Cloud DX (TSX-V:CDX, OTCQB:CDXFF) Inc, a leading digital health platform, saw its shares rise sharply after announcing C$5.2 million of co-investment from the Digital Supercluster to create the Continuous Connected Patient Care (CCPC) digital platform.
This will allow the continuous remote monitoring of recently-discharged patients and is expected to improve patient outcomes and free up hospital resources, the company said.
The project has a total investment of C$12.8 million, including the Digital Supercluster finance and will be led by Medtronic and include expertise and technology from a consortium of partners.
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These include Excelar Technologies, Providence Health Care's St. Paul's Hospital, Providence Health Care Ventures, Simon Fraser University, 3D Bridge Solutions Inc, and StarFish Medical (as a Medtronic sub-contractor).
Each consortium member offers vital skills to create the monitoring system for clinicians and patients as a solution to the challenge of providing affordable, easy-to-use, hospital-grade care at home.
Cloud DX will provide the patented, ISO certified ‘backbone' for the CCPC project, including an enhanced patient-facing Connected Health kit and mobile application, data collection and secure cloud-based storage, smart clinician notification system, as well as patient engagement tools including surveys, text messaging and video telehealth capabilities.
The Cloud DX Clinician Portal will be used by care teams to monitor up to thousands of patients safely, reducing workloads and improving efficiency.
The CCPC platform is expected to be completed and approved by regulators in 2024, at which time Medtronic intends to market the platform to healthcare providers in over 125 countries.
As milestones are met, Cloud DX said it will receive up to C$560,000 over the project span to support the integration of a new Medtronic continuous vital sign monitoring device and a connected medication dispenser to the Connected Health software platform.
"Hospital care can cost up to C$2,000 per patient per day, which creates a huge cost burden for our healthcare system. Using an advanced home monitoring solution, such as CCPC, can shift a large proportion of that cost to a more affordable "hospital at home" model," said Robert Kaul, CEO of Cloud DX.
"Hospitals can safely send less acutely ill patients home without compromising quality of care, freeing up urgently needed hospital resources including beds, equipment, and staff."
The Continuous Connected Patient Care digital project will initially focus on adults with congestive heart failure and chronic obstructive pulmonary disease, with attention on internal medicine and geriatrics.
Under the funding agreement, patients, families, clinicians, and industry partners will collaborate to build, test, evaluate and demonstrate the applicability of the CCPC platform, as well as gather critical data related to patient healthcare outcomes that will underpin broader commercial deployment in the future.
The market warmed to the news, with shares in Cloud DX up 15.4% to C$0.15.
Contact the author at jeremy@proactiveinvestors.com