This is the 8th granted US patent and the 1st granted Canadian patent for the Company as it seeks to commercialize AI healthcare services.
NEWS IN SUMMARY
- Cloud DX was granted US patent 11,612,352 "Systems and Methods for Monitoring Medication Effectiveness" on March 27, 2023.
- The Company also just received Canadian patent 3,095,287 "Augmented Reality Systems for Time Critical Biomedical Applications" on March 23, 2023.
- Medical AI platforms with similar capabilities to Cloud DX patented innovations have been valued at over $100M USD in publicly announced transactions from Sept. 2022 to date.
- These are the 11th and 12th patents controlled by the Company, many of which are in the red-hot medical "Artificial Intelligence" space.
Kitchener, ON / March 30, 2023 / Cloud DX (TSXV:CDX) (OTC:CDXFF), a leading health data platform is pleased to announce 2 of its innovations in the field of digital bio-signal analysis using machine learning and deep learning algorithms have received patent protection in the US and Canada.
‘Generative AI’ is a term that applies to software models that ‘generate’ content by predicting a statistically likely outcome based on large training models. The most recent examples are ChatGPT and GPT-4 from OpenAI.
In a broadly similar way, Cloud DX AI models seek to predict patient health outcomes based on analysis of large samples of anonymized bio-signal data. The Company's ongoing, grant-funded machine learning projects have led to a strong and growing portfolio of intellectual property assets.
The US patent granted on March 27th, 2023, describes Cloud DX software’s ability to detect and interpret high-frequency bio-signals to determine medication ingestion, and predict adherence to medication prescriptions, adverse medication interactions, and medication efficacy using Generative AI models.
A 2020 peer-reviewed study of 900+ patients using Cloud DX Connected Health, published in the British Medical Journal (BMJ), found a startling 29% of Canadian post-surgical patients go home with medication errors.
In the United States, recently launched remote therapeutic monitoring (RTM) codes will reimburse providers up to $1,300 USD per year per patient for ‘therapy adherence’, creating a ready market for automated medication adherence technology.
Meanwhile, the new Canadian patent granted on March 23rd, 2023, describes Cloud DX software’s ability to collate and display myriad health metrics including vital signs, medical images, physician notes, medications, behavioral cues etc. in a hand-free, heads up augmented reality user interface as initially described in this Cloud XR 'medical metaverse' news release from 2022. Cloud XR technology is also protected by US patent 10,642,046.
Some of the main benefits expected of novel ‘medical AI’ applications in the coming years include interpreting bio-signals seamlessly collected in the field and developing accurate models to detect illness and predict poor health outcomes, thereby driving early healthcare interventions.
For example, the Cloud DX AcuScreen™ application has been developed and validated to detect active tuberculosis (TB) based on AI analyses of cough sounds collected by a simple smartphone, at a level that meets the WHO standard for a community-based screening tool for TB. Reducing mortality from TB by 2030 is an urgent global WHO priority and United Nations sustainable development goal (SDG) backed by up to $250 billion USD in funding.
Superficially similar cough analysis technology is at the center of Pfizer’s acquisition of Australian software developer ResApp Health (formerly ASX:RAP) in September 2022 for $116 million USD. AcuScreen™ by Cloud DX is protected by US patent 9,526,458 and US patent 10,485,449 licensed exclusively by Cloud DX, Inc from Speech Technology and Applied Research Corporation of Bedford MA.
Cloud DX Founder and CEO Robert Kaul stated “AI technology is already rapidly transforming the world, including global healthcare. Cloud DX is poised to contribute to the AI revolution with our Vitaliti™ continuous vital sign monitor, AcuScreen™ CA cough analysis app, and Cloud XR™ extended reality platform in the next 24-36 months. Patented AI innovations, integrated with our award-winning Connected Health™ platform, are a huge part of the Cloud DX growth story.”
According to multiple market research reports, the market for AI in healthcare is expected to experience compound annual growth rates of 38% to 47%, reaching up to $102 billion USD per year by 2028.1,2,3
1. Artificial Intelligence in Healthcare; Marketsandmarkets, Jan 2023
2. Artificial Intelligence in Healthcare Market Size; Grand View Research, Feb 2023
3. AI in Healthcare by Market; Allied Market Research, Aug 2021
ABOUT CLOUD DX
Cloud DX is on a mission to make healthcare better for everyone. Clinics and hospitals across North America use our Connected Health™ data platform to incorporate remote and virtual technology in care delivery. Our remote monitoring solutions let care teams virtually monitor hundreds of patients; Patients take vital signs at home with intelligent medical devices which transmit the data to the care team's dashboard or EMR. Connected Health™ supports remote vital sign monitoring, behavioral medicine, telehealth, care pathways for chronic care, aging in place, palliative or perioperative hospital-at-home, and more. Our customers achieve better healthcare and patient outcomes, reduce hospitalizations and readmissions, lower care delivery costs, and grow patient panels, revenue, and more.
Cloud DX is an exclusive partner to Medtronic Canada, Teladoc Health Canada, and Equitable Life of Canada. Cloud DX is the co-winner of the Qualcomm Tricorder XPRIZE, 2022 Top Innovator by Canadian Business, a 2021 Edison Award winner, a Fast Company "World Changing Idea" finalist, and one of "Canada's Ten Most Prominent Telehealth Providers."
For more information on Cloud DX (TSXV:CDX), visit www.CloudDX.com and follow @CloudDX on Twitter or LinkedIn.
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