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After a successful pilot, MedX Health and Makromed/Arhan Global A.Ş have entered into a long-term commercial distribution agreement with an immediate commitment to purchase 40 SIAscope units
MISSISSAUGA, Ontario, May 12, 2022--(BUSINESS WIRE)--MedX Health Corp. ("MedX" or the "Company") (TSXV: MDX) is pleased to announce the signing of a commercial distribution agreement with Makromed/Arhan Global A.Ş ("Makromed") following the conclusion of its successful paid pilot project. In conjunction with signing the agreement, Makromed has committed to an initial 60-unit order for 2022, with an immediate order of 40 units and an option for 20 more units to be confirmed by October 2022.
MedX President and CEO Naman Demaghlatrous stated, "MedX is delighted to have successfully turned another paid pilot initiative into a commercialization agreement. Having a local partner like Makromed, with regional coverage, experience and understanding of the local dermatological market dynamics, is fundamental to our partnership's success."
Announced on November 16, 2021, the pilot allowed Makromed to better understand the patient pathway, assess its addressable market size, and set expectations. Results from the pilot concluded with the MedX DermSecure® Screening Platform receiving a very high level of acceptance amongst Turkish Health Care Professionals, from dermatologists to oncologists. Given these exceptional results, Makromed has entered into a distribution agreement with MedX for the commercialization of its high-definition image-capture technology, SIAscopy®, and its secure, cloud-based patient management system, DermSecure®, which transmits and stores patient data throughout the dermatology assessment process.
Founded in 2002, Makromed's mission focuses on providing caregivers in Turkey with state-of-the-art solutions and services offering development and transformation within the health care industry, hence the importance of introducing the MedX solution.
"As a company founded by a medical doctor, we have always approached our responsibility of working closely with our medical practitioners and caring for the patient's wellbeing as our primary objective. MedX's technology has been well received by the dermatologist and oncologist communities. We offer critical services for the early detection of skin cancer and other dermatological conditions, ultimately saving lives and reducing healthcare costs. We see a major opportunity in moving ahead with the commercial partnership with MedX," said Dr. Hasan Silav, Founder and CEO of Makromed.
In addition to expanding its DermSecure® Screening Platform network globally, MedX has focused on building a presence in multiple market verticals such as pharmacies, medical clinics, building hubs, medical scanning clinics, mobile and remote medical practices, as well as esthetics and skincare clinics. The partnership with Makromed further validates MedX's sales and partnership approach of establishing paid pilot initiatives with prospective global partners, gaining in-depth market knowledge and successfully converting them into long-term commercial contracts.
According to the World Health Organization's latest data in 2018, there were an estimated 1,201 skin cancer-related deaths in Turkey1. Early and rapid detection of melanoma is key to improving patient outcomes.
About Makromed/Arhan Global
Makromed, headquartered in Izmir, Turkey, was founded in 2002 with a mission to provide caregivers and patients across Turkey with state-of-the-art products for better outcomes and to improve patients' quality of life. Makromed has since been the distributor of many reputable multinational suppliers such as Evrenler, Johnson & Johnson, Smith & Nephew, Stryker, B. Braun, Covidien, and Medtronic. Under Arhan Global A.Ş, Makromed extended its services to manufacturing health care and patients' protection and safety garments that are high quality CE and ISO certified. Visit www.makromed.com.tr.
About MedX Health Corp
MedX, headquartered in Ontario, Canada, is a leading medical device and software company focused on skin health with its SIAscopy® on DermSecure® telemedicine platform, utilizing its SIAscopy® technology. SIAscopy® is also imbedded in its products SIAMETRICS®, SIMSYS®, and MoleMate®, which MedX manufactures in its ISO 13485 certified facility. SIAMETRICS®, SIMSYS®, and MoleMate® include hand-held devices that use patented technology utilizing light and its remittance to view suspicious moles and lesions up to 2mm beneath in a pain-free, non-invasive manner. Its patented software then creates real-time images for physicians and dermatologists to evaluate all types of moles or lesions within seconds. These products are cleared by Health Canada, the U.S. Food and Drug Administration, the Therapeutic Goods Administration and Conformité Européenne for use in Canada, the U.S., Australia, New Zealand, the European Union, Brazil and Turkey. For more information, visit www.medxhealth.com.
Cautionary Note Regarding Forward-looking Statements
This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements within the meaning of applicable Canadian securities legislation. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the company's limited operating history and history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace and such other risks that could cause the actual results to differ materially from those contained in the company's projections or forward-looking statements. All forward looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220512005408/en/
Bill Mitoulas, Investor Relations
MedX Health Corp.