- According to experts, digital health, remote monitoring, and telehealth are anticipated to grow in the future.
- In the Australian healthcare market, digital health is expected to surge post-COVID-19, as virtual care technology develops rapidly, backed by Government aid.
- ResApp signed an MoU with RB, a global health products manufacturer, for developing smartphone application.
- TALi Digital Health and Duke University signed an agreement for conducting clinical research programs to evaluate cognitive assessment tool of TALi.
The healthcare sector across the world is struggling with the myriad challenges thrown by the COVID-19 pandemic, and virtual healthcare is fast becoming the global response of private as well as the public healthcare system to the SARS-CoV-2 outbreak. Telehealth, or broadly, digital health, have been around for a long time but have only now started gaining traction.
COVID-19 pandemic has created an opportunity to accelerate the adoption of digital health; at present, the healthcare industry is experiencing a rapid paradigm shift globally.
RELATED: Telehealth Gains Prominence
Let us get acquainted with three ASX-listed digital healthcare stocks - RAP, HRD, TD1.
ResApp Health Limited (ASX:RAP)
A leading digital health company, ResApp Health Limited is involved in creating smartphone applications for the diagnosis as well as management of respiratory disorders. Machine learning algorithms of ResApp can measure and diagnose the seriousness of respiratory ailments by using sound with no requirement of additional hardware or accessories.
Clinically-validated products of ResApp include ResAppDx-EU and SleepCheck which are CE Marked in Europe and Therapeutics Goods Administration (TGA) approved in Australia. ResAppDx-EU is a smartphone-based acute respiratory disease diagnostic test for use in primary care settings, telehealth, and emergency department. SleepCheck is an at-home screening application to self-check the risk of sleep apnoea.
ResApp Signs MoU for Develop Respiratory App
On 18 June 2020, ResApp disclosed that the Company had signed an MoU with RB, a UK-based health products manufacturer for developing smartphone applications for consumers that are using cough-based algorithms of ResApp to detect different respiratory conditions and provide recommended next steps.
Both the companies decided to collaborate exclusively for building and test a prototype application for consumers to assess with the assistance of a pharmacist, or self-assess, their respiratory symptoms. Moreover, ResApp mentioned that this exclusivity might be terminated by any one of them if, within six months, a joint development agreement is not signed.
ResApp Health Sign Software Licensing Agreement with Phenix Health
On 16 June 2020, ResApp and Phenix Health signed a licensing deal for employing ResAppDx-EU in telehealth smartphone application of Phenix. This agreement is a non-exclusive commercial software licensing agreement for two years. With this deal, ResAppDx-EU can be applied in the telehealth smartphone applications by Phenix Health in Australia starting 1 July.
ResApp will receive a per test license fee as targeted previously in the range of A$5-A$10. Moreover, this licence may be expanded further than the initial term (for two years) by a joint agreement, and either of the two parties can dismiss the licence by offering a 60-day written notice.
On 23 June 2020, RAP stock was trading at A$0.185 (at 2:14 PM AEST), a decline of 2.632%, with a market capitalisation of A$139.67 million. In the last three months, RAP stock has generated an exceptional return of 175.36%.
HAVE YOU READ: Telemedicine: A Game-Changer to Combat COVID-19
HeraMED Limited (ASX:HMD)
ASX-listed innovative medical data and technology company HeraMED Limited utilises digital health system comprising clinical home monitoring devices, HeraBEAT, digital social networking, artificial intelligence (AI), cloud computing, and big data for increasing the relationship between patients and physician.
On 12 June 2020, HeraMED disclosed that the annual general meeting (AGM) of shareholders is scheduled to be held on 14 July 2020 at 4.00 PM in Sydney, NSW.
HeraMED’s device HeraBEAT has regulatory approvals in several countries: FDA in the US, TGA approval in Australia, CE marked in Europe, MOH approved in India and AMAR approved in Israel.
HeraBEAT is a foetal & maternal heart rate monitoring to same standard and accuracy as hospitals. This device guides the mother to locate the foetal heart rate, ensuring accurate measurements. HeraBEAT is backed by thirteen pending patents which cover hardware, software, and underpinning algorithms.
The Company has a clear execution strategy, with several short along with medium-term milestones-
The Company announced on 5 June that it was set to raise A$2.32 million, with an additional A$1.5 million Share Purchase Plan (SPP) offered to existing shareholders. The proceeds from this capital raise will be used to speed up the commercial rollout of HeraCARE and progress undergoing research projects.
HMD mentioned that this placement had received substantial support from both existing as well as new sophisticated and institutional investors.
On 23 June 2020, HMD stock was trading at A$0.0.088 (at 2:14 PM AEST), in line with the previous close. The Company had a market capitalisation of A$11.41 million. In the last three months, HMD stock has generated an impressive return of 49.15%.
TALi Digital Limited (ASX:TD1)
Melbourne-headquartered medtech company TALi Digital Limited is engaged in diagnosis and treatment of attention difficulties and other cognitive challenges in early childhood through its breakthrough TALi platform. The Company utilises evidence-based proprietary algorithms inside a game-based program for assessing and boosting core attention skills.
Agreement between TALi and Duke University
On 22 June 2020, TALi Digital disclosed that the Company would work with the Duke Clinical Research Institute (DCRI) located in the US, for conducting clinical research programs to evaluate cognitive assessment tool of TALi developed for evaluation of attention-related abilities for children between 3-8 years.
The first project that will be performed as a part of this collaboration will commence this year and forms part of the research and international development strategy of TALi.
Research Projects Update
TALi Digital and Monash University provided an update for the finalisation of existing projects involving the parties along with the transfer of intellectual property (IP).
The research projects for TALi TRAIN and TALi DETECT, which involved Monash and TALi, have been completed. Monash and TALi Digital both have agreed to assign the IP rights of Monash in TALi TRAIN and TALi.
Moreover, All the upcoming updates related to the TALi technology, including research as well as data from research lead by TALi, will originate directly from TALi Digital Limited.
On 23 June 2020, TD1 stock was trading at A$0.0.028 (at 2:14 PM AEST), an increase of 3.704%. The Company had a market capitalisation of A$20.23 million. In the last three months, TD1 stock has generated an outstanding return of 92.86%.
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