Biotricity Signs Distribution Agreement With Top 5 Distributor for its Cardiac Monitoring Solutions

Rhea-AI Summary

Biotricity Inc. (NASDAQ:BTCY) has announced a second distribution agreement with a leading US medical device distributor for its cardiac monitoring solutions, Bioflux and Biotres. Designed for cardiologists, these solutions will be marketed directly to hospitals and clinics. Founder and CEO Waqaas Al-Siddiq emphasized the significance of advanced technology in enhancing remote patient care. He pointed out that Biotricity aims to capture a share of the $6 billion cardiac care market, delivering 24/7 remote monitoring capabilities that could improve heart disease outcomes.

Positive

• Secured a second distribution agreement with a top five US medical device distributor.
• Solutions address a $6 billion market opportunity in cardiac care.
• Expected to enhance patient monitoring through advanced technology.

Negative

• None.

REDWOOD CITY, CA / ACCESSWIRE / January 26, 2023 / Biotricity Inc. (NASDAQ:BTCY) ("Biotricity" or the "Company"), a medical diagnostic and consumer healthcare technology company, today announced it has signed its second distribution agreement with a top five US medical device distributor for the marketing and distribution of its two cardiac monitoring solutions (CMS) designed for cardiologists' patient use - Bioflux^® and Biotres^TM.

The distribution agreement covers Bioflux and Biotres and will be distributed directly to hospitals and clinics for professional medical utilization with suitable patients.

Commenting on the agreement, Biotricity Founder, Chairman and CEO Waqaas Al-Siddiq, Ph.D., said, "The future of healthcare lies with new, state-of-the-art technology that produces a more efficient and higher quality of care through remote care. That means tech that is specially designed for smart remote monitoring of individuals using digital/wireless and cloud-based technology with seamless integration with all platforms and devices.

"Our Bioflux and Biotres solutions address a market valued at $6 billion, and we fully expect to capture an increasing share of this growing marketplace," Dr. Al-Siddiq added. "We are delivering cardiac care remotely, 24/7 and in real-time as needed, with technology that rivals existing standard of care solutions. Long term, we are confident our technology, and the lifestyle improvements it encourages will bend the curve of growing rates of heart disease."

Left, Biotricity's Bioflux® provides real-time active monitoring of ambulatory patients' ECG information. Right, Biotricity's Biotres is a revolutionary connected holter wearable.

About Biotricity

Biotricity is transforming the healthcare market by bridging the gap in remote monitoring and chronic care management with a focus on cardiology. Physicians and patients trust Biotricity's unparalleled standard for preventive and personal care, including diagnostic and post-diagnostic solutions for chronic conditions. The company develops comprehensive remote health monitoring solutions for the medical and consumer markets. To learn more, visit www.biotricity.com and follow us on Twitter and LinkedIn.

Important Cautions Regarding Forward-Looking Statements

Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words "may," "should," "would," "will," "could," "scheduled," "expect," "anticipate," "estimate," "believe," "intend," "seek," "project," or "goal" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements may include, without limitation, statements regarding (i) the plans, objectives and goals of management for future operations, including plans, objectives or goals relating to the design, development and commercialization of Bioflux or any of the Company's other proposed products or services, (ii) a projection of income (including income/loss), earnings (including earnings/loss) per share, capital expenditures, dividends, capital structure or other financial items, (iii) the Company's future financial performance, (iv) the regulatory regime in which the Company operates or intends to operate and (v) the assumptions underlying or relating to any statement described in points (i), (ii), (iii) or (iv) above. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, the Company's inability to obtain additional financing, the significant length of time and resources associated with the development of its products and related insufficient cash flows and resulting illiquidity, the Company's inability to expand the Company's business, significant government regulation of medical devices and the healthcare industry, lack of product diversification, existing or increased competition, results of arbitration and litigation, stock volatility and illiquidity, and the Company's failure to implement the Company's business plans or strategies. These and other factors are identified and described in more detail in the Company's filings with the SEC. There cannot be any assurance that the Company will ever become profitable. During the three months ended June 30, 2020 the Company incurred a net loss attributable to common stockholders of $3.4 million. The Company assumes no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.

Investor Relations Contacts:

KCSA Strategic Communications
Valter Pinto or Jack Perkins
(212) 896-1254
investors@biotricity.com

SOURCE: Biotricity, Inc.

View source version on accesswire.com:
https://www.accesswire.com/736815/Biotricity-Signs-Distribution-Agreement-With-Top-5-Distributor-for-its-Cardiac-Monitoring-Solutions

FAQ

What distribution agreement did Biotricity sign on January 26, 2023?

Biotricity signed a distribution agreement with a top five US medical device distributor for its cardiac monitoring solutions, Bioflux and Biotres.

What are Biotricity's cardiac monitoring solutions?

Biotricity's cardiac monitoring solutions include Bioflux, which provides real-time ECG monitoring, and Biotres, a connected Holter wearable.

How does Biotricity plan to grow in the cardiac care market?

Biotricity plans to capture a share of the $6 billion cardiac care market by leveraging advanced technology for remote monitoring.

What is the significance of the distribution agreement for Biotricity?

The distribution agreement is significant as it enables Biotricity to expand the reach of its cardiac monitoring solutions to hospitals and clinics.

What does Biotricity's technology promise for heart disease management?

Biotricity's technology aims to improve the quality of care for heart disease patients through efficient remote monitoring and real-time data integration.