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CARDIOCOMM SOLUTIONS TO RECEIVE ROYALTY PAYMENTS FROM BIOTRICITY
Royalty payments will be based on a per monitored patient basis
TORONTO, ONTARIO - CardioComm Solutions, Inc. (TSX VENTURE:EKG) (“CardioComm” or the “Company”), a leading global provider of consumer heart monitoring and electrocardiogram (“ECG”) acquisition and management software solutions confirmed today progress on a royalty licencing agreement with Redwood City, California-based Biotricty Inc. (“Biotricity”). The royalty payment phase became active following confirmation that all necessary clearance and software development pre-conditions have been achieved.
Based on the extensive knowledge and experience CardioComm has in the ECG services market, Biotricity contracted with the Company in order to provide support for development of Biotricity’s ECG viewer software, so that they were appropriately tooled to target the USA-based mobile cardiac telemetry services market. Leveraging the Company’s GlobalCardioTM and GUAVA ECG viewer software technologies, the browser-based, custom software solution developed was a unique product designed to specifically meet the requirements of the Bioflux device.
Royalty fees are due from the use of the ECG software Cardiocomm developed, or any derivative products, on a per patient monitored basis. At the start of the work, CardioComm received an advance on the per-patient royalty fees equating to the first 12,500 monitored patients. Reaching that level of patient penetration is anticipated to take up to 24 months from December 15, 2017 (Bioflux’s FDA clearance date). At the end of the two year period CardioComm expects to see appreciable royalty payments of $150,000 annually at a minimum.
The Company is seeking additional partnerships with new device manufacturers that will allow them access to the Company’s trusted ECG software. Such partnerships will provide these new entrants with shorter development timeframes and quicker product acceptance by consumers, physicians and patient monitoring/telemedicine organizations.
To learn more about CardioComm’s products and for further updates regarding HeartCheckTM ECG device integrations please visit the Company’s websites at www.cardiocommsolutions.com and www.theheartcheck.com.