Cloud DX Completes Federal Project to Scale Up, Create Jobs, and Expand Intellectual Property (IP)

Rhea-AI Summary

Cloud DX successfully completed a two-year program with $500,000 in non-dilutive funding from the FedDev Business Scale Up Program. The company expanded its US and Canadian markets, securing 32 new contracts, including partnerships with Medtronic and Blessing Hospital. Cloud DX also created 15 new full-time positions and retained 26 existing roles. The initiative led to 2 new US patents and 4 published peer-reviewed papers, enhancing their Connected Health™ platform.

Positive

• Secured $500,000 in non-dilutive funding from FedDev.
• Expanded operations with 32 new contracts (15 in the US, 17 in Canada).
• Created 15 new full-time jobs while retaining 26 positions.
• Achieved 2 new US patents and published 4 peer-reviewed papers.

Negative

• None.

Digital Health Innovator Cloud DX Grows US and Canada Business, Increases Workforce, and Secures Patents with Support from the FedDev Business Scale Up Program

News in Summary

• Successful completion of 2-year program with $500,00 in non-dilutive funding.
• 2 new US patents and 4 published peer-reviewed papers.
• 32 new contracts (15 US contracts and 17 Canadian contracts).
• 15 new full-time positions with retention of 26 full-time positions.

KITCHENER, ON / ACCESSWIRE / June 23, 2022 / Cloud DX (TSXV:CDX)(OTCQB:CDXFF), a leading Virtual Care platform, announces its successful completion of the Federal Economic Development Agency for Southern Ontario (Ontario FedDev) program promoting healthcare innovation in Canada. The Business Scale Up and Productivity Program (BSUP) supported Cloud DX in three key areas: expansion in the US and Canadian markets, improvements to its award-winning Connected Health™ virtual care platform, and expansion of Intellectual Property (IP).

Over the course of the two-year program, Cloud DX created 15 new full-time positions and retained 26 other full-time roles. These integral employees helped enable the company to secure 15 new US contracts, including telemedicine partner Maxwell Telecare and notable client Blessing Hospital. Cloud DX also secured 17 new Canadian contracts, which include an exclusive Remote Patient Monitoring (RPM) partnership with Medtronic Canada (NYSE: MDT) and Equitable Life of Canada, contracts with several Ontario Paramedical Service Providers, and two provincial/territorial RPM contracts. Additional details of milestones provided below.

Robert Kaul, CEO and co-founder of Cloud DX, states "Investments like the FedDev BSUP Program assist Canadian Med Tech companies address some of the challenges specific to healthcare innovators, whether it's a life science, biotechnology, or medical device start-up. The regulatory, IP, and clinical validation hurdles faced by these companies are real challenges that are time consuming, expensive, and yet mandatory. Financial support from Canadian governments help fund these resource-intensive processes. It's a way for Canada to continue to invest in itself, a sentiment that is echoing across the Canadian start-up ecosystem right now. Another great example is Communitech's recently launched Team True North program. We all want to hear more Canadian success stories, and it can start with funding support like this FedDev program."

Kaul continues, "The program results speak for themselves. We invested heavily into our digital health platform and technology resulting in new patents and multiple peer reviewed, published papers, crucial in gaining clinical acceptance in healthcare. We also expanded our sales and marketing teams resulting in over 30 new contracts across North America and an exclusive partnership with the largest medical technology company in the world, Medtronic. With this solid basis established, we're looking forward to scaling up our business and bringing on more clinics and health authorities across North America."

Announced in 2020, the FedDev Business Scale Up and Productivity Program strives to position Canada as an innovation leader. With regards to healthcare in particular, FedDev and 32 partners invested a total of $34.5M to support healthcare technology innovations. Honourable Navdeep Bains, former Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario in 2020 stated "Our Government is committed to positioning Canada as a global centre for innovation - one that creates jobs, drives growth across all industries and improves the lives of all Canadians. That's why it's important for universities, health-care providers, the business community, and government to work together. That's how we will come up with health-care solutions that improve the quality of life for all Canadians."

Cloud DX will repay the $500,000 interest free FedDev contribution in 60 equal installments from June 1, 2023 to May 1, 2028.

