Digital Health Innovator Cloud DX Grows US and Canada Business, Increases Workforce, and Secures Patents with Support from the FedDev Business Scale Up Program
News in Summary
KITCHENER, ON / ACCESSWIRE / June 23, 2022 / Cloud DX (TSXV:CDX)(OTCQB:CDXFF), a leading Virtual Care platform, announces its successful completion of the Federal Economic Development Agency for Southern Ontario (Ontario FedDev) program promoting healthcare innovation in Canada. The Business Scale Up and Productivity Program (BSUP) supported Cloud DX in three key areas: expansion in the US and Canadian markets, improvements to its award-winning Connected Health™ virtual care platform, and expansion of Intellectual Property (IP).
Over the course of the two-year program, Cloud DX created 15 new full-time positions and retained 26 other full-time roles. These integral employees helped enable the company to secure 15 new US contracts, including telemedicine partner Maxwell Telecare and notable client Blessing Hospital. Cloud DX also secured 17 new Canadian contracts, which include an exclusive Remote Patient Monitoring (RPM) partnership with Medtronic Canada (NYSE: MDT) and Equitable Life of Canada, contracts with several Ontario Paramedical Service Providers, and two provincial/territorial RPM contracts. Additional details of milestones provided below.
Robert Kaul, CEO and co-founder of Cloud DX, states "Investments like the FedDev BSUP Program assist Canadian Med Tech companies address some of the challenges specific to healthcare innovators, whether it's a life science, biotechnology, or medical device start-up. The regulatory, IP, and clinical validation hurdles faced by these companies are real challenges that are time consuming, expensive, and yet mandatory. Financial support from Canadian governments help fund these resource-intensive processes. It's a way for Canada to continue to invest in itself, a sentiment that is echoing across the Canadian start-up ecosystem right now. Another great example is Communitech's recently launched Team True North program. We all want to hear more Canadian success stories, and it can start with funding support like this FedDev program."
Kaul continues, "The program results speak for themselves. We invested heavily into our digital health platform and technology resulting in new patents and multiple peer reviewed, published papers, crucial in gaining clinical acceptance in healthcare. We also expanded our sales and marketing teams resulting in over 30 new contracts across North America and an exclusive partnership with the largest medical technology company in the world, Medtronic. With this solid basis established, we're looking forward to scaling up our business and bringing on more clinics and health authorities across North America."
Announced in 2020, the FedDev Business Scale Up and Productivity Program strives to position Canada as an innovation leader. With regards to healthcare in particular, FedDev and 32 partners invested a total of $34.5M to support healthcare technology innovations. Honourable Navdeep Bains, former Minister of Innovation, Science and Economic Development and Minister responsible for FedDev Ontario in 2020 stated "Our Government is committed to positioning Canada as a global centre for innovation - one that creates jobs, drives growth across all industries and improves the lives of all Canadians. That's why it's important for universities, health-care providers, the business community, and government to work together. That's how we will come up with health-care solutions that improve the quality of life for all Canadians."
Cloud DX will repay the $500,000 interest free FedDev contribution in 60 equal installments from June 1, 2023 to May 1, 2028.
The Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development with Melissa Perri, MESc, Senior Compliance Specialist at Cloud DX. Photo supplied by FedDev.
Additional Milestones Achieved
Goal: Expansion in US and Canadian Markets.
Goal: Improvements to the Technology Platform
Goal: Intellectual Property (IP) Expansion
About Cloud DX
Accelerating virtual healthcare, Cloud DX is on a mission to make healthcare better for everyone. Our Connected Health™ remote patient monitoring platform is used by healthcare enterprises and care teams across North America to virtually manage chronic disease, enable aging in place, and deliver hospital-quality post-surgical care in the home. Our partners achieve better healthcare and patient outcomes, reduce the need for hospitalization or re-admission, and reduce healthcare delivery costs through more efficient use of resources. Cloud DX is the co-winner of the Qualcomm Tricorder XPRIZE, a 2021 Edison Award winner, a Fast Company "World Changing Idea" finalist, and was named a "New Innovator 2022" by Canadian Business Magazine. Cloud DX is an exclusive virtual care partner to Medtronic Canada and Equitable Life.
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SOURCE: Cloud DX Inc.