Toronto, Ontario--(Newsfile Corp. - November 15, 2018) - Relay Medical Corp. (CSE: RELA) (OTCQB: RYMDF) (FSE: EIY2) ("Relay" or the "Company"), an engine of MedTech innovation, is pleased to introduce the Company's Pharmatrac Technology and report on related development activities. The Pharmatrac is a UX-centric (user experience) system designed to improve management and identification of medications.
The Pharmatrac technology was acquired as part of Relay's recent acquisition of the Ottawa Ontario based UX Data Sciences Corp. (UXD) in May of this year. Following the acquisition Relay Medical has completed the integration of UXD's technologies, development infrastructure and personnel with its own at the Company's facilities in Mississauga, Ontario, Canada. The Pharmatrac and related assets are 100% owned and controlled by Relay Medical and operations/development activities are being managed as part of the development team portfolio.
The Pharmatrac system offers sophisticated smart solutions to patients, caregivers and other stakeholders in the pharmaceutical prescription environment. The Pharmatrac's consumer solution acts as a live assistant to help patients and their caregivers foster healthier relationships with their medication.
"With over 60 million Americans on 5 or more medications and adherence rates at 50%, non-adherence results in a tremendous amount of waste as well as serious and unnecessary health risks for tens of millions of patients worldwide. Our innovation philosophy is that in order to provide a complete solution you must first identify and thoroughly analyse the problem. We envision a product so well designed that it will answer many of the unmet needs of the marketplace and therefore will be able to access valuable user data that the clinical Providers and the Payors desperately need in order to improve clinical services and commercial efficiencies." said Lahav Gil, CEO, Relay Medical Corp.
The first phase of commercialization will be the launch of the 1st generation consumer product that offers unprecedented benefits to patients and care givers. The 1st-gen consumer product consists of a suite of interactive trackers being developed to connect with an AI-driven analytics platform, enabled by IBM BlueMix, IBM Watson, and other SaaS modules. The consumer product is being designed to integrate with current and evolving smart home systems and enables consumers and care givers to confidently identify, track, and monitor medications by utilizing audio labels, sensors, cloud, AI and Bluetooth technology, to influence user habits.
The 1st generation Pharmatrac is planned for commercial launch in North America in 2020.
The Pharmatrac development team is currently engaged in industrial design and prototyping for an upcoming researcher-led clinical trial. An internal demonstration of a software proof-of-concept prototype has been completed and demonstrates the basic functionalities of the tracker and the potential of the system to manage multiple medications and users in a home.
Current Development Activities Include:
- Project planning and product strategy alignment
- Software development
- Industrial Design concepts
- System architecture design
- Technical roadmap feasibility assessment
- Building props and prototypes for user trials
- Investigating use cases and workflows
- Designing user study protocols
- Expanding IP coverage and analysis
- Designing IP strategy
- Designing a sales and marketing strategy
- Validating commercial models and exit strategy
The Company has appointed seasoned Industrial Designer Ms. Laura Karik as Sr. Industrial Design Leader of Relay Medical Corp. A major part of Laura's responsibilities is to envision and design a best in class suite of products and apps to provide unprecedented value to users and other stakeholders in the ecosystem surrounding prescription medication. Laura has over 20 years of industry experience and has an impressive track record of successful medical devices and product design. Laura formerly acted as Chief Industrial Designer at Kangaroo Group and was integral to the company's leadership team.
"As many technologies and cloud platforms become commoditized it is really Industrial Design leadership that creates important differentiators for frictionless and delightful user experiences. Creativity and the ability to deeply understand the needs and requirements of the stakeholders is what makes a product really great. Design thinking, talent and disciplined implementation are key factors in delivering the value proposition to the stakeholders. Laura has proven time and again her distinct ability to intuitively hone in on the problem to be solved and offer stunning product solutions. We are privileged to have Laura as part of the team." said Lahav Gil, CEO, Relay Medical Corp.
Medication non-adherence is a world-wide problem that costs payors and healthcare systems billions of dollars annually and puts consumers at significant risk. There is a growing need for assistance in the management of medications and for information related to adherence to improve efficiencies in the pharmaceutical ecosystem.
In the United States it is estimated that over 20% of Americans are on 5 or more pharmaceuticals(1), an expenditure of US $250B per annum(2) for prescription drugs. Individuals have a difficult time managing their medications which results in un-necessary hospital admissions (33%-69%)(3) and readmissions within 30 days due to adherence issues (~64%)(4).
In North America it is estimated that patient compliance and medication adherence is less than 50%(5) which means more than half of patients/consumers are likely to improperly take or skip medications, appointments, and other treatment protocols. 125,000 unnecessary deaths are estimated to occur every year in the US due to this issue(6) and adds an estimated US $290B to the US healthcare system(7).
1 Source: Mayo Clinic (2009)
2 Source: Mayo Clinic (2009)
3 Source: New England Journal of Medicine (2005)
4 Source: HIN (2010)
5 Source: The World Health Organization (2003)
6 Source: AM Pharm (1989)
7 Source: Mayo Clinic (2009)
About Relay Medical Corp.
Relay Medical is an evolving "Integrated MedTech Accelerator" headquartered in Toronto, Canada, acquiring early-stage technologies and inventions, advancing and preparing them for pre-commercial acquisitions in the HealthTech marketplace. By integrating the funding, development and exit process into one organization led and managed by one expert team, Relay Medical is building the capacity to accelerate and transact technologies with high efficiency and grow into a leading engine for MedTech innovation in the global HealthTech marketplace.
W. Clark Kent
Relay Medical Corp.
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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