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Cloud DX Announces Consortium to Advance Affordable Hospital-Level Care at Home

Tuesday, November 8, 2022 11:50 AM
Cloud DX Inc.
clouddx.com
Topic:
Earnings

News in Summary

  • Led by Medtronic (NYSE:MDT), in partnership with Excelar Technologies, Providence Health Care Ventures, Simon Fraser University, 3D Bridge Solutions and StarFish Medical, Cloud DX will develop and commercialize a Continuous Connected Patient Care (CCPC) digital platform to improve quality of at-home care for discharged patients, saving in-hospital resources for acute patient cases.
  • The project has a total investment of $12.8M, with $5.2M co-invested through the Digital Supercluster based in Vancouver, BC. It is expected to launch in 2024.
  • As milestones are met, Cloud DX will receive up to $560,000 CAD over the project span to support the integration of a new Medtronic continuous vital sign monitoring device and a connected medication dispenser to the Connected Health software platform.

KITCHENER, ON / ACCESSWIRE / November 8, 2022 / Cloud DX (TSXV:CDX)(OTC:CDXFF), a leading digital health platform, today announced $5.2 million CAD of co-investment from the Digital Supercluster, through Innovation, Science and Economic Development Canada to create the Continuous Connected Patient Care (CCPC) digital platform. Continuous remote monitoring of recently discharged patients is expected to improve patient outcomes and free up badly needed hospital resources.

Cloud DX Inc., Tuesday, November 8, 2022, Press release picture

This novel remote patient monitoring system project will be led by Medtronic and include expertise and technology from a consortium of partners, including Excelar Technologies, Providence Health Care's St. Paul's Hospital, Providence Health Care Ventures, Simon Fraser University, 3D Bridge Solutions Inc, and StarFish Medical (as a Medtronic sub-contractor).

Each consortium member offers a unique and vital component to create the seamless end-to-end monitoring system for clinicians and patients at the hospital as a solution to the challenge of providing affordable, easy-to-use, hospital-grade care at home.

"Hospital resources should be focused on patients with the most urgent and severe illnesses, but many people hospitalized for significant health issues remain there for basic supervision and monitoring while they heal," says Rick Sethi, CCPC Project Leader and Director of Open Innovation at Medtronic. "CCPC is about improving patient outcomes by providing hospital-level monitoring at home for less acute patients -- sparing them from unnecessarily long hospital stays and subsequently, reducing wait times and freeing up resources for patients who need in-hospital care."

Medtronic will provide a new multi-parameter untethered sensor device, based on proven clinical-grade medical sensor technologies.

3D Bridge Solutions will further enhance its AlthaRX (Altha) medication dispensing, tracking, and adherence monitoring device and software. The Cloud DX and 3D Bridge solutions will be integrated into the overall CCPC platform via the Excelar Careflow Broker. Excelar will enhance its clinical data normalization module to include remote patient monitoring and medication adherence tracking data as well as significantly enhancing its patient timeline care flow data visualization module.

Providence Health Care Ventures (PHCV) will provide patient and clinical needs assessment, workflow, and validation, co-design and co-development of the end-solution, as well as data governance and integration. The Consortium will work with St. Paul's Hospital clinicians on the requirements definition and process design.

Simon Fraser University (SFU) will elicit users' needs to inform the development of the sensor, clinical workflows for an untethered blood pressure monitor or trend device, clinical decision support model, and user interfaces for clinicians, and patients and their families.

Cloud DX will provide the patented, ISO certified ‘backbone' for the CCPC project including an enhanced patient-facing Connected Health kit and mobile application, data collection and secure cloud-based storage, smart clinician notification system, as well as patient engagement tools including surveys, text messaging and video telehealth capabilities. The Cloud DX Clinician Portal will be used by care teams to monitor up to thousands of patients safely, reducing workloads and improving efficiency.

The Digital Supercluster is a co-investment partner, providing $5.2 million in funding to accelerate made-in-Canada healthcare innovation and improve outcomes from health services. The CCPC platform is expected to be completed and approved by regulators in 2024, at which time, Medtronic intends to market the platform to healthcare providers in over 125 countries.

"Hospital care can cost up to $2,000 per patient per day, which creates a huge cost burden for our healthcare system. Using an advanced home monitoring solution, such as CCPC, can shift a large proportion of that cost to a more affordable "hospital at home" model," says Robert Kaul, CEO of Cloud DX. "Hospitals can safely send less acutely ill patients home without compromising quality of care, freeing up urgently needed hospital resources including beds, equipment, and staff."

The Continuous Connected Patient Care digital project will initially focus on adults with congestive heart failure and chronic obstructive pulmonary disease, with attention on internal medicine and geriatrics. Under the funding agreement, patients, families, clinicians, and industry partners will collaborate to build, test, evaluate and demonstrate the applicability of the CCPC platform, as well as gather critical data related to patient healthcare outcomes that will underpin broader commercial deployment in the future.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cloud DX Inc., Tuesday, November 8, 2022, Press release picture

About Cloud DX
Accelerating digital healthcare, Cloud DX is on a mission to make healthcare better for everyone. Our Connected Health™ remote patient monitoring platform is used by healthcare enterprises and care teams across North America to virtually manage chronic disease, enable aging in place, and deliver hospital-quality post-surgical care in the home. Our partners achieve better healthcare and patient outcomes, reduce the need for hospitalization or re-admission, and reduce healthcare delivery costs through more efficient use of resources. 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." Cloud DX is an exclusive partner to Medtronic Canada, Teladoc Health Canada, and Equitable Life of Canada. For more Visit www.CloudDX.com and follow @CloudDX on Twitter and LinkedIn.

