- Mobile Testing app and Pharmatrac device allow Small & Medium Businesses (SMB) and families to utilize Fionet technology for enhanced-compliance COVID-19 testing
- Addition of the device and mobile app completes universal Fionet testing platform
- Fionet high throughput solution provides high efficiency testing for travel and entertainment, etc.
- Fionet home/SMB platform is ideal for families and workplaces looking for enhanced compliance testing
- Mobile app solutions for self-screening
- Solution utilizes machine vision and AI functionality of Pharmatrac to allow for improved testing compliance and quality in moderate throughput settings
- Platform has universal design to process current and future compliant lateral flow RDT tests
- The home/SMB device is being designed to retail below $150 CAD, which includes access to additional telemedicine applications
TORONTO, Aug. 26, 2021 (GLOBE NEWSWIRE) -- Relay Medical Corp. (“Relay” or the “Company”) (CSE: RELA, OTC: RYMDF, FSE: EIY2) is pleased to report on the development of a new home and small business testing system based on the Company’s Pharmatrac platform. The universal device and mobile app allow for use of lateral flow diagnostic kits, including COVID-19 antigen and antibody tests.
The new mobile application and device shares the intellectual property and technology synergies between Relay’s medication management device, Pharmatrac, and FRR’s rapid testing and tracking platform, Fionet, which has recently been deployed in a wide variety of settings including Airports1, Sporting Events2, and with USAID to 144 remote locations in Africa.3
“The dynamics of testing evolves each day and we are designing solutions to evolve in tandem with them. The Fionet platform has been proven in the field and we are now pleased to expand the functionality for the SMB and home markets,” said Yoav Raiter, CEO, Relay Medical Corp. “The future is in safe, convenient, affordable and compliant testing - and we are well positioned to be part of it.”
The Company is now involved in discussions and early-stage engagements with potential strategic partners while continuing product development, conducting demos, small pilots, and internal trials to refine custom applications specific to industry and regional integrations.
FRR introduces home testing capabilities based on Pharmatrac Technology
Relay brings together the capabilities of its medication management device, Pharmatrac, with FRR’s Fionet cloud-based rapid testing and tracking platform to introduce an inexpensive and user-friendly home, small business, and community testing system accessible by mobile app or Pharmatrac device.
The new mobile and device application utilizes the core machine vision and AI functionalities of Pharmatrac to improve testing compliance and quality in moderate throughput settings. In many regions, home testing is not approved due to concerns from health authorities over compliance to testing protocols by users. Relay and FRR bring together the complementary technologies to minimize compliance risk, ensure adherence to proper Instructions For Use (IFU) of the test, and deliver lab-quality results in remote locations.The platform also enables remote healthcare professionals to review and interpret results while increasing patient accessibility and guidance if further action is required. This compliments the Fionet high throughput solution based on the Deki device, which is designed to process large volumes at the capacity of 60 tests an hour for high density settings such as testing centers, large workplaces, entertainment events and travel ports.
As health systems and governments around the world adapt to the pandemic, there is a persistent need to prevent the spread of the virus and its variants through rapid testing and isolation procedures. Rapid test kits are valuable screening tools that can identify potentially infected individuals and prevent outbreaks before they occur. The widespread use of rapid antigen testing can help society return to pre-COVID-19 activities including concerts, theatres, sporting events, and other large gatherings safely.
How the Home Testing Platform Works:
- Users receive a package to their home or small business containing the test kit(s) with instructions
- The kit includes a home appliance that is used to capture the image of the lateral flow test
- Users scan a QR code with their mobile device to open a web portal that walks them through the process of self-administering the test
- Users then place the lateral flow test in the appliance and an image is captured
- The image is analyzed using a proprietary machine vision algorithm to determine the result which is then confirmed by a trained healthcare professional
- Users receive a notification of the test result and information if any further action is required
- Users can use the electronic receipt to show their result as needed
- Results can also be reported to appropriate health authorities with advanced data analytics
The flexible platform is designed to accommodate lateral flow tests of different sizes, types and manufacturers. The new universal device design can be made available for under $150 CAD, offering an affordable solution to small businesses and households to manage compliant testing needs in moderate throughput settings.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/346c73a4-11af-416f-a8a4-8f3f7031f4cb
Fionet was developed as an end-to-end system that provides fast and secure quality-controlled lab testing with real-time digital results for electronic reporting in community-based or decentralized settings. It includes a mobile application platform, supporting software, and data analytics. When combined with rapid antigen and antibody tests, the FRR at home lab testing becomes a rapid result, and tracking solution for private settings. A key aspect to the technology is the integration of Relay’s core machine vision, AI capabilities, web application and communication technology developed in its Pharmatrac product line. In addition, the system works with many types of lateral-flow tests for different manufacturers and for different diseases expanding its use beyond COVID-19.
Relay’s Pharmatrac Platform is a sophisticated solution to improve medication management for patients, caregivers and other stakeholders in a home environment. A connected device uses machine vision, machine learning, and AI to count, identify, and track medications consumed by a patient. The ability to view and monitor when and what medications are taken provides unique insight into a previously unknown aspect of medication adherence and the behaviour of medication users. Pharmatrac’s device operates on a similar robust data-analytics driven software infrastructure such as Fionet, with multiple user-facing smart hardware devices including integration with mobile devices such as smartphones, and designed to bridge gaps in the consumer-medication-practitioner chain and expansion of telemedicine.
FRR’s ongoing engagement with LifeLabs includes some rights to home-testing applications in Ontario and British Columbia, Canada.
Telemedicine & Home Diagnostics Market Size
The Telemedicine market is expected to reach US$108 billion by 20254. The home diagnostics market is set to grow to over US$7 billion by 2028 at a CAGR of over 5.4%.5 Home diagnostics include tests performed on blood, saliva and urine which can be used for detection of diseases or medical conditions. The US, Germany, U.K, and France lead the global home diagnostics market due to high adoption among the general population.
RECENT NEWS: Relay recently announced COVID-19 testing at Toronto’s 2021 National Bank Open presented by Rogers: https://bit.ly/3mN9eSv
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About Relay Medical Corp.
Relay Medical is a technology innovator headquartered in Toronto, Canada focused on the development of novel technologies in the diagnostics and AI data science and IoT security sectors.
Website: www.relaymedical.com
Contact:
Destine Lee
Media & Communications
Relay Medical Corp.
Office. 647-872-9982
TF. 1-844-247-6633
Media Inquiries: media@relaymedical.com
Investor Relations: investor.relations@relaymedical.com
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 technology 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
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1 https://bit.ly/3sOX6kw
2 https://bit.ly/3Dhp0L4
3 https://bit.ly/3mxxIPj
4 https://reports.valuates.com/market-reports/QYRE-Othe-2M208/global-telemedicine-market
5 https://www.futurewiseresearch.com/healthcare-market-research/At-Home-Diagnostics/181
