Contract awarded for products that bring improvement to healthcare industry.
CHICAGO, October 31, 2023--(BUSINESS WIRE)--Cardio Diagnostics Holdings, Inc (Nasdaq: CDIO), a pioneer of artificial intelligence-driven precision cardiovascular medicine tests, today announced its AI-driven molecular heart disease tests, which identify objective epigenetic and genetic biomarkers in patients suspected to be at risk or who may have coronary heart disease, has received an Innovation Technology contract from Vizient, Inc., the nation’s largest provider-driven healthcare performance improvement company.
Vizient's customer base encompasses over 60% of hospitals and 97% of academic medical centers in the United States. Through this agreement, Vizient provider customers can access Cardio Diagnostics' state-of-the-art tests at negotiated pricing, thereby increasing access to the next generation of cardiovascular disease tests.
The contract, which will be effective November 1, was awarded by Vizient based on a recommendation from its council of hospital experts, and it signifies to Vizient hospital and health system customers unique qualities that potentially bring improvement to the healthcare industry.
Cardio Diagnostics' Epi+Gen CHD and PrecisionCHD tests utilize a proprietary AI algorithm to analyze objective epigenetic and genetic biomarkers from a patient's blood sample. The company’s integrated approach, which combines artificial intelligence with DNA analysis, is at the heart of its innovation. The highly sensitive tests identify patients at risk for developing coronary heart disease or who may already have coronary heart disease through a simple blood test that can be completed remotely or in provider settings.
"We are honored to receive this contract from Vizient, which will accelerate access to our novel heart disease tests that leverage AI and a precision medicine approach," said Cardio Diagnostics CEO Meesha Dogan, PhD., who is also the co-inventor of the technology behind Cardio Diagnostics. "This contract recognizes our mission to transform cardiovascular disease management through advanced diagnostics. Our team is excited to make cardiovascular care more accessible across the country through this contract."
Vizient represents a diverse customer base that includes academic medical centers, pediatric facilities, community hospitals, integrated health delivery networks and non-acute health care providers and represents more than $130 billion in annual purchasing volume. Through its Innovative Technology Program, Vizient works with customer-led councils and task forces to review potentially innovative products. If it is determined that a product is innovative, Vizient may award a contract outside of the competitive bid cycle.
About Cardio Diagnostics
Cardio Diagnostics is an artificial intelligence-powered precision cardiovascular medicine company that makes cardiovascular disease prevention, detection, and management more accessible, personalized, and precise. The Company was formed to further develop and commercialize clinical tests by leveraging a proprietary Artificial Intelligence (AI)-driven Integrated Genetic-Epigenetic Engine ("Core Technology") for cardiovascular disease to become one of the leading medical technology companies for improving prevention, detection, and treatment of cardiovascular disease. For more information, please visit www.cardiodiagnosticsinc.com.
Certain statements and information included in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. When used in this press release, the words or phrases "will", "will likely result," "expected to," "will continue," "anticipated," "estimate," "projected," "intend," "goal," or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks, known and unknown, and uncertainties, many of which are beyond the control of the Company. Such uncertainties and risks include but are not limited to, our ability to successfully execute our growth strategy, changes in laws or regulations, economic conditions, dependence on management, dilution to stockholders, lack of capital, the effects of rapid growth upon the Company and the ability of management to effectively respond to the growth and demand for products and services of the Company, newly developing technologies, the Company’s ability to compete, regulatory matters, protection of technology, the effects of competition and the ability of the Company to obtain future financing. An extensive list of factors that can affect future results are discussed in the Current Report on Form 10-K for the period ended December 31, 2022 and Form 10-Q for the period ended March 31, 2023 under the heading "Risk Factors" in Part I, Item IA thereof, and other documents filed from time to time with the Securities and Exchange Commission. Such factors could materially adversely affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed within this press release.
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