The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development with Melissa Perri, MESc, Senior Compliance Specialist at Cloud DX. Photo supplied by FedDev.

Additional Milestones Achieved

Goal: Expansion in US and Canadian Markets.

• Hiring of new Sales and Business Development staff, along with Marketing and Communications staff in US and Canada.
• 15 contracts in the US including Maxwell Telecare, Blessing Hospital (Quincy, IL) delivering Cloud DX Virtual Covid Outpatient Program (VCOP), Oregon Health & Science University (Portland, OR) for Nursing Education as RPM Best Practice, Primary Care of Cape Cod (Hyannis, MA), and Primary Care Associates (Erie PA).
• 17 contracts in Canada including Medtronic Canada, Equitable Life, CBI Health, Hamilton Health Sciences, and four Ontario Paramedic Services.

Goal: Improvements to the Technology Platform

• Integration with up to 80 Electronic Medical Record (EMR) systems, publishing a series of HL7 Fast Healthcare Interoperability Resource (FHIR) APIs to standardize secure, HIPAA-compliant data transfer between our Connected Health™ platform and the EMR.
• Developed new medical device Pulsewave PAD 2-A to prepare to meet international ISO 13485:2016 standards and regulatory approvals.

Goal: Intellectual Property (IP) Expansion

• Applied for and received US Patent 11,006,843 "System And Method Of Determining Breathing Rates From Oscillometric Data" granted May 15, 2021 and US patent 11,272,859 "System And Method Of Determining Respiratory Status From Oscillometric Data" granted March 15, 2022.
• Published peer reviewed papers and conference presentations
  • PVCRAM 1 - Post-discharge after surgery Virtual Care with Remote Automated Monitoring-1 (PVCRAM-1) technology versus standard care: randomized controlled trial
  • VERDICT 1 - Continuous non-invasive remote automated blood pressure monitoring with novel wearable technology: A Validation Study (VERDICT 1)
  • ACUSCREEN - Preliminary Report: Acoustic Analysis of Cough as a Novel Technology for the Screening and Diagnosis of Active Pulmonary Tuberculosis (TB), 52nd World Conference on Lung Health, October 2021

Awards Received:

• 2020 Roche COVID Challenge (with Population Health Research Institute) $100,000
• 2021 Edison Award, Medical IoT Category
• 2021 NSERC Synergy Award (with Sheridan College) $120,000
• 2021 Inc 5000 Fastest Growing Companies - Inc Magazine
• 2021 Pandemic Tech Award - TMCnet
• 2022 New Innovator - Canadian Business Magazine

About Cloud DX 

Accelerating virtual 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, a 2021 Edison Award winner, a Fast Company "World Changing Idea" finalist, and was named a "New Innovator 2022" by Canadian Business Magazine. Cloud DX is an exclusive virtual care partner to Medtronic Canada and Equitable Life. 

Cloud DX Investor Site https://ir.clouddx.com/overview/default.aspx

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. 

Social Links 

Twitter https://twitter.com/CloudDX
Facebook  https://www.facebook.com/clouddxinc/
LinkedIn https://www.linkedin.com/company/cloud-dx/
Instagram https://www.instagram.com/cloud.dx/

For media inquiries please contact:   

Janine Scott 
Marketing Lead 
888-543-0944 
janine.scott@CloudDX.com 

For investor inquiries please contact: 

Jay Bedard 
Cloud DX Investor Relations 
647-881-8418 
jay.bedard@CloudDX.com

SOURCE: Cloud DX Inc.

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https://www.accesswire.com/706377/Cloud-DX-Completes-Federal-Project-to-Scale-Up-Create-Jobs-and-Expand-Intellectual-Property-IP

FAQ

What funding did Cloud DX receive from the FedDev program?

Cloud DX received $500,000 in non-dilutive funding from the FedDev Business Scale Up Program.

How many new contracts did Cloud DX secure?

Cloud DX secured 32 new contracts, including 15 in the US and 17 in Canada.

What advancements did Cloud DX make during the FedDev program?

Cloud DX created 15 new full-time positions, retained 26, and achieved 2 new US patents.

What is Cloud DX's focus regarding its Connected Health™ platform?

Cloud DX focused on expanding its Connected Health™ platform to enhance digital health services and secure partnerships.