Zhongchao Inc. Collaborates with a Public Health Foundation to Support Sustainable and Effective Cancer Treatments

Rhea-AI Summary

Zhongchao Inc. (NASDAQ: ZCMD) has renewed its service agreement with Beijing Public Health Foundation to extend its partnership for a patient aid project providing free Doxorubicin Hydrochloride Liposome Injections to low-income cancer patients. The Project has been in operation for three years, serving over 6,000 patients and donating more than 22,000 doses of medication.

SHANGHAI, Dec. 11, 2023 /PRNewswire/ -- Zhongchao Inc. (NASDAQ: ZCMD) ("Zhongchao" or the "Company"), a platform-based internet technology company offering services for patients with cancer and other major diseases, today announced that Shanghai Zhongxin Medical Technology Co., Ltd. ("Zhongxin"), of which Zhongchao consolidates the operations and financial results through a series of contractual arrangements, has renewed its service agreement (the "Agreement") with Beijing Public Health Foundation ("BPHF"), a non-profit organization dedicated to enhancing Chinese citizens' health through public welfare initiatives and aid programs. Pursuant to the Agreement, Zhongxin and BPHF extended its partnership to work together on a patient aid project (the "Project") to provide medication assistance services for cancer patients.

The Project offers free Doxorubicin Hydrochloride Liposome Injections to low-income patients with breast cancer, lymphoma, Kaposi's sarcoma, ovarian cancer, osteosarcoma, and myeloma based on their needs. The Project aims to ensure patients to have longer lasting and more effective medical treatments with less financial burden. The Project operates through over 300 hospitals and 100 pharmacies, where qualified cancer patients after an assessment can receive their medications for free. To date, the Project has been in operation for three years, serving over 6,000 patients and donating more than 22,000 doses of medication.

Under the supervision and guidance of BPHF, Zhongxin, leveraging its self-developed patient assistance program technical service platform, is responsible for providing staff with training and daily operation management, maintaining the project website,  management for patients, and monitoring and analyzing project progress. These efforts aim to standardize the workflow and enhance the operational efficiency of the Project. Additionally, the platform also performs information management for Project participants, such as hospitals and pharmacies, to improve operational efficiency and accuracy.

With the rising incidence of cancer and prolonged life expectancy brought by new technologies, the cost of innovative medications and long-term treatments has intensified financial burden on patients. Zhongchao believes that the Project encourages and supports patients in need to adhere to sustained treatments with significant therapeutic effects and less financial burden on families. Zhongchao remains committed to leveraging its service capabilities and experience in enhancing treatment efficiency and quality of life for cancer patients.

About Zhongchao Inc.

Zhongchao Inc. is an offshore holding company incorporated in the Cayman Islands. It consolidates the financial results of a variable interest entity, Zhongchao Medical Technology (Shanghai) Limited, and its subsidiaries (the "PRC operating entities") through a series of contractual arrangements. Zhongchao Inc. is a platform-based internet technology company offering services to patients with oncology and other major diseases. The PRC operating entities provide online healthcare information, professional training and educational services to healthcare professionals under their "MDMOOC" platform (www.mdmooc.org), offer patient management services in the professional field of tumor and rare diseases through Zhongxin, offer internet healthcare services through Zhixun Internet Hospital, and pharmaceutical services through Xinjiang Medical and operate an online information platform, Sunshine Health Forums, to general public. More information about the Company can be found at its investor relations website at http://izcmd.com. 

Safe Harbor Statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the professional training and educational services market in China and the other international markets the Company plans to serve; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and the international markets the Company plans to serve and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC, the length and severity of the recent coronavirus outbreak, including its impacts across our business and operations.  For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof.

For more information, please contact:

At the Company: Pei Xu, CFO
Email: xupei@mdmooc.org
Phone: +86 13901629242

Investor Relations: Sherry Zheng
Weitian Group LLC
Email: shunyu.zheng@weitian-ir.com
Phone: +1 718-213-7386

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SOURCE Zhongchao Inc.

FAQ

What is the latest announcement from Zhongchao Inc. (NASDAQ: ZCMD)?

Zhongchao Inc. (NASDAQ: ZCMD) has renewed its service agreement with Beijing Public Health Foundation to extend its partnership for a patient aid project providing free Doxorubicin Hydrochloride Liposome Injections to low-income cancer patients.

How long has the Project been in operation and how many patients has it served?

The Project has been in operation for three years, serving over 6,000 patients and donating more than 22,000 doses of medication.

What is the purpose of the Project between Zhongchao Inc. (NASDAQ: ZCMD) and Beijing Public Health Foundation?

The purpose of the Project is to provide medication assistance services for cancer patients, aiming to ensure patients to have longer lasting and more effective medical treatments with less financial burden.

How many hospitals and pharmacies are involved in the Project?

The Project operates through over 300 hospitals and 100 pharmacies, where qualified cancer patients after an assessment can receive their medications for free.

What is Zhongchao Inc.'s (NASDAQ: ZCMD) role in the Project?

Zhongchao Inc.'s role is to provide staff with training and daily operation management, maintain the project website, manage patients, and monitor and analyze project progress, aiming to standardize the workflow and enhance the operational efficiency of the Project.