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Canada-Israel Industrial Research and Development Foundation Funds CardioComm Solutions to Fast-Track Wearable Medical Device Integration
Toronto, Ontario--(Newsfile Corp. - June 8, 2017) - CardioComm Solutions, Inc. (TSXV: EKG) (...
About this update from Cardiocomm Solutions, Inc.
[{"type":"text","content":"Canada-Israel Industrial Research and Development Foundation Funds CardioComm Solutions to Fast-Track Wearable Medical Device IntegrationFinancing to target development of a new 12 lead ECG Shirt Remote Cardiac Monitoring SolutionToronto, Ontario--(Newsfile Corp. - June 8, 2017) - CardioComm Solutions, Inc. (TSXV: EKG) (\"CardioComm\" or the \"Company\"), a leading global medical provider of consumer heart monitoring and medical electrocardiogram (\"ECG\") software solutions, today announced it has been awarded a $567,079 grant from the Canada-Israel Industrial Research and Development Foundation (\"CIIRDF\") to enable R&D collaborations with HealthWatch Technologies Ltd. (\"HealthWatch\") of Israel. This funding will directly support the joint development costs of a novel wireless call centre-based ECG/arrhythmia monitoring solution and allow the fast-track integration of a HealthWatch's wireless ECG and vital signs monitoring smart shirt with CardioComm's GEMS™ ECG arrhythmia management software. In April of this year, CardioComm announced that it had executed a distribution and co-marketing agreement (the \"Agreement\") with HealthWatch for the integration of the wearable device into CardioComm's Software as a medical device (\"SaMD\") ECG software platform.The CIIRDF Board of Directors approved funding in December 2016 in Tel Aviv, Israel, after reviewing proposals that met key eligibility requirements and passed rigorous independent technical and business merit reviews in both countries. CIIRDF supports such bilateral R&D initiatives by contributing up to 50 percent of joint project costs to a maximum of CDN $800,000. The CIIRDF projects that commercialization of the approved products will generate hundreds of millions of dollars in revenues for collaborating companies and would stimulate job creation and other economic benefits in both Canada and Israel. CIIRDF-enabled technologies have generated several hundreds of millions of dollars in economic value for Canadian and Israeli companies over the past decade alone.Under the terms of the Agreement, CardioComm will develop software and communications compatibility between HealthWatch's smart shirt and CardioComm's own family of ECG management SaMD solutions. By combining their respective medical device clearances, the companies will be positioned to offer the ...