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Relay Medical Provides HemoPalm Update
Newsfile Corp.
Updated
Toronto, Ontario--(Newsfile Corp. - August 3, 2018) - Relay Medical Corp. (CSE: RELA) (OTCQB: CHXIF) (FSE: EIY2) ("Relay" or the "Company"), a developer of MedTech innovation, is pleased to provide an update on recent development activities related to the Company's HemoPalm product.
In early January 2018, Lahav Gil was appointed Chief Executive Officer. Lahav has since led the expansion of the Company's development infrastructure and techno-commercial team to conduct thorough market research on the HemoPalm value proposition, accelerate productization, as well as revisit the strategies for the path-to-the-Market and path-to-the-exit. The technical development and design planning of Relay's HemoPalm has been focused on an "enterprise solution" approach, integration with existing hospital infrastructure, and design flexibility.
"The market expects a 'total solution' approach in every aspect of the technology, touching upon the value drivers of all of the key stakeholders who will rely on this product. This is where the idea of 'total cost of ownership' comes in, and the more refined concept of 'total experience of ownership', which is how we refer to it. It is extremely important at this time to do a thorough analysis on things like the accountability of the lab and the Clinical Biochemist, cost structures and reimbursements, logistics and consumables management, workflow and reduction of pre-analytical errors, future test panel introductions, integration with hospital IT, and security and fleet management to be incorporated into the product design specifications. It all goes into the User Experience and the Total Ownership Experience, which all of the stakeholders in the hospital, experience. Our aim is to reduce barriers to adoption at every layer of the enterprise," said Lahav Gil, CEO, Relay Medical Corp.
Relay currently has a techno-commercial team of 8 people actively focused on the HemoPalm project, including the recently retained senior consultant and blood gas industry veteran Andy Maczuszenko. In previous roles, Mr. Maczuszenko contributed to the development of the iStat reader and cartridge technology and was instrumental to the Epocal product development and cartridge manufacturing line design.
Relay has also assembled a senior strategic team spearheaded by medtech executive and strategist John Soloninka to lead "voice of customer" analysis and to investigate value maximization of the HemoPalm asset. The Company is actively engaged with counsel and industry advisors to further optimize intellectual property protection both as a core asset and as blocking IP for larger competitors who, the Company believes, need to incorporate the HemoPalm technology into their products.
The Company has received considerable feedback from the voice of customer research initiative including detailed correspondence with key-opinion leaders in the Intensive Care Unit and Neonatal Intensive Care Unit. Preliminary feedback indicates a clear clinical need for the HemoPalm IP and for the integration of decentralized POCT testing devices for rapid clinical decision making as part of an total enterprise solution in hospitals.
Chief Science Officer, Dr. Tom Glawdel, continues to lead technical advancement as Relay works towards the development and productization of world-class CO-Oximeter technology in a handheld form factor. Testing is being conducted on three prototype bench-top spectrometer setups. Historical data from previous clinical samples have been run through the technology's latest detection algorithm with good results. A cloud data collection system has been built and testing will continue.
Recent News
Relay Medical recently announced the closing of a private placement of over $1.6M. Latest news can be found on the Company's website at www.relaymedical.com.
About Relay Medical Corp.
Relay Medical is evolving an integrated Medtech accelerator/incubator platform for the development and productization of a curated portfolio of health-tech innovations concurrently. Relay invests in early stage companies and inventions, mostly in the pre-product stage, with a view to advancing technologies towards an acquisition by a large market operator. The Company has an active team dedicated to reviewing strategic acquisitions that are complimentary to current infrastructure assets and intends to be a leading engine for MedTech innovation in Canada. By sourcing technologies and integrating the funding and development of products in one organization, led and managed by one expert team, Relay Medical is building the capacity to develop and transact technologies with high efficiency.
Relay Medical currently has two projects under development. HemoPalm, the Company's lead IP, combines Blood Gases & Electrolytes with measured CO-oximetry on a single use cartridge in Point of Care Testing for ICU and NICU applications. On May 24, 2018 the Company acquired UX Data Sciences Corp., a medical technology and data science company developing user-friendly products and systems solutions for monitoring, tracking and improving patients' adherence to medication. The product mission is to improve consumers' relationships with their medications and foster a more cohesive ecosystem between patients, doctors, care givers, providers, and payors.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the commercialization plans for UXD described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedar.com.
