CardioComm Solutions Secures Strategic Partnership for Automated ECG Interpretation in Preparation of MCT Software and HeartCheck(TM) Device Launches
MAY 10, 2012 - 14:48 ET
FOR: CARDIOCOMM SOLUTIONS, INC.
Monebo Becomes CardioComm Solutions' Exclusive, World-Wide Provider of ECG Analysis Technology and Will Lead the Way for Automated Heart Rhythm and ECG Analysis
TORONTO, ONTARIO--(Marketwire - May 10, 2012) - CardioComm Solutions, Inc. (TSX VENTURE:EKG) announced today the signing of Austin, Texas based, Monebo Technologies, Inc. ("Monebo") under an exclusive worldwide agreement for software development and distribution of interpretive electrocardiogram ("ECG") analysis technology. Under the agreement, Monebo, a leader in developing products for monitoring and interpreting the electrical activity of the heart, will no longer offer contract work to any ECG software engineering company competitive to CardioComm Solutions' proprietary ECG software technologies such as the Global ECG Management Software (GEMS™), GEMS™ Air, GEMS™ M-Air and the C4 call centre.
"This marks a material change to the relationship between the two companies and will introduce a very real go to market barrier to competitors of CardioComm Solutions. Monebo has already completed their work to develop a real-time ECG arrhythmia ʻtriageʼ solution to work in-line with CardioCommʼs GEMS™ and GEMS™ Air software. This was part of a June 2011 agreement and now, work on extending this for use in the recently announced HeartCheck™ PEN will begin in earnest," says Simi Grosman, member of CardioComm Solutions' board of directors.
"CardioComm Solutions has been re-establishing itself as the ECG software solution provider of choice with very significant clients. Our strategic partnership will play to our respective strengths, especially as CardioComm Solutions prepares for its new GEMS™ 4.0, GUAVA II (ECG Viewer), GEMS™ Triage and GEMS™ M-Air software releases. As noted in their recent press release, Philips Healthcare has already become an early adopter of the GEMS™ technologies. As CardioComm Solutions adds more bio-monitoring parameters to their software platforms, the incorporation of new patient worn devices and associated detection rules and interpretive capacities will be needed. Monebo and their device based clients will meet these needs and will mutually benefit from by having access to new releases of GEMS™," confirms Mr. Dale Misczynski, President and Chief Executive Officer of Monebo.
Under the agreement, CardioComm Solutions will be responsible for contractual negotiations on behalf of Monebo whenever there are new requests for a transfer or disclosure of details of the Monebo Dynamic Link Library executable code from any third party which designs, or manufactures a competitive software-based ECG management solution.
"It was of strategic importance for us to secure Monebo's ECG arrhythmia algorithm technologies to maintain our competitive advantage within the cardiac telemedicine landscape. This partnership will complement the GEMS™ technology and create a competitive barrier to other companies who may wish to enter into the ECG management software development market, especially given the consumer market opportunities our HeartCheck™ PEN FDA clearance have opened up," said Etienne Grima, CardioComm Solutions' Chief Executive Officer.
As the telehealth field moves to faster turn-around times for patient and consumer feedback on their monitored health status, the need to provide integrated solutions between device, software and medical monitoring centers will depend on the development of reliable, automated interpretive engines. As more strategic technology relationships are confirmed, CardioComm Solutions remains on track to continue its international market development for the home and prescription telehealth markets. "We continue to remain on track in developing our place in the remote monitoring and telemedicine markets. Each step taken is a solid advance towards CardioComm Solutions becoming the preferred bio-monitoring solutions provider around the globe," added Grima.
About Monebo Technologies
Monebo Technologies, Inc. is a private company based in Austin, Texas, with a ten year track record of developing technology to monitor and interpret the electrical activity of the heart. With a core competency in their ability to embed ECG interpretive software onto microcontrollers, digital signal processors in ambulatory patient devices, Monebo dominates this global market. The company is focused on providing solutions to allow patients and physicians to manage and reduce problems associated with cardiac disease, and have developed technology for ambulatory cardiac monitoring, home care, and pharmaceutical cardiac safety trials. Moneboʼs proprietary digital signal processing algorithms, highly developed sensor technology, and wireless communication capabilities provide accurate real-time monitoring information, with increased patient mobility.
About CardioComm Solutions
CardioComm Solutions' patented and proprietary technology is used in products for recording, viewing, analyzing and storing electrocardiograms (ECGs) for diagnosis and management of cardiac patients. Products are sold worldwide through a combination of an external distribution network and a North American-based sales team. The company has earned the ISO 13485 certification, is HPB approved, HIPAA compliant, and has received FDA market clearance for its software devices. CardioComm Solutions, Inc. is headquartered in Toronto, Canada, with offices in Victoria, B.C.
This release may contain certain forward-looking statements with respect to the financial condition, results of operations and business of CardioComm Solutions and certain of the plans and objectives of CardioComm Solutions with respect to these items. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.
CardioComm Solutions, Inc.
Chief Executive Officer