MedX Health Corp. Signs Commercial Distribution Agreement With Vitamed Biomedical to Launch MedX’s Teledermatology Screening Platform in Italy
MedX Health Corp. ("MedX" or the "Company") (TSXV: MDX), a global leader in teledermatology, is pleased to announce the signing of a commercial distribution agreement with Vitamed Biomedical s.r.l. (“Vitamed”) following the conclusion of its successful pilot project. In conjunction with signing the agreement, Vitamed has committed to an initial 60-unit order for 2022; an immediate order of 40 units, with an option for 20 more units to be confirmed by September, 2022.
MedX President and CEO Naman Demaghlatrous stated, "I am excited that MedX has established a clear pilot-to-contract methodology that allows both parties to fully assess market demand and economics before committing to a long-term contract. We continue to execute on our strategy to identify strategic partnerships in the region that will allow us to grow our business and save lives simultaneously.”
Announced on September 27, 2021, the 6-month pilot allowed Vitamed to better understand the patient pathway and assess market size and expectations. Results from the pilot concluded with the MedX DermSecure® Screening Platform receiving a very high level of acceptance amongst Italian Health Care Professionals, from dermatologists to pharmacies. In view of these exceptional results, Vitamed has decided to enter into a distribution agreement with MedX for the commercialization of its high-definition image-capture technology, SIAscopy®, and its secure, cloud-based patient management system, DermSecure®, which transmits and stores patient data throughout the assessment process.
Founded in 2015, Vitamed is a medical device agency that is aiming to develop new management models in the treatment pathways of various pathologies, making medtech innovations more accessible to the people who need them. Over the years it has expanded its area of interest by developing new markets and services as a successful national distributor across a number of brands and therapies.
"After the good results of the first pilot phase here in Italy, we’re now ready to move forward with this commercial partnership program with MedX,” said Giuseppe Verderame, Founder and CEO of Vitamed.
In addition to expanding its DermSecure® Screening Platform network globally, MedX has focused on building a presence in multiple market verticals such as pharmacies, medical clinics, building hubs and medical scanning clinics, mobile and remote medical practices, as well as esthetics and skincare clinics. The partnership with Vitamed represents MedX’s first conversion of a pilot into a full-fledged long-term commercial contract.
According to the World Cancer Research Fund, Italy has the 19th highest rate of skin cancer in the world. The World Health Organization’s International Agency for Research on Cancer estimated that 12,515 Italians were diagnosed with melanoma skin cancer in 2020, with approximately 2,224 Italians dying of the disease1. Early and rapid detection of melanoma is key to improving patient outcomes.
About Vitamed Biomedical s.r.l.
Vitamed Biomedical s.r.l. was created in June 2015 from the twenty-year experience of its founder in the field of chronic pain. Vitamed’s mission is focused on being innovators oriented to people’s health in the landscape of biomedical technologies, making them more accessible and functional to those who need them. Vitamed believes in the need to implement innovative forms of disease management, which can bring benefits to all those involved according to innovative models and through the use of the latest technologies, in full compliance with scientific evidence and enhancing the value of the various professionals. Visit www.vitamed-biomedical.it.
About MedX Health Corp.
MedX, headquartered in Ontario, Canada, is a leading medical device and software company focused on skin health with its SIAscopy® on DermSecure® telemedicine platform, utilizing its SIAscopy® technology. SIAscopy® is also imbedded in its products SIAMETRICS®, SIMSYS®, and MoleMate®, which MedX manufactures in its ISO 13485 certified facility. SIAMETRICS®, SIMSYS®, and MoleMate® include hand-held devices that use patented technology utilizing light and its remittance to view suspicious moles and lesions up to 2mm beneath in a pain-free, non-invasive manner. Its patented software then creates real-time images for physicians and dermatologists to evaluate all types of moles or lesions within seconds. These products are cleared by Health Canada, the U.S. Food and Drug Administration, the Therapeutic Goods Administration and Conformité Européenne for use in Canada, the U.S., Australia, New Zealand, the European Union, Brazil and Turkey. For more information, visit www.medxhealth.com.
Forward-looking Statements
This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements within the meaning of applicable Canadian securities legislation. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the company's limited operating history and history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace, and such other risks that could cause the actual results to differ materially from those contained in the company's projections or forward-looking statements. All forward looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
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.
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1 https://gco.iarc.fr/today/data/factsheets/populations/380-italy-fact-sheets.pdf
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Bill Mitoulas, Investor Relations
MedX Health Corp.
[email protected]
+1-416-479-9547
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