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Relay Medical Files Patent on Pharmatrac System Countertop Medication Device

ID: 1556216
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(businesspress24) - February 20, 2020 - Relay Medical Corp. (Relay or the Company) (CSE: RELA, OTC: RYMDF, Frankfurt: EIY2), a developer of MedTech innovation, is pleased to announce the filing of a patent entitled Clustering Station, System, and Method for Alert Scheduling, for its Pharmatrac System. The patent is now pending in 153 countries and regions around the world.

The patents main claims cover the Pharmatrac Systems counter-top medication device that has been designed to allow patients to interact with medications with minimal modification to their current behavior and simultaneously introduce value-add features to reduce patient and caregiver confusion around medication adherence.

Sensors in the device monitor medications that the user plans to take, and the system identifies and analyses consumption habits, extracting insights about protocol adherence that can be shared with caregivers and medical professionals. The system uses machine vision and AI to learn the behaviour of users and identify when medication is taken counter to prescribed protocol or missed all together.

The system includes an application/dashboard interface that communicates to users, caregivers, medical professionals, and others how the patient is consuming medication, showing trends over time, and highlighting events or patterns that may indicate non-compliance to the protocol. Some of those negative trends and habits could be easily corrected by increasing awareness.

The patenting of this technology gives Relay Medical an advantage in securing market penetration in markets related to medication adherence. Annual costs of non-adherence are estimated to be US$100-US$290 billion in the US, 1.25 billion euros in the Europe and A$7 billion in Australia. (1)

Functionality

The Pharmatrac Countertop Device connects wirelessly by Bluetooth and wifi to track and record patient interactions with prescribed medications and supplements. The device consists of a detachable bowl with an integrated camera and sensors which assess use and monitor patient interaction. The companion app is securely connected to the device and allows caregivers, practitioners and users to monitor medication protocol. App users can monitor medication use to the minute and access records of previous days to review how well the medication users have been adhering to their medication schedule.



The data collected through the Pharmatrac Countertop Device is analyzed by Relay Medicals machine vision/machine learning algorithms which are used to generate insights into the medication users behaviour and habits including: instances where the medication was not taken as per the protocol and details of these anomalies, statistics such as adherence to protocol, trends for when the medication user takes the medication, etc.

VIDEO: Pharmatrac Medication Management - Countertop Medication Device Demonstration
https://www.youtube.com/watch?v=uzNPWN-a_xM&feature=youtu.be

Pharmatrac Market

Relay Medical believes that the flexibility of the Pharmatrac uniquely positions the system to make a meaningful impact in multiple markets related to medication adherence and data validation.

Medication non-adherence is a world-wide problem that costs payors and healthcare systems billions of dollars annually and puts consumers at significant risk. There is a growing need for assistance in the management of medications and for information related to adherence to improve efficiencies in the pharmaceutical ecosystem.

The number of prescriptions has risen by approximately 85% since 1997(2) to an estimated 4.5 billion prescriptions a year in the United States and while seniors make up only 12% of the population, they account for over 30% of all over-the-counter medication use (3). Individuals have a difficult time managing their medications which results in avoidable hospital admissions, in 2014 nearly 1.3 million US citizens sought emergency room treatment for adverse drug effects and approximately 124,000 died.(2)
In North America it is estimated that patient compliance and medication adherence is less than 50% (4) which means more than half of patients/consumers are likely to improperly take or skip medications, appointments, and other treatment protocols.

In 2018, the telemedicine market size was valued at $31.46 Billion USD globally, and it is expected to reach $108.08 Billion USD by 2025 (5). This growth will be driven by advances in technology, demand for better healthcare in rural areas and the increased prevalence of chronic diseases.

Prescription drug expenditure in the United States in 2019 was estimated at over $360 Billion USD. (6)

Footnotes
1. Source: https://bmjopen.bmj.com/content/8/1/e016982.full
2. Source: Consumer Reports (2017)
3. Source: APHA (2010)
4. Source: The World Health Organization (2003)
5. Source: https://reports.valuates.com/market-reports/QYRE-Othe-2M208/global-telemedicine-market
6. Source: https://www.statista.com/statistics/184914/prescription-drug-expenditures-in-the-us-since-1960/

About Relay Medical Corp.

Relay Medical is a MedTech innovation Company headquartered in Toronto, Canada focused on the development of novel technologies in the diagnostics and data science sectors.

Website: www.relaymedical.com

Contact:
W. Clark Kent
President
Relay Medical Corp.
Office. 647-872-9982 ext. 2
TF. 1-844-247-6633 ext. 2
investor.relations(at)relaymedical.com

Bernhard Langer
EU Investor Relations
Office. +49 (0) 177 774 2314
Email: blanger(at)relaymedical.com

Office: 647-872-9982
Toll-free/Fax: 1-844-247-6633
Email: info(at)relaymedical.com
Suite 1600-401 Bay St.
Toronto, Ontario M5H 2Y4

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 Companys control. There are no assurances that the commercialization plans for UXD 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 Companys filings with Canadian securities regulators, which filings are available at www.sedar.com



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Date: 02/21/2020 - 08:15
Language: English
News-ID 1556216
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