- In its latest quarterly report, G Medical Innovations’ (GMV) has recapped its international activity
- The e-health company received regulatory approvals and signed distribution agreements to bring its Prizma technology to the rest of the world last quarter
- G Medical’s Prizma device is a smartphone case that can help patients and medical practitioners monitor vital signs and collect medical data
- After receiving the Taiwanese Food and Drug Administration (FDA) approval, GMV also signed a distribution agreement to enter the European market
- In related news, G Medical has finished trialling its Prizma device in China, and can now submit its results to China’s National Medical Products Administration for final approval
- Prizma has also been granted over-the-counter approval in the U.S., through a COVID-19 initiative, which fast-tracks the approval process for coronavirus-related medical devices
- G Medical Innovations is down 12.4 per cent on the market today, with shares trading for 9.2 cents each
G Medical Innovations (GMV) has reached a series of product development milestones in its first quarter, including two approvals for its Prizma medical smartphone case.
The Prizma case allows the user’s smartphone to monitor vital medical signs and record the data straight to a cloud-based server.
In the company’s first quarter, Prizma has been granted approval from the Taiwanese Food and Drug Administration, through its distribution partner in the region, First Channel.
With approval granted, the company and First Channel are now discussing final terms for a distribution deal.
In related news, G Medical has finished trialling the product in China. The trial involved 208 patients and, now completed, the company can submit the results to China’s National Medical Products Administration for final approval. GMV also signed a distribution agreement to enter the European market.
The product has also been granted over-the-counter approval in the U.S. Before now, Prizma was available in the U.S. only through consultation with a medical professional but can now be bought publicly. The company applied for the designation through a COVID-19 initiative, which fast-tracked the approval process for products that could help during the pandemic.
CEO and Executive Director of G Medical, Dr Yacov Geva, believes these milestones provide a strong start to the company’s year.
“While the quarter was challenging given restriction put in place by COVID-19, G Medical has been able to lay a strong foundation for growth through a number of critical regulatory and operational milestones.
“The momentum generated during Q1 has continued well into the current period and G Medical remains incredibly well-positioned to capitalise despite a volatile market. We look forward to updating shareholders on a number of initiatives in the coming weeks, that will unlock considerable near-term value,” he said.
GMV received roughly US$1.2 million in cash receipts over the quarter, spent approximately US$1.8 million on operations, and finished the period with US$185,000 in the bank.
G Medical Innovations is down 12.4 per cent on the market today, with shares trading for 9.2 cents each.