Medicalgorithmics has entered into an agreement with one of the 3 leading entities in the US-based non-invasive cardiac diagnostics and monitoring industry, the company said. The agreement is to allow the partner to evaluate the feasibility of using the company’s technology integrated with the partner’s ECG signal recorder.
“The subject of the agreement is to enable the partner to evaluate the possibility of using the Company’s technology integrated with the partner’s ECG signal recorder. For this purpose, the integration of the Company’s software with the partner’s ECG signal recorder will be carried out, through the development of dedicated software necessary for this evaluation,” the announcement reads.
Following this evaluation, the next stage of cooperation may be a separate agreement to jointly carry out the CE certification process and obtain other required approvals for commercialization of the partner’s integrated technology with the company’s software.
If the company obtains, MDR EU certification for the programming in the pipeline within 6 months of the application, the company will receive a fee of $250,000 (approximately PLN 1.1 million).
In addition, the parties’ interest in concluding a cooperation partnership agreement regarding the partner’s further use of the company’s products and services has been confirmed, it was also stated.
The agreement is in line with the company’s strategy adopted after Biofund Capital Management LLC became its largest shareholder; the company is currently in the process of implementing this strategy by acquiring business partners in a non-exclusive model.
Medicalgorithmics is a high-tech company present on the market since 2005, operating in the field of non-invasive medical devices. The company operates in the US and Asia, among others. In 2014, the company moved to the main market of the Warsaw Stock Exchange from NewConnect, where it had been listed since 2011. It is included in the sWIG80 index.