Current accomplishments and targeted goals have CBSC well-positioned for significant growth in 2021
ESCONDIDO, CA / ACCESSWIRE / February 18, 2021 / CB Scientific, Inc. (OTC PINK:CBSC) ("CBSC" or the "Company"), is pleased to provide an update on the progress and achievements we have made since transitioning to the Ambulatory Remote Cardiac Monitoring market in June of 2020. While we have faced, like so many others, numerous unforeseen challenges and delays due to the impact of the COVID-19 pandemic, we continue to make significant progress towards our business objectives and strategic goals to help make CBSC a thriving and successful company.
Our targeted market deals directly with the early detection of heart rhythms that can contribute to heart disease. According to the World Health Organization (WHO), cardiovascular disease takes the lives of 17.9 million people every year, or 31% of all global deaths. They further state that by the year 2030, that number will grow to almost 23.6 million people who will die mainly from heart disease and stroke. In the US, the CDC states that 655,000 Americans die from heart disease each year - 1 in every four deaths. Heart disease costs the US alone approximately $219 billion each year. Early and timely detection of heart disease reduces hospital visits and leads to the avoidance of severe future problems. It reduces overall death rates because heart problems are identified and dealt with timely and proactively, reducing the high cost of care and improving the quality of life for the patient.
According to a recent press release from Market Research Engine, dated February 16, 2021, it states that the cardiac monitoring and cardiac rhythm management market is expected to exceed more than US $26 Billion by 2024 at a CAGR of 4% in the given forecast. Their report covers various geographic regions such as North America, Europe, Asia Pacific, Latin American, Middle East, and Africa (https://www.marketresearchengine.com/cardiac-monitoring-and-cardiac-rhythm-management-market). Our my-Cam device is part of this market.
Key accomplishments that CBSC have achieved in the first seven months of operations include:
Launched My-Cardia ECG product services in Thailand (1300+ hospitals -population 66.85 million) through our authorized distributor, Mango Wellness, in October 2020, with expected new accounts in March 2021.
Signed a Definitive Purchase Agreement to acquire US medical device manufacturer DATRIX LLC in October 2020, targeted to close in April 2021. Manufacturing of our proprietary my-Cam cardiac event monitor from China to DATRIX has begun. Testing to incorporate the DATRIX Sirona acoustic and wireless device into our My-Cardia cloud-based portal has started, which will provide additional alternative remote ECG devices to our product offering, both internationally and domestically.
Received device registration and import authorization approval from the Medical Device Authority of Malaysia (384 hospital - population 32M) for the sale and distribution of our my-Cam device into that country, targeted launch in March 2021.
Entered into a Collaborative Partnership Agreement with SHENZHEN SEMACARE MEDICAL TECHNOLOGY COMPANY, LTD. in February 2021. Our two companies will provide mutual assistance pursuing regulatory approvals for our individual products. CBSC will endeavor to consult and assist SEMACARE in their efforts towards regulatory approval of the MetaCor monitoring device for CE and US FDA 510(k) registration. SEMACARE will assist CBSC in the current regulatory approval process with the NMPA in China for the my-Cam monitoring device. During the term of this agreement, mutual efforts will be made towards the joint development of products, including interoperability between SEMACARE monitoring products and CB Scientific's current and future monitoring solutions. This includes assistance by SEMACARE to help develop a wireless, waterproof patch solution for CBSC devices.
Continuing ongoing clinical trials of our my-Cam device, associated cloud-based software portal, smartphone apps, and WeChat app continue in our pursuit of NMPA (formally CFDA) device certification approval in China. Through January 2021, CBSC is in trials with our device in 40 hospitals, with more than 250,000 successful transmissions on the WeChat app. To date, we maintain a 99%+ success rating. Along with assistance from SEMACARE, we hope to move closer to the approval of the device soon.
Completing my-Cam device and software portal set-up to include regulatory and registration approval for the country of Singapore (population 5.8M), with a targeted distribution launch there in April 2021.
We are in final discussions to secure a Definitive Purchase Agreement to acquire an Independent Device Testing Facility (IDTF) in the US. With this acquisition, we would add the capabilities to immediately provide four necessary testing options, including 24-48hour Holter Monitoring, acoustic and wireless 30-day Cardiac Event monitoring, Mobile Cardiac Telemetry, and 3-21-day Extended Holter Monitoring. Remote patient monitoring is projected to grow 18% in the next five years, according to GlobalData, a leading data, and analytics company.
With the upcoming launch of our distributors in the Asia Pacific region, the completion of our targeted acquisitions in the US, and the exploration of other geographic market expansions, CBSC is poised for significant growth in 2021 and beyond.
CB Scientific plans to make further announcements to keep its shareholders, industry participants, and the public markets informed through press releases and regulatory filings as new developments occur.
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SOURCE: CB Scientific, Inc.