Medical data and technology company HeraMED Limited (ASX:HMD) has extended its collaboration with the world famous Mayo Clinic with a new agreement for the development of the company’s HeraCARE pregnancy management platform that includes an equity investment to support the project.
HeraCARE highlights the HeraBEAT smart pregnancy monitor for home use, additional medical connected devices such as a blood pressure monitor and scales, and Mayo Clinic’s educational content.
HeraCARE further includes a smart, task- based companion App interacting and empowering the pregnant moms, as well as a professional dashboard for care providers.
HeraMED intends to offer the market its innovative hybrid maternity care platform HeraCARE – A digital IoT and cloud- based pregnancy management platform.
CEO and Cofounder, David Groberman, said that under the agreement, Mayo Clinic will provide a US$100,000 investment in the form of project funding, expert medical know-how and guidelines in the field of prenatal care, and a license to Mayo’s library of educational content in the space.
Mr Groberman said the agreement has commenced and will continue until the company notifies the Mayo Clinic that it has discontinued the sale of licensed products or unless terminated earlier due to material breach.
We are proud and excited to extend our long-term collaboration with a world leading health system such as Mayo Clinic,” Mr Groberman said
“This new agreement, specifically during these challenging days of COVID-19, with the growing demand for innovative remote monitoring and telehealth solutions.
“It further emphasises the paradigm shift in the mindset of healthcare systems and the belief in the opportunity that HeraMED’s solutions are adding to virtual management of maternal and foetal wellbeing.
“Our strategy is to cooperate with top-tier healthcare providers to drive adoption; This achievement strengthens our relationship and aligns perfectly with our goals. We are confident it will become a significant catalyst in our goal to deliver accessible and high-quality care for pregnant moms and their providers.”
As consideration for Mayo Clinic entering into this agreement, the company will issue to Mayo shares equal to the value of US$75,000 within 30 days of entering into this agreement and the following performance-based options:
- Upon the successful completion of the HeraCare pilot and upon acceptance of a proof of concept by the Mayo Clinic – performance options equal to the value of US$75,000;
- FDA clearance of HeraBEAT Plus for home care –performance options equal to the value of US$100,000; and
- On the commercial launch of the HeraCare Platform and when the HeraCARE Platform is generating its first revenues –performance options equal to US$100,000;.
- 4% on net sales if the product or process is developed in collaboration with Mayo Clinic which is covered by Mayo Clinic’s patent rights; or
- 2% on net sales if what the Company develops in collaboration is based on Mayo Clinic’s know how or licensed content.
