Cloud DX CEO Robert Kaul said in a statement.
"We anticipate this contract to be the beginning of a long and fruitful partnership with an emerging leader in personalized health coaching," he added.
As a Health Canada licensed medical device designer and manufacturer, Cloud DX has nearly 10 years of experience creating unique, award-winning medical products including the Pulsewave wrist-based blood pressure and cardiac monitor and the Vitaliti continuous vital sign monitor, winners of the XPRIZE Bold Epic Innovator Award, along with over 10 additional awards for innovation excellence, according to the company.
Cloud DX noted that it has a right of first refusal on future statements of work that would modify, improve, or iterate on the original Cloud DX-designed Wearable device.
It added that the new wearable will become an integral part of the client's wellness solution, a unique, patented platform that tracks multiple vital signs while providing adapted daily recommendations.
The term of the agreement extends to September 30, 2026, the company stated.
As well, Cloud DX is pleased to invite investors to a Zoom webinar on January 17, 2024, at 4 PM EST (US and Canada).
Interested participants can register in advance at the following link.