CardieX Limited (ASX: CDX), a global health technology company which is headquartered at Victoria Road, West Ryde NSW, Australia. The company deals in the development of technology solutions for large-scale population health disorders.
The Chinese Food and Drug Administration (CFDA) today approved Oscar 2 with âSphygmoCorÂ® Insideâ Ambulatory Blood Pressure Monitor (ABPM). Oscar 2 with SphygmoCorÂ® is used to monitor central blood pressure which is considered necessary for the management of hypertension and related cardiovascular disorders. Oscar 2 is a successful alliance between CardieX wholly owned group company AtCor Medical (AtCor) and leading US blood pressure monitor manufacturer and distribution company SunTech Medical Inc.
CardieXâs subsidiary AtCor has supplied SphygmoCorÂ® technology in the Oscar 2 device while SunTech Medical based in North Carolina has manufactured it. The sales margins of the product are shared between the companies in a defined ratio.
More than 12% of annual adult deaths worldwide are caused by hypertension in China. Being a major growing health disorder, it has affected over half of the adult population in the country. The approval of Oscar 2 ABPM with SphygmoCorÂ® by CFDA will benefit over 20,000 hospitals, clinics and physicians throughout China. ABPM is considered to be the most efficient method of diagnosis, detection, management and monitoring of hypertension.
In China where the medical infrastructure and overburdened hospital systems limit optimal treatment and diagnosis, Oscar 2 with SphygmoCorÂ® will enable the patients to monitor blood pressure in their own homes. There is no need for patients to visit physicians, clinics and hospitals. As there has been a growing need for in-home monitoring and management in the country, this will enable patients to avoid unnecessary visits to physicians, clinics and hospitals.
According to CardieX, the total addressable market opportunity for sales of the Oscar 2 in China is approximately $USD50 million per annum. CardieX expects to achieve 10% market share with a combined sales effort by SunTech and AtCor China sales divisions. The companyâs belief is enhanced by the non-existence of any other competitor offering such ABPM device in China. The company considers CardieX's SphygmoCorÂ® technology to be of unique and proprietary nature.
CardieX is looking for an opportunity to create additional OEM partnerships with ruling market players in China for home-use blood pressure monitoring, in-hospital vital sign monitoring, digital health solutions and smart wearables.
CardieX is speeding up the process of implementing central blood pressure and related health technology solutions in the Chinese market using the vast channels developed by domestic Chinese manufacturers.
CardieX CEO, Craig Cooper considered the approval of Oscar 2 with SphygmoCorÂ® by CFDA as a significant milestone achieved by the company. He acknowledged this approval as an excellent example of the companyâs global health strategy in action. According to him, this collaboration shows how the company plans to expand into the largest and most significant health market in the world.
He commented on the growing Chinese market for hypertension and thinks that Oscar 2 with SphygmoCorÂ® will add a significant revenue stream to the companyâs business going forward. The company is under the process of introducing other Chinese initiatives and partnerships, he said.
The CDX shares closed the trading day at $0.040 on ASX (as on 23 April 2019) up by 2.564 percent as compared to previous dayâs close.
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