Karie Device Expected to be Brought to Market by Summer 2018
TORONTO, March 15, 2018 /CNW/ - Centric Health Corporation ("Centric Health" or the "Company") (TSX:CHH) is excited to announce that AceAge Inc. ("AceAge") has signed a manufacturing agreement with Urtech Manufacturing Inc. ("Urtech"), a Burlington-based electronics manufacturer, and has initiated its process for the production of the first batch of Karie devices. Over the next several weeks, AceAge and Centric Health will be working with Urtech to complete thorough end-to-end systems testing in preparation for the product's launch in the summer of 2018.
AceAge's Karie device is a home-based automated drug delivery appliance that makes it simple to follow complex medication regimes by automatically delivering prescription drugs, in the correct dosage and at the right time. The medication comes pre-organized in an easy-to-load cartridge and the patient's medication schedule is also stored. Karie provides audio and visual cues when it's time for each dose and provides a visual and audio alert. It can also be set to automatically notify a family member or caregiver if a dose is ever missed. It is a simple, easy to use solution that provides peace of mind to the children of seniors and other family members given that adverse drug reactions is one of the leading causes of emergency room visits and hospital admissions in the seniors population. Karie also incorporates facial recognition which ensures the safety of the user and protects others, network connectivity using TELUS' cellular IoT network and is Bluetooth-enabled to connect to other health monitoring devices. It will also be supported by a call centre to handle patient inquiries.
The Company estimates that there are currently about 4 million seniors over the age of 65 living at home, with approximately 3 million of those seniors taking more than 5 medications daily, and 225,000 seniors living in retirement residences. Centric Health currently provides medication management to approximately 14,000 seniors living in retirement residences across Canada, representing approximately 54% penetration in those residences.
"Karie represents an incredible opportunity for Centric Health to differentiate its specialty pharmacy services from its competitors, increase penetration in retirement homes, and benefit our home operator partners from both an economic and marketing standpoint," noted Jack Shevel, Centric Health's Interim CEO and Chairman. "It provides Centric with direct-to-consumer access to the currently untapped market of 4 million seniors living at home - a significant increase to our current serviceable market of approximately 400,000 seniors living in long-term care and retirement residences – and demonstrates the strategic execution of our stated expansion of products and services to seniors through leveraging the Centric platform. Most importantly, however, Karie demonstrates our commitment to seniors and to bringing innovative solutions that improve their lives, care and outcomes."
Centric Health is also pleased to announce that it has advanced an additional $500,000 to AceAge in connection with its production initiation with Urtech and has also received a further 2.5% in equity for its provision of certain ongoing support and consulting services, thereby increasing its ownership interest in AceAge to 17.5%. Centric Health has committed to make a further investment in AceAge of $500,000, and through an additional option to acquire up to a further 10% interest, it has the opportunity to increase its ownership stake to 32.5%. Centric Health signed a strategic distribution and supply agreement with AceAge in August 2017, and is the only pharmacy in Canada currently offering the Karie device.
Karie will be exhibited at the "Together We Care" conference April 9-11, and will be commercially available this summer.
To view a demonstration video of Karie, please click here: Karie - Medication Made Simple Video
About AceAge Inc.
AceAge is a healthcare technology company, creating intuitive products to ease the aging process and improve health outcomes. Its upcoming product Karie is a home health appliance designed to help people take their medication safely, as directed by their physician. In addition to the release of Karie in 2018, AceAge has been working on various other upcoming initiatives, including i2P2 Studies and Applied Facial Recognition.
About Centric Health
Centric Health's vision is to be Canada's most respected and recognized provider in the independent healthcare sectors in which it operates, world renowned for delivering the highest levels of quality care and outcomes, innovative solutions and value to patients, clients and stakeholders. To this end, Centric Health primarily focuses on two core healthcare businesses:
- The Specialty Pharmacy division is a "Patient First" model composed of a growing national network of fulfilment centres that deliver high-volume solutions for the cost effective supply of chronic medication and other specialty clinical care services, serving more than 28,300 residents in over 440 seniors communities (long-term care facilities, retirement homes and assisted living facilities) nationally. The Specialty Pharmacy division also provides pharmaceutical dispensing services for employees insured by corporate health plans.
- The Surgical & Medical Centres division is Canada's largest independent surgical provider operating five facilities across four provinces. It serves a diversified customer base with private paid non-insured surgeries and diagnostics, government outsourcing of insured surgeries and diagnostics and other procedures funded by third-party payors (including Workers Compensation) and is the proud owner of Canada's first Centre of Excellence in Metabolic and Bariatric Surgery.
With national networks of facilities in each of its businesses, deep knowledge and experience of healthcare delivery and extensive, trusted relationships with payers, physicians, and government agencies, the Company is uniquely positioned to address current and future healthcare needs in growing markets as the Canadian healthcare industry goes through a major transformation over the medium to long term. www.centrichealth.ca
This press release contains statements that may constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation. These forward-looking statements include, among others, statements regarding business strategy, plans and other expectations, beliefs, goals, strategies, alternatives, objectives, information and statements about possible future events. Readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks, which could cause actual results to vary and in some instances to differ materially from those anticipated by Centric Health and described in the forward-looking statements contained in this press release. No assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do so, what benefits Centric Health will derive there-from. The Company does not undertake to update any forward-looking information contained herein, except as required by applicable Canadian securities legislation.
SOURCE Centric Health Corporation
For further information: Dr. Jack Shevel, Centric Health Corporation, 416-927-8400, email@example.com