SANTA MONICA, CA, June 24, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Parallax Health Sciences, Inc. (OTCQB: PRLX) (''Parallax'' or the ''Company''), an outcome-driven connected healthcare company, today announced that the Company has approved the design and development of Compass-ASD Version 2.0 mobile app and Parallax Care provider platform targeting the treatment of Autism. In 2018, a research and reporting firm Marketdata stated the U.S. autism spectrum disorder (“ASD”) treatment market was estimated to be valued at $1.87 billion in 2017 and forecasted a 3.9% average yearly growth, to $2.23 billion by 2022. The Compass ASD 2.0 Parallax Care provider platform and Patented Reliable Evidenced Based Outcome Optimization Technology, (“REBOOT”) was developed, tested and commercially deployed, at a cost of approximately $4 million at Grafton Integrated Health Network, a 61 year old multi-state behavioral health care organization serving children, adolescents and adults since 1958.
Parallax Health Sciences, Inc. Chief Technology Officer, Nathaniel Bradley stated that, “Compass-ASD’s patented technology separates our ASD offering from other offerings in our market. After more than five years of use by children and adolescents afflicted with ASD at the Grafton schools, with strong outcome efficacy results, expanding the focus of Compass-ASD was inevitable. Those individuals affected by ASD are considerably heterogeneous and we decided to expand the stratification of our content.” Additionally, Mr. Bradley added, “ASD is currently defined by consensus behavioral criteria of difficulties in social-communication and restricted repetitive behaviors. Although the population is subsumed under a single unitary diagnostic label, we believe that variability between affected individuals is considerable. This diversity or ‘heterogeneity’ inherent within ASD can be seen at multiple levels, from a myriad of different etiological mechanisms, developmental trajectories, sex/gender, clinical comorbidities, cognitive/behavioral features (e.g., language development), and many others. By expanding the targeted user for the Compass-ASD 2.0 app we fulfill our belief that a patient centric approach to treatment is always preferable to putting everyone in a single basket.”
Paul Arena, Parallax Health Sciences, Inc. Chief Executive Officer stated that “timing is everything in business and ASD has finally been attracting the resources necessary for treatment. We believe at a foundational level, that the time for a larger discussion about ASD is now and that until there is a cure for ASD, helping those afflicted, their families and caregivers is a valuable objective.” Mr. Arena continued, “We know there are many entrants in the ASD market and we welcome those that make an impact in people's lives. Even though the Compass-ASD 2.0 will have expanded content reflecting the new scope of user base, we have made the decision to maintain our pricing $14.95 per month, per user as a way of affirming our commitment to deliver solutions, that make a positive impact on the lives of those afflicted with ASD. According to the Center for Disease Control there are over 1.68 million children living with ASD in the U.S., with over 1.1 million parents or guardians to potentially use Compass-ASD 2.0. With a stated goal of achieving of a 15% market penetration, I am confident that if we achieved a 10% penetration of the US market, we would not only make an impact in the lives of those afflicted with ASD at an average gross margin of 85%, we would also deliver significant value to our shareholders.”
About Parallax Health Sciences
Parallax Health Sciences is an advanced technology, outcome-driven telehealth company that allows for cost-effective remote diagnosis, treatment and monitoring of patients through proprietary platforms of integrated products and services. The Company's interoperable novel applications provide patients point-of-care testing and monitoring with information communicated via internet-based mobile phone applications that are agnostic as to operating system and are built on highly sophisticated data analytics. Information is retrieved in real time by physicians that are monitoring patients with chronic diseases or through biometric feedback for health-related behavior modification, and such information can be automatically integrated into electronic patient health records. The Company's products and offerings capitalize upon the digital transformation currently underway in the healthcare industry in order to improve patient compliance, diagnosis and treatment, while supporting healthcare system cost savings and efficiencies. For more information, please visit www.parallaxhealthsciences.com or www.parallaxcare.com.
About Compass-ASD
The first release from this rigorous platform is the Compass-ASD, a mobile app and Parallax Care provider interface. The app functions like a “provider in your pocket” for parents/caregivers of children with ASD. Parents can assess their child on five key functioning domains: physical, adaptive, cognitive, communication, and social-emotional development and, based on the results, receive education and training on evidence-based training practices, also known as Applied Behavior Analysis, Trauma-informed Care and Behavioral Science to increase their child’s functional autonomy, thereby reducing the gap between the child’s chronological age and his/her developmental age (age equivalency) on the five areas of functioning.
The app can be used as a standalone technology or can be paired with the Parallax Care provider interface when receiving ASD-related services to increase parent engagement in shared decision-making. The collaboration between the parent and provider is strengthened as the parent becomes more knowledgeable about the child’s developmental needs and the incremental steps needed for skill development. In addition, the entire community of stakeholders has clear transparency into the child’s progress, the interventions used, and when paired with service and financial data, the true value ratio for that care (outcomes/cost).
REBOOT
REBOOT is a predictive algorithms based engine patented in 2018, that drives evidence-based content delivery, decision support and real-time status updates across multiple user interfaces aimed at improving physical and behavioral health and wellness, including consumer-facing mobile apps and provider/payor web interfaces.
Forward-Looking Statements
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. Factors that may cause actual results to differ materially from those in the forward-looking statements include those set forth in our Form 10-K and other reports filed with the SEC. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
Attachment