PredictMedix Partners With Versus Systems to Develop Tools for Clinical Trials
PredictMedix Inc. (CSE:PMED)(OTCQB:PMEDF) has partnered with Versus Systems, Inc. to innovate tools for clinical trials, highlighted by a letter of intent signed on September 29. The partnership aims to integrate Versus’ rewards platform with PredictMedix’s remote patient monitoring technology, facilitating patient recruitment and compliance in clinical trials, a sector valued at approximately $40 billion. This initiative responds to the challenges posed by the COVID-19 pandemic, which emphasizes the need for remote patient monitoring and data integrity in clinical research.
- Partnership with Versus Systems could enhance PredictMedix's market presence in a $40 billion clinical trial industry.
- Integration of rewards platform may improve patient recruitment and retention in clinical trials.
- Remote monitoring platform addresses current restrictions on clinical trials due to COVID-19.
- No specific financial metrics or anticipated revenue from the partnership were disclosed.
- Dependence on future FDA guidance for remote monitoring may introduce regulatory risks.
TORONTO, ON / ACCESSWIRE / October 1, 2020 / PredictMedix Inc. (CSE:PMED)(OTCQB:PMEDF) ("PredictMedix" or the "Company") is pleased to announce that the company is partnering with Versus Systems, Inc. ("Versus") (CSE:VS) (CSE:VS.CN) (OTCQB:VRSSF) (FRANKFURT:BMVA) to bring tools for clinical trials to the market. PredictMedix and Versus have executed a letter of intent on September 29 which will be replaced with a definitive agreement outlining the business terms within the next 4-6 weeks.
PredictMedix will be working with Versus to integrate Versus' proprietary rewards platform with it's proprietary remote patient monitoring platform to the healthcare vertical - allowing healthcare providers, Contract Research Organizations (CROs), and life science companies to use rewards to recruit and retain a broader range of patients, and to promote compliance in testing medical therapies. This will allow PredictMedix to enter a new industry vertical of clinical trials which is a
Clinical trials traditionally require on-site monitoring to ensure human subject protection, data integrity, and quality. During the current pandemic, however, clinical research sites have reduced and restricted on-site monitoring. Travel restrictions and the safety issues further compound the challenges of monitoring on-site.
The FDA guidance for conducting clinical trials during COVID-19 restrictions supports remote monitoring for oversight of clinical sites (Source: FDA Guidance on Conduct of Clinical Trials of Medical Products during COVID-19 Public Health Emergency, March 2020)
While every drug is unique, there are some foundational principles to measuring efficacy. Irrespective of the health condition being targeted in a clinical trial, vitals measurements are key to evaluating drug performance. PredictMedix remote patient monitoring platform monitors for vitals including heart rate, respiratory rate, blood pressure and temperature, which are foundational to physiological changes that may become issues. Problems including adverse effects typically show up in vitals first. And when multiple vitals are correlated using accurate, continuous data, one can start analyzing and predicting certain chronic conditions.
"One of the issues with remote patient monitoring is the lack of incentives for participants to actively participate in remote patient monitoring. The partnership with Versus allows us to leverage their rewards platform to offer incentives to research participants to engage in remote patient monitoring on a regular basis," said Dr. Rahul Kushwah, COO of PredictMedix Inc.
About PredictMedix Inc.
PredictMedix Inc. is an artificial intelligence ("AI") company developing disruptive tools for impairment testing and healthcare. It is intended that the Company's cannabis and alcohol impairment detection tools will be used across various workplaces and by law enforcement agents. Its technology uses facial and voice recognition to identify both cannabis and alcohol impairment by utilizing multiple features along with numerous different data points. Testing does not require any body fluids or human intervention, thereby helping to remove human error and the potential for discrimination and prejudice.
The Company is also developing AI based screening for the healthcare industry. The recent advent of COVID-19 pandemic has placed unprecedented stress on the global economy and highlights the need for tools to help screen mass populations for infectious diseases, with the hope of preventing pandemics in the future. In turn, PredictMedix Inc. is expanding its proprietary AI technology to screen for infectious disease symptoms.
Additionally, psychiatric disorders such as depression, dementia and Alzheimer's disease can carry a significant burden and early identification is the key to better management. To help address this, the Company is also expanding its proprietary AI technology to screen for psychiatric and/or brain disorders such as depression, dementia and Alzheimer's disease. To find out more visit us at www.predictmedix.com
Disclaimer: "The Company is not making any express or implied claims that its product has the ability to diagnose, eliminate, cure or contain the Covid-19 (or SARS-2 Coronavirus) at this time."
For further information, please contact:
Dr. Rahul Kushwah
Chief Operating Officer
Tel: 647 889-6916
Email: rahul@predictmedix.com
About Versus Systems
Versus Systems, Inc. has developed a proprietary in-game prizing and promotions engine that allows game publishers and developers to offer in-game and in-app prizing across mobile, console, PC games, and streaming media. Brands pay to place products in-game and gamers compete for those prizes. For more information, please visit www.versussystems.com or visit the official Versus Systems YouTube channel.
For further information, please contact:
Cody Slach, Sean McGowan
Gateway Investor Relations
949-574-3860
VS@gatewayir.com or press@versussystems.com
Caution Regarding Forward-Looking Information:
THE CANADIAN SECURITIES EXCHANGE HAS NOT REVIEWED NOR DOES IT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results of the Company. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances. The Company's securities have not been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or applicable state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or "U.S. Persons", as such term is defined in Regulations under the U.S. Securities Act, absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful. Additionally, there are known and unknown risk factors which could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein, such as, but not limited to dependence on obtaining regulatory approvals; the ability to obtain intellectual property rights related to its technology; limited operating history; general business, economic, competitive, political, regulatory and social uncertainties, and in particular, uncertainties related to COVID-19; risks related to factors beyond the control of the company, including risks related to COVID-19; risks related to the Company's shares, including price volatility due to events that may or may not be within such party's control; reliance on management; and the emergency of additional competitors in the industry.
All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
SOURCE: PredictMedix Inc.
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FAQ
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