CardieX Limited (ASX: CDX) develops and manufactures medical devices. The Company produces a device that measures central aortic pressures and certain key heart function parameters non-invasively.
The company has, via a recent ASX release stated that it has executed a development agreement with the Silicon Valley situated Blumio to commence the rapid development of innovative and intelligent sensor technology for blood pressure wearable devices. This technology would be very easy to be able to integrate with a wide variety of gadgets such as fitness trackers, smartwatches and medical wearable devices.
Earlier there was a CDA (collaboration & development) agreement between the parties; however, the same had now been progressed to a Joint venture between both the parties, with joint responsibility and ownership of the stated technology as well as sharing an equal interest in the final product output. The company will be providing the key algorithms, and the FDA approved technology (Sphygmocor® IP) to measure the blood pressure accurately. While the Blumio will provide the blood pressure sensor know-how, these jointly developed wearable devices shall measure both the brachial and central blood pressure & thus would provide an assessment on the arterial fitness and the cardiovascular health. The cuff-less wearable blood pressure monitoring technology is anticipated to have a market of US$45 Bn. This technology which would be the outcome of this joint venture is expected to bring about a drastic change in the growing health wearable markets. This technology would prove to be very significant in the treatment of hypertension and various cardiovascular disorders & diseases.
The various trials for the products have been conducted, and the results have come out to be very encouraging. The results of an eight-week trial have been very productive with Blumio & the Faculty of Medicine & Health Sciences at Macquarie University to corroborate the commercial application of the Company’s PWA technology in a wearable blood pressure sensor. This has given both the parties the necessary confidence as well as the motivation, to proceed to a next and a more advanced stage of the development, which is considered to be the commercialization stage. This would be done through a completely new brand identity under which this technology shall be marketed. The collaboration is slated to provide CardieX the access to the direct-to-consumer health and wellness market; the technology is expected to garner significant revenues for the company as it would lead to significant partnerships with the key wearable device, digital health, and software companies.
On the completion of the project & the stated product, the company will be granted an additional equitable interest in the Blumio which would be around 2.50%. This would take the company’s stake in Blumio up to a level of 10%.
Meanwhile, the share price of the company has risen by 11.11 percent in the past six months as on 11 December 2018. Company’s shares traded at $0.033, up by 10% with a market capitalization of circa $15.98 Million as on 12 December 2018 (AEST 03:00 PM).
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