With greater demand for digital health, the U.S. government is investing $80 million to create a new public health informatic and technology program. In fact, according to Forbes, “Over the past decade, the idea of digital health has transformed from simple patient-portals and rudimentary EMR systems to a more vast ecosystem, ranging from healthcare devices, telehealth services, artificial intelligence and machine learning capabilities, and robust data-science. Indeed, many of these new innovations are revolutionizing the way healthcare is being delivered.” With digital health under bigger demand, it could be beneficial for companies such as AI/ML Innovations Inc. (CSE:AIML)(OTCQB:AIMLF), Empower Clinics Inc. (CSE:CBDT) (OTC:EPWCF), Tetra Bio Pharma Inc. (TSX:TBP)(OTC:TBPMF), Apyx Medical Corporation (NASDAQ:APYX), and WELL Health Technologies Corp. (TSX:WELL)(OTC:WLYYF).
Even better, by 2023, the digital health market could be worth up to $223.7 billion, according to Transparency Market Research. By 2024, it could be worth $379 billion. The firm added, “The world digital health market has been prophesied to gain a strong impetus due to the surging adoption of IT in the healthcare industry and growing count of government initiatives in favor of healthcare providers and also patients. The rapid improvement of healthcare IT infrastructure and rising usage of mobile platforms such as tablets and smartphones could bode well for the market.”
AI/ML’s Health Gauge Just Partnered with Lenica Research
AI/ML Innovations Inc. (CSE:AIML)(OTCQB:AIMLF), a company committed to acquiring and advancing Artificial Intelligence/Machine Learning technologies that address urgent societal needs, is pleased to announce that its subsidiary, Health Gauge, has entered into a strategic partnership with Lenica Research Group, a leader in the development of innovative, evidence-based tools to improve brain function and enhance athletic performance for the pending commercial launch of Lenica’s Peak Cognition sports training platform.
Randy Duguay, CEO of Health Gauge and its publicly traded corporate parent, AI/ML Innovations Inc., says the partnership with Lenica reflects their shared focus on employing advanced digital health tools to enhance performance and support overall health and wellness.
“We’re committed to serving people on their health journey whether their focus is improving their competitive performance or achieving a higher level of health and wellness. By combining Lenica’s Virtual Reality (VR)-enhanced sports training platform and Health Gauge’s physiological health information capture technology – which generates detailed data on heart health, stress management, skin temperature and other key metrics – we’ll be able to offer athletes, coaches and trainers an incredibly precise, comprehensive picture of an athlete’s current state of health and how to improve it.”
“We’re very excited about our new partnership with Health Gauge as we gear up for the July 1st commercial launch of our Peak Cognition training platform, which marks the culmination of years of product development and market testing involving our team members, our dedicated training centre supporters and our partners at the University of Alberta,” says Simba Nyazika, Lenica’s founder and CEO.
“Health Gauge’s best-in-class wearable health monitoring technology, Phoenix, harnesses the power of Artificial Intelligence, Machine Learning and Cloud Computing to instantly generate key biometric data for users. By incorporating that data on the Peak Cognition platform, we will significantly enhance its value to our athletes, coaches and sports organizations,” he adds.
Dozens of athletes, coaches and trainers have used Lenica’s VR app since its development launch in 2017. The Peak Cognition platform includes a dashboard and other features that allow sports teams and training centres to use Lenica’s software training programs on an individual or group basis, so comparative performance ratings can be applied.
Over the past year, Lenica rebuilt the Peak Cognition platform’s back-end infrastructure to more effectively monitor, assess, compare and improve the cognitive performance of athletes on such critical performance metrics as complex movement perception, situational awareness, processing speed and working memory.
Although the pandemic delayed the commercial launch of the platform, which was initially planned for the end of 2020, Lenica completed an alpha test involving approximately 20 athletes last summer, and will conclude a beta test involving some 35 users by the end of this month.
“The beta test allows us to validate the platform’s performance, identify glitches and make additional product quality enhancements,” says Nyazika. “Although the suspension of sports leagues and the shutdown of athletic training facilities due to Covid-19 delayed our commercial launch, it also gave us added time to establish relationships with our suppliers, and we’re now game-ready for the commercial marketplace.”
BoboVR will supply the VR shells for the mobile version of Lenica’s sports training platform, and Pico Interactive, based in San Francisco, will supply the high-end VR shells for the standalone version used by sports training centres, says Nyazika, who expects to announce the first commercial users of the Peak Cognition platform over the summer.
In the health market, Lenica is also developing The Escape Room, a VR-based cognitive training tool designed to improve cognition in patients recovering from brain injury. The program, developed with healthcare professionals to target key cognitive attributes affected by stroke or other forms of traumatic brain injury, has successfully undergone patient trials at an Edmonton rehabilitation hospital and will soon be marketed under the Peak Cognition brand.
Other related developments from around the markets include:
Empower Clinics Inc., an integrated healthcare company - serving patients through medical centers, telemedicine platforms and a high complexity medical diagnostics laboratory processing thousands of COVID-19 specimens - has signed a Memorandum of Understanding for a six-month pilot program between Empower and Pharmachoice for distribution and resale of Kai Care COVID-19 Testing Solutions. The products will include Rapid Antigen Testing, Rapid Antibody Testing and Saliva RT-PCR tests. "The expansion to Pharmachoice's network is a phenomenal step forward in our plan to provide Kai Care Testing solutions directly and conveniently to consumers" stated Steven McAuley, Chairman and CEO of Empower Clinics. "We are excited to build on this progress through our ongoing advanced conversations with other major pharmacy groups from across North America."
Tetra Bio Pharma Inc., a leader in cannabinoid-derived drug discovery and development announced that its investigational new drug ARDS-003 has been studied in a viral infected organoid model as part of a research collaboration between Targeted Pharmaceuticals and George Mason University. ARDS-003 is a new patent protected therapeutic developed to treat hyperinflammatory conditions, such as those seen in patients suffering from COVID-19 viral infections and sepsis.
Apyx Medical Corporation, a maker of medical devices and supplies and the developer of Helium Plasma Technology, marketed and sold as Renuvion® in the cosmetic surgery market and J-Plasma® in the hospital surgical market, today announced it has submitted a 510(k) premarket notification to the U.S. Food and Drug Administration, which is intended to obtain a specific clinical indication for the use of Renuvion in dermal resurfacing procedures. “Following the recent completion of our U.S. IDE clinical study evaluating the use of our Renuvion technology in dermal resurfacing procedures, we were pleased to submit our 510(k) premarket notification for this procedure category on May 28th,” said Charlie Goodwin, President and Chief Executive Officer. “This submission is an important milestone that underscores our continued progress in pursuing specific clinical indications to market and sell Renuvion for target procedures in the cosmetic surgery market. I would like to thank our clinical and regulatory teams for their exceptional efforts which has made our recent progress possible, and look forward to the FDA’s review of our submission.”
WELL Health Technologies Corp., a company focused on consolidating and modernizing clinical and digital assets within the healthcare sector, is pleased to announce it has entered into a definitive share purchase agreement dated June 4, 2021 to acquire all of the issued and outstanding shares of MyHealth Partners Inc for a total transaction value of C$206M plus a future conditional earn-out of up to C$60M. MyHealth provides primary care, specialty care, telehealth services and accredited diagnostic health services from 48 locations across Ontario.
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