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Hemostemix Announces the Incorporation of Hemostemix PR Inc: 50% Reimbursement of R&D Expenses in Cash
Calgary, Alberta--(Newsfile Corp. - January 6, 2025) - Hemostemix Inc. (TSXV: HEM) (OTC: HMTXF) (...
About this update from Hemostemix Inc
[{"type":"text","content":"Hemostemix Announces the Incorporation of Hemostemix PR Inc: 50% Reimbursement of R&D Expenses in CashCalgary, Alberta--(Newsfile Corp. - January 6, 2025) - Hemostemix Inc. (TSXV: HEM) (OTC: HMTXF) (FSE: 2VF0) (\"Hemostemix\" or the \"Company\") is pleased to announce it has incorporated Hemostemix PR Inc., in Puerto Rico, as a wholly owned subsidiary and a domestic for profit corporation.Under Puerto Rico's ACT 60 program, Hemostemix PR Inc. is eligible to file applications for cash reimbursement of up to 50% of its research and development expenses, including clinical trials, economic impact assessments of ACP-01 in terms of healthcare budget savings, and feasibility analyses, for example. Hemostemix PR Inc.'s first ACT 60 Application is now completed. Its submission will take place this week. The following information highlights the healthcare drivers and financial impacts that are available to Hemostemix PR Inc., our partner CytoImmune, and the people of Puerto Rico for one of seven medical indications Hemostemix has treated safely, with clinical relevancy, and statistically significant efficacy.Annual Addressable Market: Treatments of 8,681 Diabetic Foot UlcersBased on its 2020 census, Puerto Rico has a population of 3,285,874. The prevalence of diabetes in Puerto Rico (19-20%) has been increasing over the years. Various studies highlight this trend: Abarty's Health and the Puerto Rico Diabetes Association Analysis (2021) estimated a diabetes prevalence of over 19.3% among adults aged 20 and above. The International Diabetes Federation (IDF) 2021 Report estimated a diabetes prevalence of 20.1% among adults in Puerto Rico, equating to approximately 413,400 cases. The annual incidence of foot ulceration in patients with diabetes varies between 1.2% and 3.0%, a mean of 2.1% per year (Diabetes Journals). At the mean, Hemostemix estimates its annual total addressable market in Puerto Rico for diabetic foot ulcers (DFUs) treatment is approximately 8,681 cases at USD $37,000 each. The lifetime risk of developing a foot ulcer for patients with diabetes is estimated to be between 19% and 34% (RACGP, 78,546 - 140,556 cases). The 2024 Canadian Institute for Health Information study, Equity in diabetes care: A focus on lower limb amputation, highlighted that in Canada, 31,220 hospitalizations cost $750 Million annually; however, the re...