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- MyFiziq (MYQ) has inked a deal allowing Tinjoy Biotech to use its CompleteScan platform within its own WinScan digital health platform
- The producer and supplier of traditional Chinese medicines services over 28 million monthly consumers and launched WinScan in 2020
- MyFiziq and Tinjoy will combine their platforms by the third quarter of 2021, targeting one million monthly users within a year
- Under the terms of the agreement, MyFiziq will receive a 70 per cent split of revenue and has the option to invest in WinScan
- MYQ shares are up 3.87 per cent, trading at $1.88
MyFiziq (MYQ) has inked a deal allowing Tinjoy Biotech to use its CompleteScan platform within its own WinScan digital health platform.
The producer and supplier of traditional Chinese medicines services over 28 million monthly consumers and launched WinScan in 2020 to enlarge the company’s presence in China.
The platform addresses wellness, preventative health and nutrition with the primary focus on identifying individuals at risk of chronic disease.
MyFiziq and Tinjoy will combine their platforms for multiple market segments in China and initially include three preliminary scans: BodyScan, FaceScan and COVID symptoms check.
The partners are aiming to offer this combined solution from the third quarter of 2021, targeting one million monthly users within a year. Later, a DermaScan assessment will be integrated.
The initial focus will be on training Tinjoy’s existing 500 call centre staff in Nanning. MyFiziq will put in US$100,000 (around A$128,840) towards the training and US$100,000 towards marketing and launch. Tinjoy will provide sales bonuses to centre staff to drive uptake.
“As we train the team both at call centre and pharmacy level, we will trial small pilots on the sales experience and delivery, allowing the teams to refine the delivery of the uniqueness and value this offering can bring,” said Tinjoy Executive Director Russell Bateman.
“We want to help manage and guide people to better health outcomes and this addition to our offering, I believe will be not only attractive but of significant value to our customers.”
Under the terms of the agreement, MyFiziq will receive a 70 per cent split of revenue and has the option to acquire up to 40 per cent of the WinScan Platform.
“I am also pleased Tinjoy views the agreement as a long-term partnership, with their openness to MyFiziq acquiring a substantive holding if the platform achieves monthly users of five million or more,” said MyFiziq Chairperson and CEO Vlado Bosanac.
“The agreed consideration would be well under the monthly revenue MyFiziq would see based on the pricing we have structured in consultation with Tinjoy,” he added.
MYQ shares are up 3.87 per cent, trading at $1.88 at 11:25 am AEDT.
