Medicalgorithmics, a medtech company listed on the sWIG80 index, has entered into an agreement with one of the top three cardiac monitoring technology solution providers in the U.S. The new partner is a NASDAQ-listed entity. The agreement focuses on integrating Medicalgorithmics’ artificial intelligence system and diagnostic software with the partner’s heart monitoring equipment.
The new partner of Medicalgorithmics — ranks among the top three in the non-invasive cardiac diagnostic and monitoring industry in the U.S. by both the number of patients monitored annually and annual revenue from cardiac monitoring — is interested in leveraging the proprietary software and artificial intelligence system developed by the Polish medtech firm. This agreement, signifying the commencement of their collaboration, foresees Medicalgorithmics integrating its diagnostic platform, designed to detect heart arrhythmias via AI-based ECG signal analysis, with the U.S. firm’s heart monitoring equipment. The resultant solution will be evaluated to ensure it meets the technical specifications outlined by the partner. For this purpose, Medicalgorithmics will facilitate training for the partner’s team to proficiently operate the system.
Both entities are concurrently examining the potential for expanded collaboration. Should the initial phase be successfully completed, the next steps will revolve around outlining future actions and defining terms for a sustained business partnership. One of the ensuing stages could involve Medicalgorithmics securing a CE certification for the integrated solution. This certification is pivotal for the commercial introduction of the combined offering — the partner’s ECG equipment synergized with the Polish firm’s diagnostic algorithms — in the European market. If Medicalgorithmics achieves CE certification within six months of applying, the Company will be compensated 250,000 USD (approximately 1.1 million PLN).
“Initiating a collaboration with a prominent player in the cardiac tech space reaffirms that our ECG data interpretation technology, underpinned by artificial intelligence, ranks among the world’s forefront. This also serves as an endorsement of our team’s innovation and prowess. I’m optimistic about a longstanding business alliance with our new associate, which will further consolidate Medicalgorithmics’ foothold in the global contemporary medical diagnostic market. This collaboration is also a significant stride in the realization of our strategic vision, contributing to the enduring value of the company.” Comments James Landis, Director of Global Sales and Marketing at Medicalgorithmics.
In alignment with their newly proclaimed development strategy from June of this year, conceived in conjunction with Medicalgorithmics’ main shareholder – Biofund Capital Management LLC – the Polish medtech is recalibrating its business model. The company is transitioning from providing a self-contained cardiac diagnostic ecosystem, tethered to its proprietary heart monitoring devices. Their refocused strategy emphasizes the commercialization of their unique AI system as a standalone product and its harmonization with the devices and IT infrastructures of their collaborators. Medicalgorithmics’ software will be available as a service, and the firm will generate revenue through diverse models, notably based on the volume of ECG data analyses conducted.
Since announcing the new strategy 4 months ago, Medicalgorithmics has signed three agreements with independent U.S. diagnostic and medical testing centers (including one organizational IDTF) and an alliance with German entity livtec, a purveyor of ECG patch recorders utilized in diagnosing heart ailments.
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