REDWOOD CITY, Calif., March 10, 2020 (GLOBE NEWSWIRE) -- Biotricity Inc. (OTCQB: BTCY), a medical diagnostic and consumer healthcare technology company, today announced that it has launched its innovative pain management product with CPM Centres for Pain Management, a subsidiary of NeuPath Health, Canada’s largest provider of chronic pain management services. This is Biotricity’s first expansion into the larger chronic care/pain management market, where it hopes to address gaps in technology solutions for patient diagnosis and management.
“All of us at Biotricity are excited with the launch of our pain management application,” said Dr. Waqaas Al-Siddiq, Biotricity Founder and CEO. “The ability to commercially launch a product, with a partner like NeuHealth, gives us great confidence. This new product will provide incremental recurring revenue on a per user basis, similar to our current Bioflux platform technology, enabling us to drive revenue growth.”
The company’s pain management product is comprised of a software suite with applications for both patients and physicians. Patients can track progress while quantifying and managing their pain. Physicians are enabled to monitor patient progress remotely and intercede with treatment adjustments while gaining deeper insight into the interplay between pain management and treatment. They will also be able to test different solutions for chronic pain management with quicker feedback. The software is a platform that will be continually expanded to serve other segments beyond pain management.
Chronic pain has been linked to numerous physical and mental conditions and contributes to high healthcare costs and lost productivity. In 2016, according to The Centers for Disease Control and Prevention, an estimated 20.4% of U.S. adults had chronic pain and 8.0% of U.S. adults had high-impact chronic pain. Chronic pain and the opioid epidemic are key government concerns, driving new government guidelines and recommendations focused on innovation. These considerations will be a part of the Company’s continued development of its pain management application.
“The rollout of our pain management software is the culmination of extensive research and development, and the start of Biotricity’s foray into chronic disease markets outside the cardiac space,” said Dr. Al-Siddiq. “With a high focus on innovation, NeuPath Health is an ideal first customer, providing us with important feedback as we continue advancing our technology.”
The decision to work with NeuPath Health was the culmination of an extensive search to partner with an organization that is focused on providing groundbreaking solutions to its patients for pain management. Working with NeuPath has provided Biotricity with a customer and, most importantly, large-scale access to patients and pain management physicians in Canada. Biotricity will use an outcomes-based approach to customize its solution software for the U.S.
About NeuPath Health
NeuPath Health is the largest service provider in Canada for the highly fragmented chronic pain management market and operates chronic pain management clinics across Canada under two leading brands: CPM Centres for Pain Management and InMedic Creative Medicine. NeuPath Health is focused on using innovative technology solutions to improve patient outcomes. To learn more about CPM Centres for Pain Management, please visit https://chronicpainmanagement.ca.
About Biotricity Inc.
Biotricity is a modern medical technology company focused on delivering innovative, remote biometric monitoring solutions to the medical and consumer markets, including diagnostic and post-diagnostic solutions for chronic conditions and lifestyle improvement. Biotricity’s R&D continues to focus on the preventative healthcare market, with a vision of putting health management into the hands of the individual. The company aims to support the self-management of critical and chronic conditions with the use of innovative solutions to ease the growing burden on the healthcare system. To learn more, visit www.biotricity.com.
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Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words “may,” “should,” “would,” “will,” “could,” “scheduled,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “seek,” “project,” or “goal” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements may include, without limitation, statements regarding (i) the plans, objectives and goals of management for future operations, including plans, objectives or goals relating to the design, development and commercialization of Bioflux or any of the Company’s other proposed products or services, (ii) a projection of income (including income/loss), earnings (including earnings/loss) per share, capital expenditures, dividends, capital structure or other financial items, (iii) the Company's future financial performance, (iv) the regulatory regime in which the Company operates or intends to operate and (v) the assumptions underlying or relating to any statement described in points (i), (ii), (iii) or (iv) above. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, the Company's inability to obtain additional financing, the significant length of time and resources associated with the development of its products and related insufficient cash flows and resulting illiquidity, the Company's inability to expand the Company's business, significant government regulation of medical devices and the healthcare industry, lack of product diversification, existing or increased competition, results of arbitration and litigation, stock volatility and illiquidity, and the Company's failure to implement the Company's business plans or strategies. These and other factors are identified and described in more detail in the Company's filings with the SEC. The Company assumes no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.
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