Predictmedix Inc (CSE:PMED) (OTCQB:PMEDF) provided a corporate update on Tuesday on commercializing its infectious disease screening technology and telemedicine remote patient monitoring platform Mobile Wellbeing.
The Toronto-based company acquired Mobile Wellbeing in June and plans to integrate it with the company's existing artificial intelligence-driven rapid screening system for infectious diseases, including coronavirus (COVID-19).
“Mobile Wellbeing acquired by Predictmedix is particularly strategic from the point of turning our screening solutions into enterprise solutions with back end patient or employee return-to-work monitoring,” the company said in a statement.
Additionally, the Mobile Wellbeing acquisition allows Predictmedix to enter the growing markets of telehealth and clinical trials.
“The US Food and Drug Administration (FDA) guidance for conducting clinical trials during COVID-19 restrictions supports remote monitoring for oversight of clinical sites,” noted the company.
Predictmedix is eying retirement residences and the Long Term Care (LTC) market. “We view these two market sectors as being highly valuable for Mobile Wellbeing and are concentrating efforts to ensure the platform addresses their unique and urgent challenges, as well as offering an important add-on module to our screening solutions,” said Predictmedix in its update.
On the development side, the company said it is “integrating the latest wearables” to monitor for “heart rate, respiratory rate, blood pressure and temperature,” which are foundational to physiological changes tracked by clinical trials and Long Term Care.
In parallel, Predictmedix has had significant discussions about Mobile Wellbeing with several large potential commercial partners regarding initial implementation and rollouts through multiple organizations and locations.
“Our focus markets are North America for Long Term Care, and Asia for clinical trials and hospitals. We anticipate the launch of our remote patient monitoring platform with commercialization partners in 1Q 2021,” added the company.
Flow Water deployment
Meanwhile, Predictmedix is seeing major deployments of its COVID-19 symptom screening technology at the Flow Water facility in Ontario and at a 24-hour pharmacy in Montreal. The deployment at Flow Water’s Aurora facility comes as part of Predictmedix’s contract with North American exhibit marketing firm Juiceworks Exhibits, which is offering safe indoor and outdoor entry solutions using custom-fabricated structures that utilize the company’s COVID-19 mass screening technology.
The company said that although the unit is live and fully operational, the firm did encounter some component supply chain challenges.
“Predictmedix is working diligently with suppliers and manufacturers to ensure a more robust, continuous supply chain,” said the company. It is testing alternative components to broaden procurement options, and boost performance.
The company said it is working very closely with its resellers to build an “assembled inventory of gateway units that can be deployed as orders are received.”
By improving supply chain procurement, Predictmedix said it positioned for growth that investors will see build up through the fourth quarter of 2020 and provide sales momentum into next year.
“We are under advanced discussions with large commercial partners for large scale deployment of our technology,” said the company.
Contact the author Uttara Choudhury at [email protected]
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