Relay Medical Provides 2018 Overview
February 4, 2019 – Relay Medical Corp. (“Relay” or the “Company”) (CSE: RELA, OTC: RYMDF, Frankfurt: EIY2), an engine of MedTech innovation, is pleased to provide an overview of operations and developments for 2018.
In 2018 Relay Medical made significant advances to the company’s business and capabilities, notably changing the leadership, defining and refining the business model, expanding the techno-commercial team, building relevant infrastructure, completing successful financings, successfully completing the UXD acquisition and advancing commercial strategies. The Company’s primary product mandate was to focus on the advancement of the HemoPalm blood analyzer technology in accordance with market needs and path-to-exit strategy. In early summer, the Company acquired UX Data Sciences and the Pharmatrac technology and rapidly executed the expansion of its business capacity and infrastructure to support the HemoPalm project.
Leadership & Infrastructure
At the beginning of the year the Company’s board of directors appointed seasoned medical device executive and innovation ecosystems builder Lahav Gil as CEO, with a mandate to build a broader business model with a shorter-term focus to advance the HemoPalm blood analyzer. Under the leadership of Lahav, the Company began the year by undertaking thorough market research/analysis and the build out of a dedicated techno-commercial team with the necessary capabilities to deliver on HemoPalm R&D and product development requirements. With this mandate, Relay’s team has grown with industry leading executives and technical leaders, and is currently moving to a newly expanded 6000 sq. ft headquarters facility by the Pearson airport, in the Greater Toronto Area. This facility will accommodate the Company’s human resource needs and lab requirements. Relay reported on the development of a cloud-based regulatory management system and a modular software development toolkit in support of HemoPalm development and the broader company strategy in November.
From Single Product Development to a Portfolio Management Business Model and Multi-project Efficiency
The Company also evolved its corporate strategy to optimize Relay’s techno-commercial capacity. Under the guidance of Lahav and utilizing proven MedTech development methodologies the Company announced the evolution of its development strategy to support Relay Medical’s integrated MedTech accelerator business model. Utilizing Lahav’s experience at Kangaroo Group and other developed relationships, the Company has been successful in building out a best-in-class team. This buildout was also critical to support the HemoPalm development requirements.
Medication Adherence and Data Science
In May the Company announced the acquisition of the medication adherence and data science company UX Data Sciences Corp. In Fall 2018 the Company commenced user studies on the Pharmatrac medication management system which is being designed to address identification, monitoring, and adherence issues for stakeholders within the medication treatment protocol lifecycle. The Company’s current development path indicates that either a product launch, or the creation of a commercial partnership with a larger player focused on the Pharmatrac multi-product system, is a practical expectation in 2020.
In conjunction with Relay’s evolving business development/research requirements, the Company appointed John Soloninka as Senior VP of Acquisitions and Exits. Under John’s leadership the Company has been corresponding with leading tech transfer offices in Canada and the United States for its project intake funnel. From over 1000 IP disclosures the Company has identified over 100 technologies for advanced screening that are currently in multiple stages of due diligence. Relay’s acquisitions department has established a scouting network and the Company’s current expectation is to have multiple acquisitions completed during 2019.
Glow Life Partnership
At the end of 2018 Relay announced the launch of Glow Life Technology in partnership with AgraFlora Organics International. Relay will provide techno-commercial leadership and support for the venture that is pursuing technology opportunities in the medicinal cannabis and agrotechnology fields. Relay owns 50% of Glow Life Technology and expects to provide further details on the strategy and operations of this venture in the very near future.
“In order to successfully commercialize/productize technologies and create significant sustainable value you need to establish efficient working processes and an infrastructure that supports the team and operations required to execute. Relay now has the team and resources required to unlock that value and execute on our strategy in a meaningful way. In 2018 the Company grew, but more importantly the Company was successful in laying the groundwork for repeatable success in development and productization. We look forward to demonstrating these capabilities and the value of the HemoPalm, Pharmatrac and of our new partnership in Glow Lifetech in 2019.” said Lahav Gil, CEO, Relay Medical Corp.
About Relay Medical Corp.
Relay Medical is an evolving “Integrated MedTech Accelerator” headquartered in Toronto, Canada, acquiring early-stage technologies and inventions, advancing and preparing them for pre-commercial acquisitions in the HealthTech marketplace. By integrating the funding, development and exit process into one organization led and managed by one expert team, Relay Medical is building the capacity to accelerate and transact technologies with high efficiency and grow into a leading engine for MedTech innovation in the global HealthTech marketplace.
W. Clark Kent
Relay Medical Corp.
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Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company’s control. There are no assurances that the commercialization plans for the HemoPalm product described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company’s filings with Canadian securities regulators, which filings are available at www.sedar.com