FDA Registered Manufacturer Set to Mass Produce Medical Grade Healthcare and Consumer Devices
REDWOOD CITY, Calif., March 14, 2017 (GLOBE NEWSWIRE) -- Biotricity Inc. (OTCQB:BTCY), a healthcare technology company committed to delivering innovative, medically-relevant biometric remote monitoring solutions, today announced that it has selected contract manufacturer Providence Enterprise to mass produce its medical grade and IoT-connected healthcare devices. More specifically, Biotricity will outsource much of the supply chain to Providence to reduce costs, improve performance and meet the expected demand of Bioflux, a remote cardiac monitoring system that physicians will use for testing and diagnostic care.
Remote patient monitoring devices hold the promise of improving chronic disease management and reducing unnecessary costs. Using medical proven devices, physicians can monitor and track patients' health and improve how medicine is applied and used for the treatment of chronic disease. The data can also be used to promote patient compliance, eldercare, wellness programs, etc.
“Our next-generation remote monitoring solutions will pave the way for the adoption of preventive care measures into mainstream healthcare practices and help move from the current ‘reactive’ model, where physicians diagnose and treat conditions and diseases after onset, to a proactive one,” said Waqaas Al-Siddiq, Biotricity founder and CEO. “Our first target is the world’s leading cause of death: cardiovascular disease which is still listed as the underlying cause of the death of more than 800,000 people in the US each year. As an FDA registered, Class I and Class II medical device contract manufacturer, Providence manufactures products for many of the top 10 global healthcare companies, as well as Fortune 500 companies. We are thrilled that Providence is ready to provide full production of our medical-grade devices and to help diagnose patients by tracking and reporting on cardiac activity in real-time.”
Biotricity is advancing the capabilities of remote biometric technology to improve the lives of people with chronic medical conditions. The Company’s goal is to develop multiple solutions for chronic illnesses by designing monitoring devices paired with chronic care management tools to improve patient compliance and empower the individual to take better care of their health. Consisting of an IoT-connected device, ECG-analysis software, and comprehensive remote monitoring center access, Bioflux generates customized reports tailored to a physician's individual patient for diagnostic purposes.
“Today, there is increasing importance in advancing intellectual property and increasing the quantity of innovative, well manufactured, new products,” said Brett Freeman, Executive Vice President of Providence Enterprise LLC. “Our extensive experience in manufacturing combined with our global supply chain and ISO 13485, FDA QSR Part 820 & CGMP compliance manufacturing facility will help Biotricity capitalize on its tremendous market opportunity. We look forward to ensuring that they can meet the pending diagnostic needs of physicians and individuals looking to bridge the gap between diagnostic care and disease management.”
Biotricity will develop multiple solutions for chronic illnesses, including sleep apnea, diabetes, prenatal care, etc. by designing monitoring devices paired with chronic care management tools to improve patient compliance and empower the individual to take better care of their health. This is particularly true of managing heart-related illnesses because without any feedback mechanism or continuous monitoring, patients often fail to adhere to doctors’ medical directives, dietary changes, exercise regiments, and lifestyle alterations.
About Biotricity, Inc.
Biotricity’s mission is to revolutionize chronic care management by developing innovative solutions that bridge the gap between diagnostic care and disease management. A medical technology company, Biotricity is focused on delivering innovative, remote biometric monitoring solutions to the healthcare and consumer markets, including diagnostic and post-diagnostic solutions for chronic conditions and lifestyle improvement. Biotricity’s R&D continues to focus on the preventative healthcare market, with a vision of putting health management into the hands of the individual. The company aims to support the self-management of critical and chronic conditions with the use of innovative solutions to ease the growing burden on the healthcare system. To learn more, visit www.biotricity.com.
Important Cautions Regarding Forward-Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements may include, without limitation, statements regarding (i) the plans and objectives of management for future operations, including plans or objectives relating to the design, development and commercialization of Bioflux or any of the Company’s other proposed products or services, (ii) a projection of income (including income/loss), earnings (including earnings/loss) per share, capital expenditures, dividends, capital structure or other financial items, (iii) the Company's future financial performance and (iv) the assumptions underlying or relating to any statement described in points (i), (ii) or (iii) above. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, the Company's inability to obtain additional financing, the significant length of time and resources associated with the development of its products and related insufficient cash flows and resulting illiquidity, the Company's inability to expand the Company's business, significant government regulation of medical devices and the healthcare industry, lack of product diversification, existing or increased competition, results of arbitration and litigation, stock volatility and illiquidity, and the Company's failure to implement the Company's business plans or strategies. These and other factors are identified and described in more detail in the Company's filings with the SEC. The Company assumes no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.