Cloud DX will present at the Emerging Growth Conference November 9, 2022 at 11:25 AM Eastern Time. CEO Robert Kaul will present on recent news and host open floor for questions. If interested, register here.

About Medtronic

Bold thinking. Bolder actions. We are Medtronic. Medtronic plc, headquartered in Dublin, Ireland, is the leading global healthcare technology company that boldly attacks the most challenging health problems facing humanity by searching out and finding solutions. Our Mission - to alleviate pain, restore health, and extend life - unites a global team of 95,000+ passionate people across 150 countries. Our technologies and therapies address 70 health conditions and include cardiac devices, surgical robotics, insulin pumps, surgical tools, patient monitoring systems, and more. Powered by our diverse knowledge, insatiable curiosity, and desire to help all those who need it, we deliver innovative technologies that transform the lives of two people every second, every hour, every day. Expect more from us as we empower insight-driven care, experiences that put people first, and better outcomes for our world. In everything we do, we are engineering the extraordinary. For more information on Medtronic, visit www.Medtronic.com and follow @MedtronicCA on Twitter and LinkedIn.

Additional partners include 3D Bridge Solutions Inc., Excelar Technologies, Providence Health Care Ventures, Simon Fraser University, and StarFish Medical (Medtronic contractor).

About 3D Bridge Solutions

3D Bridge Solutions has developed a secure cloud-based prescription management system which supports patient adherence for all types of medications through the use of connected tamper-resistant devices. It is designed for people suffering from chronic diseases including older adults who could benefit from better medication adherence and vital monitoring.

About Excelar Technologies

Excelar's CareFlow platform is a privacy-by-design solution for clinical data integration, normalization, and data visualization. The platform consists of the Careflow Broker for intelligent data processing, routing and data normalization, Careflow Insight dashboards for patterns of practice clinical quality improvement, and Careflow Timeline for the intuitive visualization of clinically relevant data using explainable AI. www.excelar.ca

About Providence Health Care Ventures

Providence Health Care Ventures nurtures and accelerates the commercialization of health care solutions while reinvesting resources into social justice causes and continued innovation growth at Providence Health Care (PHC) and the creation of a learning-health system. Ventures offers health system expertise, access to the PHC ecosystem, and the capacity to navigate the health care landscape. We collaborate with like-minded stakeholders to bring leading-edge health care solutions to the market for the benefit of all.

About Simon Fraser University

As Canada's engaged university, Simon Fraser University works with communities, organizations and partners to create, share and embrace knowledge that improves life and generates real change. We deliver a world-class education with lifelong value that shapes change-makers, visionaries and problem-solvers. We connect research and innovation to entrepreneurship and industry to deliver sustainable, relevant solutions to today's problems. With campuses in British Columbia's three largest cities - Vancouver, Burnaby and Surrey - SFU has eight faculties that deliver 193 undergraduate degree programs and 127 graduate degree programs to more than 35,000 students. The university now boasts more than 160,000 alumni residing in 143 countries.

About Starfish Medical

Empowering Medtech Innovation ® StarFish Medical™ is an award winning, full service Medical Device Design company offering design, development, and NPI manufacturing services based in Toronto and Victoria BC. Our Pathfinder™ process reduces wasted effort and increases success for medical device product definition, technical engineering, and product development. Prototype and volume production are delivered within an ISO 13485 certified Quality Management System, manufacturing and clean room facilities. www.starfishmedical.com

About Digital Supercluster

Ahead of the curve starts here. The Digital Supercluster is building a better Canada by growing Canadian businesses, creating a digitally skilled workforce and positively impacting lives across our country. We accelerate the development and adoption of digital technologies that keep Canadians healthy, address climate change and drive economic productivity. Through a powerful combination of co-investment, cross-sector collaboration, IP creation and digital talent development, we unlock the potential of Canadians to lead and succeed in the Digital world. For more information, visit: https://www.digitalsupercluster.ca/.

For media inquiries, please contact:

Cloud DXMedtronicProvidence Health Care Ventures

Janine Scott

Marketing Lead

[email protected]

888-543-0944

Tammy Hudson

Public Relations

[email protected]

Ann Gibbon

Media Relations

[email protected]

778-999-0064

For investor inquiries, please contact:

Cloud DXMedtronic

Canada:

Jay Bedard

647-881-8418

[email protected]

US:

Gary Zwetchkenbaum
718-224-3123 or
516-455-7662
[email protected]

Ryan Weispfenning

Investor Relations

763-505-4626

SOURCE: Cloud DX Inc.

Topic:
Earnings
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