Company builds on its expansion into deeper data analysis and predictive analytics
REDWOOD CITY, Calif., Feb. 13, 2020 (GLOBE NEWSWIRE) -- Biotricity Inc. (OTCQB: BTCY), a medical diagnostic and consumer healthcare technology company, announced today that it has filed a 510(k) application for US FDA clearance for its next generation, advanced ECG analysis software. The Company anticipates receiving a clearance by end of May 2020.
Biotricity’s new ECG Analysis Software is engineered to improve analysis and identify anomalies by parsing through data trends and pinpointing information from which actionable insights can be gleaned. When fully cleared and implemented, the new AI driven software will significantly reduce the current human capital requirements for such tasks, reducing analysis time from 5 minutes to 30 seconds. This tenfold improvement will allow the company to divert valuable human resources to more high-level operations.
“Our advanced ECG software is designed to extend the capabilities of our remote patient monitoring (RPM) platform by driving scalability up and costs down,” said Dr. Waqaas Al-Siddiq, Biotricity Founder and CEO. “We believe that this will allow us to further differentiate ourselves within the growing remote monitoring marketplace.”
The Company is vested in developing and adding value to its RPM platform in order to diversify its product offerings. Having successfully entered the cardiac monitoring market with its flagship product Bioflux®, Biotricity plans to expand into telemedicine and adjacent connected healthcare markets, including hypertension, fetal monitoring, sleep apnea, and COPD. The addition of its ECG analysis software will enrich the Company’s RPM platform and could increase profitability and eventually help achieve higher volume from new products.
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.
Important Cautions Regarding Forward-Looking Statements
There is no assurance that any specific outcome will be achieved. Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words “may,” “should,” “would,” “will,” “could,” “scheduled,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “seek,” “project,” or “goal” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements may include, without limitation, statements regarding (i) the plans, objectives and goals of management for future operations, including plans, objectives or goals relating to the design, development and commercialization of Bioflux or any of the Company’s other proposed products or services, (ii) a projection of income (including income/loss), earnings (including earnings/loss) per share, capital expenditures, dividends, capital structure or other financial items, (iii) the Company's future financial performance, (iv) the regulatory regime in which the Company operates or intends to operate and (v) the assumptions underlying or relating to any statement described in points (i), (ii), (iii) or (iv) above. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, the Company's inability to obtain additional financing, the significant length of time and resources associated with the development of its products and related insufficient cash flows and resulting illiquidity, the Company's inability to expand the Company's business, significant government regulation of medical devices and the healthcare industry, lack of product diversification, existing or increased competition, results of arbitration and litigation, stock volatility and illiquidity, and the Company's failure to implement the Company's business plans or strategies. These and other factors are identified and described in more detail in the Company's filings with the SEC. The Company assumes no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.