MedX Health Corp. Signs Commercial Distribution Agreement with Vitamed Biomedical to Launch MedX’s Teledermatology Screening Platform in Italy
After a successful pilot program MedX Health and Vitamed Biomedical have entered into a long-term commercial distribution agreement with an immediate commitment to purchase 40 SIAscope units
Mississauga, Ontario, April 4, 2022 - MedX Health Corp. ("MedX" or the "Company") (TSXV: MDX), a global leader in teledermatology, is pleased to announce the signing of a commercial distribution agreement with Vitamed Biomedical s.r.l. (“Vitamed”) following the conclusion of its successful pilot project. In conjunction with signing the agreement, Vitamed has committed to an initial 60-unit order for 2022; an immediate order of 40 units, with an option for 20 more units to be confirmed by September, 2022.
MedX President and CEO Naman Demaghlatrous stated, "I am excited that MedX has established a clear pilot-to-contract methodology that allows both parties to fully assess market demand and economics before committing to a long-term contract. We continue to execute on our strategy to identify strategic partnerships in the region that will allow us to grow our business and save lives simultaneously.”
Announced on September 27, 2021, the 6-month pilot allowed Vitamed to better understand the patient pathway and assess market size and expectations. Results from the pilot concluded with the MedX DermSecure® Screening Platform receiving a very high level of acceptance amongst Italian Health Care Professionals, from dermatologists to pharmacies. In view of these exceptional results, Vitamed has decided to enter into a distribution agreement with MedX for the commercialization of its high-definition image-capture technology, SIAscopy®, and its secure, cloud-based patient management system, DermSecure®, which transmits and stores patient data throughout the assessment process.
Founded in 2015, Vitamed is a medical device agency that is aiming to develop new management models in the treatment pathways of various pathologies, making medtech innovations more accessible to the people who need them. Over the years it has expanded its area of interest by developing new markets and services as a successful national distributor across a number of brands and therapies.
"After the good results of the first pilot phase here in Italy, we’re now ready to move forward with this commercial partnership program with MedX,” said Giuseppe Verderame, Founder and CEO of Vitamed.
In addition to expanding its DermSecure® Screening Platform network globally, MedX has focused on building a presence in multiple market verticals such as pharmacies, medical clinics, building hubs and medical scanning clinics, mobile and remote medical practices, as well as esthetics and skincare clinics. The partnership with Vitamed represents MedX’s first conversion of a pilot into a full-fledged long-term commercial contract.
According to the World Cancer Research Fund, Italy has the 19th highest rate of skin cancer in the world. The World Health Organization’s International Agency for Research on Cancer estimated that 12,515 Italians were diagnosed with melanoma skin cancer in 2020, with approximately 2,224 Italians dying of the disease* . Early and rapid detection of melanoma is key to improving patient outcomes.