MedX Health Corp. (TSX-V:MDX) said it has signed a commercial distribution agreement with Vitamed Biomedical s.r.l. to launch its teledermatology screening platform in Italy following the conclusion of a successful pilot project.
In conjunction with signing the agreement, Vitamed has committed to an initial 60-unit order for 2022 comprising an immediate order of 40 units, with an option for 20 more units to be confirmed by September 2022.
"I am excited that MedX has established a clear pilot-to-contract methodology that allows both parties to fully assess market demand and economics before committing to a long-term contract,” said MedX president and CEO Naman Demaghlatrous in a statement. “We continue to execute on our strategy to identify strategic partnerships in the region that will allow us to grow our business and save lives simultaneously."
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Announced in September last year, the six-month pilot allowed Vitamed to better understand the patient pathway and assess market size and expectations, MedX said. Results from the pilot concluded with the MedX DermSecure Screening Platform receiving a very high level of acceptance amongst Italian health care professionals, from dermatologists to pharmacies.
In view of these exceptional results, Vitamed has decided to enter into a distribution agreement with MedX for the commercialization of its high-definition image-capture technology, SIAscopy, and its secure, cloud-based patient management system, DermSecure, which transmits and stores patient data throughout the assessment process.
Founded in 2015, Vitamed is a medical device agency that is aiming to develop new management models in the treatment pathways of various pathologies, making medtech innovations more accessible to the people who need them. Over the years it has expanded its area of interest by developing new markets and services as a successful national distributor across a number of brands and therapies.
"After the good results of the first pilot phase here in Italy, we're now ready to move forward with this commercial partnership program with MedX," said Giuseppe Verderame, founder and CEO of Vitamed.
In addition to expanding its DermSecure Screening Platform network globally, MedX has focused on building a presence in multiple market verticals such as pharmacies, medical clinics, building hubs and medical scanning clinics, mobile and remote medical practices, as well as esthetics and skincare clinics. The partnership with Vitamed represents MedX's first conversion of a pilot into a full-fledged long-term commercial contract.
According to the World Cancer Research Fund, Italy has the 19th highest rate of skin cancer in the world. The World Health Organization's International Agency for Research on Cancer estimated that 12,515 Italians were diagnosed with melanoma skin cancer in 2020, with approximately 2,224 Italians dying of the disease. Early and rapid detection of melanoma is key to improving patient outcomes, MedX noted.
MedX Health is a global leader in teledermatology through its high-definition image capture technology, SIAscopy, and its secure, cloud-based patient management system, DermSecure, which transmits and stores patient data throughout the assessment process.
The company’s leading telemedicine platform allows healthcare practitioners to quickly and accurately assess suspicious moles, lesions and other skin conditions via its image-capture technology.
Contact the author at jon.hopkins@proactiveinvestors.com