CardioComm Solutions (
TSX: V.EKG,
Forum) expanded its product pipeline when the company announced today that it was qualifying devices from multiple manufacturers with the goal of bringing new Smartphone connected health and cardiac monitoring technologies to market.
According to the
news release, the CardioComm Solutions-approved devices will be supported by the CardioComm Solutions’ SMART Monitoring ECG reading and GEMS™ WIN for use by consumers, physicians and hospital systems.
The company has pre-qualified several devices of interest and expects pending sales and marketing agreements with manufacturers to be executed in 2016. When testing and integration is completed, the company intends to apply for and secure Class II medical device clearances for sales of the devices in the USA and Canada under the HealthCheck™ brand.
CardioComm will retain exclusive rights for the sale of the HeartCheck™ branded devices in North America.
Multiple revenue streams for CardioComm will be generated through direct sales from HeartCheck™ branded devices, a percentage of device sales from device manufacturer OEM sales overseas, and recurrent revenue generated through software licensing or fee-for-service use of the SMART Monitoring ECG reading service from all devices sold.
The device manufacturer partnerships will provide the company with access to a supply of new and already developed hardware technologies with the associated high hardware development costs. Partnering device companies will also benefit from immediate access to CardioComm Solutions’ market-ready , physician-proven ECG software technologies.
CardioComm Solutions was in the news recently when
the Ontario-based company announced at the end of May that it had completed a Arrhythmia surveillance deal for monitoring heart disease patients treated with drug eluting stents in India.
Shares were up 12.50% to $0.045 per share.
Currently there are 114.75m outstanding shares with a market cap of $4.59 million.
FULL DISCLOSURE: CardioComm Solutions is a Stockhouse Publishing client.