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ChroMedX Corp (CSE:CHX;OTC:CHXIF;FRA:EIY2) is a medical technology company currently developing their proprietary HemoPalm platform, which brings lab based analysis to point-of-care situations. The ChroMedX Corp HemoPalm platform combines spectroscopy and biosensors to analyze CO-oximetry along with blood gas and electrolytes in a portable, handheld device. This approach requires two analysis techniques as blood gases and electrolytes can be analyzed with the same method.
The ChroMEdX Corp comprehensive platform stands out among its competitors in the point-of-care market as it is the only device able to conduct both analyses. To compare, the i-Stat, which is the current market leader and was acquired by Abbott in 2003 for $400 million, is a portable device that only analyzes blood gases and electrolytes. To compensate for this, the i-Stat is usually sold alongside a bench-top Co-oximetry analyzer, the Avoximeter. Similarly, Alere—recently purchased for approximately $6 billion by Abbott—acquired and distributed Epocal, which is another handheld device that only analyzes blood gases and electrolytes.
The HemoPalm device could be used within a number of environments including first response, military medicine, disaster relief, triage centers and within emerging economies with limited medical infrastructure. As it consolidates two analyses that are otherwise performed by two separate devices, the HemoPalm could also present a cost-saving opportunity as it reduces the amount of equipment and time required for blood tests of this type. Additionally, as it offers a rapid understanding of a patient’s condition and potential treatment options, the device could also play a role in reducing the number of patient complications brought on by initial delays in treatment.
ChroMedX’s proprietary platform is protected by issued patents in both the US and Canada. In addition to that, the company also has patents pending in all other major markets.
- Developing HemoPalm platform to analyze CO-oximetry, blood gases and electrolytes within capillary blood samples
- Unique technology that consolidates analytical methods otherwise performed by more than one device
- Stands apart from competitors like Abbott’s i-Stat and Alere’s Epocal
- Extensive application opportunities including first response care, military medicine and disaster relief
- Technology provides potential cost-saving opportunities for medical institutions as it reduces amount of equipment required and makes diagnosis more efficient
- Recently raised $1.5 million in financing through private placement
- Proprietary HemoPalm Platform
ChroMedX’s proprietary HemoPalm platform is designed to conduct lab-like analysis of the three primary categories of blood chemistry—CO-oximetry, blood gases and electrolytes—from a single disposable microfluidic cartridge that contains a small capillary blood sample obtained from a finger prick.
The analysis platform exists within a portable, handheld device that uses spectroscopy and biosensors to evaluate the sample and provide a complete overview of a patient’s blood oxygenation and acid-base balance. ChroMedX’s device is the first that is able to host both of the analysis techniques within one device that can be easily used in the field, making it revolutionary within the point-of-care technology market.
The possible applications for the HemoPalm device are extensive. From an in-the-field perspective, it could be readily used in environments such as first response, military medicine and disaster relief. Additionally, it could play a role in nursing homes and in home care, helping to determine the severity a patient’s condition and in treatment and transportation decisions. In a similar manner, the HemoPalm platform could also support decision-making in triage centers and help practitioners rapidly determine the required treatment for a given patient.
A factor that could significantly drive up the use of the HemoPalm device is the growth of emerging economies that might not have the infrastructure in the form of centralized lab capabilities. This lack of existing infrastructure offers a window of opportunity for easily portable, comprehensive analysis devices like HemoPalm to enter the market and help treat patients with limited access to medical support.
Advantages of the HemoPalm technology
One of the key advantages of introducing the HemoPalm device into the point-of-care market is that it can enable an earlier and more efficient diagnosis of patients before they enter a clinical environment. Used in the field by paramedics, for instance, the HemoPalm would be able to generate on-site results that provide insight into treatment options before the patient has even set foot in a hospital. This would replace the time taken to conduct tests within a lab setting, making the intake process much more efficient. An added benefit of early diagnosis and early treatment is also the prevention of further complications, making it a cost-saving tool for both patients and medical institutions.
The HemoPalm device also acts as a cost saver in the sense that it reduces the number of devices required to glean information concerning CO-oximetry, blood gases and electrolytes in a patient’s blood. As the device can conduct its analysis on blood extracted from a finger prick, it also saves patients from having to provide painful arterial blood samples that would have to be conducted in a clinical setting.
As part of its business development approach and in anticipation for launching the HemoPalm device in 2018, ChroMedX has retained DxEconomix Inc to support the company in determining a marketing and commercialization plan.
“We are excited to identify new applications and further explore the economic value of the HemoPalm,” said ChroMEdX President and CEO Ash Kaushal. “The expertise of Dr. Janeczko and DxEconomix is a perfect addition to ChroMedX’s strategic initiatives and we look forward to their analysis and formalization of the HemoPalms introduction to market.”
Looking towards the 2018 launch date, ChroMedX has also established an international list of potential distributors and end-users for the HemoPalm product.
Lahav Gil—CEO and Director
Lahav Gil is the founder and former CEO of the Toronto based Kangaroo Group, which he built into a national brand and recently sold to Starﬁsh Medical of Vancouver Island. He is passionate about meaning, loves Innovation Culture, Values-Based Leadership, transparency & awareness.
