REDWOOD CITY, Calif., Aug 12, 2020 (GLOBE NEWSWIRE) — Biotricity Inc. (OTCQB:BTCY), a medical diagnostic and consumer healthcare technology company, today announced that it has entered into an Agreement that establishes terms under which Biotricty will enter into a licensing agreement. Biotricity has negotiated to license, with the exclusive right to acquire MD Matrix and its telemedicine platform that includes real-time streaming of medical devices, making it a perfect fit for the Bioflux platform. The addition of telemedicine provides additional growth for the Company.
“COVID-19 has brought telemedicine to the forefront of medical discussions and accelerated adoption. We saw a need for a telemedicine solution that aligns with the Bioflux to facilitate remote visits and remote prescriptions for cardiac diagnostics. We believe the future of healthcare is in telemedicine and remote patient monitoring and are planning a commercial launch by the end of this quarter with our existing Bioflux clients,” said Dr. Al-Siddiq.
Telemedicine offers patients the ability to communicate directly with their health care providers without the need of leaving their home. This results in improved care to patients that may otherwise elect not to go to medical facilities, cost savings to healthcare service providers, and will result in higher gross revenues for Biotricity.
The licensing agreement will enable Biotricity to offer a telemedicine platform under its brand in conjunction with its Bioflux product offering. The agreement will include exclusive US distribution rights along with any countries Biotricty becomes active in. The purchase option is structured through a payment schedule or revenues generated by telemedicine, allowing the company to maintain its cash position while also avoiding dilution. The parties have 90 days to finalize all agreements and Biotricity will release more details as they occur.
Importantly, the integration of telemedicine with Bioflux will enable remote administration of the Bioflux along with post monitoring follow up. This will provide a boost to core technology revenues associated with Bioflux but also add an additional complementary revenue stream from telemedicine software licensing.
About Biotricity Inc.
Biotricity is a modern medical technology company focused on delivering innovative, remote biometric monitoring solutions to the medical and consumer markets, including diagnostic and post-diagnostic solutions for chronic conditions and lifestyle improvement. Biotricity’s R&D continues to focus on the preventative healthcare market, with a vision of putting health management into the hands of the individual. The company aims to support the self-management of critical and chronic conditions with the use of innovative solutions to ease the growing burden on the healthcare system. To learn more, visit www.biotricity.com.
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