Gil has deep experience in Medtech product development and business. He has founded/co-founded 6 companies and has accompanied many Canadian start-ups on their journey from napkin to launch, critically contributing to their investability, clinical and market readiness. He has contributed to over 200 technology product launches and to game-changing innovations for companies such as: IMRIS, FIO, fSona, Cellaegis, XOR, Ultrasonix, Exact Imaging, Sciex, and others.
For almost 3 decades, he has been involved with tech-innovation, entrepreneurship, and start-up companies, starting in Israel’s bustling innovation climate of the 80’s. During the late 90’s Lahav integrated into the Canadian innovation scene, leading Industrial Design projects and corporate-wide iD strategy for Creo/Kodak in Vancouver, where he ﬁrst got a taste of the crucial role of culture in business. In 2003 he founded Kangaroo Design, which he evolved into the Kangaroo Group (ISO 13485), a full-spectrum outsourcing platform for Medical Devices innovation, engineering, design, productization, RA submissions and contract manufacturing.
Under his leadership, Kangaroo supplied services, infrastructure, and incubation partnerships to Canadian Medtech startups and entrepreneurs for over 15 years. During this time, Gil’s main focus was building Kangaroo as a platform alongside spin-ins, spin-outs & incubation-investments.
Clark Kent—President and Director
Clark Kent is a capital markets professional with extensive experience leading corporate development and finance initiatives in the natural resources, technology and life science industries. For over a decade he has advised emerging companies on strategic planning, finance and recruitment in the North American and international marketplace. Kent began his career with a boutique investment firm where he focused on client relations and marketing.
Chris Hopkins, CPA, CA—CFO
Chris Hopkins has 25 years of experience in leadership, strategic planning, mergers and acquisitions, valuations, corporate finance, investor relations, financial management, economic evaluation, systems design/implementation, and financial and management reporting and performance evaluation KPIs.
The majority of his career has been spent in senior positions with numerous publicly-listed mining companies, including US Silver, Rio Algom Limited, BHP Billiton, Suncor Inc and several Canadian and international junior mining companies.
Hopkins received his Bachelor of Commerce degree from the University of Toronto, his Chartered Accountant designation and his Master of Business Administration from the Schulich School of Business at York University.
Gerard Edwards, BComm, MBA—Executive Chairman
Gerard Edwards holds an undergraduate degree in Commerce and a Masters of Business Administration with a focus in finance. Edwards has 30 years of independent business experience as a serial entrepreneur and venture capitalist. He has developed companies in the technology sector, oil & gas exploration/development, and real estate development.
George Langdon, PhD—Director
George Langdon studied geology at the Memorial University of Newfoundland, where he took BSc., MSc and PhD degrees between 1978 and 1996. He joined the petroleum industry as an exploration geologist in 1980, and worked for majors Hudson’s Bay Oil and Gas in Calgary, Saudi ARAMCO in Dhahran, Saudi Arabia, and Mobil Oil Canada in Toronto, until 1999. Since that time he has acted as a consultant for and has been involved in the development of junior public companies in the oil and gas sector, including Canadian Imperial Venture Corp. (TSXV-CQV) and Contact Exploration Inc.
In 2006 he became the founding President of Shoal Point Energy Ltd. (CNSX-SHP), where he served until June 2013. He was co-responsible as President and lead geologist for the company’s amassing a land position of some 720,000 acres in which it owns a 100 percent interest, and for negotiating a joint venture which aims to see up to 10 wells drilled over the next 3 to 4 years to assess this massive play, which has the potential to impact the energy balance in eastern North America over the next several years.
Michael Minder is a seasoned finance professional with over 15 years of international banking experience. He held senior leadership roles in Asset and Wealth Management for Credit Suisse Group in both Switzerland and North America, managing assets of high net worth accounts.
In 1998 he left the Credit Suisse Group to form his own firm providing international investment banking and investor relations advisory services to numerous US, Canadian and European listed companies. Michael is the current CFO of TSX Venture listed Zecotek Photonics Inc, a company focused on the innovation and commercialization of key enabling technology, subsystems, and components for medical and industrial imaging.
Dr. Richard Janeczko is a 25-year veteran of the in-vitro diagnostics industry, specializing in the marketing and management of molecular assays, proteomics, companion diagnostics, and personalized medicine. He has led multiple diagnostic marketing projects from design and development through regulatory approval and market launch. He is a strong advocate of health economics as the key driver for new technology adoption in a global healthcare reform environment. In 2013, he formed DxEconomix to provide unique IVD marketing services based on system-wide economic impact of diagnostics and value-based pricing. DxEconomix has extensive experience in health economics, clinical sciences, and health technology assessment and adoption in multiple markets including USA, Canada and Europe.
Janeczko served as VP Emerging Markets and Technology at Luminex Corporation, as EVP Business Development and CSO at Tm Bioscience Inc., and as CEO of General Synthesis and Diagnostics. He played a lead in raising capital for Tm Bioscience and eventual sale of the company to Luminex Corp. (Austin, Texas). He holds a PhD in Biochemistry from the University of Alberta, a BSc in Microbiology from Strathclyde University, and is a member of several professional organizations and institutions.