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ORLANDO, Fla., April 08, 2020 (GLOBE NEWSWIRE) -- As government and private institutions race to develop an effective cure for patients infected by COVID-19, two antimalarial drugs--chloroquine and hydroxychloroquine--have shown some possible potential. Under an emergency use authorization (“EUA”), the FDA has authorized these antimalarial drugs to be distributed and prescribed by doctors to COVID-19 patients, as appropriate, when a clinical trial is not available or feasible. Though both drugs are still in their testing phases.
Chloroquine and hydroxychloroquine pose cardiac risks. And so managing those risks during the treatment process is key to the successful implementation. In a recent press release, Biotricity (BTCY), a medical diagnostic and consumer healthcare technology company, announced that its premier product Bioflux® can serve as a critical life-saving tool in monitoring and diagnosing the cardiac conditions of coronavirus patients.
This Risk of Unproven Malarial Drugs to Treat COVID-19
Hydroxychloroquine and chloroquine, drugs that are currently being studied and used to treat COVID-19 patients, have been known to cause QT prolongation, a condition that can cause irregular heart rhythms (arrhythmias) which in some cases can be fatal.
According to a recent Forbes article, Mayo Clinic cardiologist Michael Ackerman commented that “The concern really is if we’re talking millions of patients, then this issue of drug-induced sudden cardiac death is absolutely going to rear its ugly head.”
Bioflux is Designed to Perform QT Analysis
According to Biotricity’s latest press release, “One of the key features that Bioflux has is the ability to record QT variability and ranges. This is particularly important since a known side effect of many drugs is QT prolongation which can lead to very serious arrhythmias.” This feature potentially makes Bioflux a significant tool in the monitoring and treatment of patients receiving hydroxychloroquine and chloroquine.
In addition to performing QT analysis, Bioflux--a remote monitoring technology (RMT)--allows patients to be monitored and diagnosed from their homes.
“The COVID-19 pandemic has underscored the desperate need for a new group of remote patient monitoring and tele-health solutions. Both types of solutions can be effective toward infection containment, making interventions and diagnoses faster,” says Waqaas Al-Siddiq PhD, founder and CEO of Biotricity.
Over the last month, Biotricity’s stock price has been establishing a base within the range of $0.72 (support) and $1.08 (resistance), reversing the month-long downtrend from its February high of $2.21 per share. BTCY’s market cap stands at 35.636M, supported by an influx of buying pressure on February 28 following its Q4 net revenue report, showing a year-over-year increase of 224.63%. From a technical perspective, BTCY is basing near its 61.8% Fibonacci retracement, a key level which may indicate an opportune moment for buyers to begin accumulating shares. To date, volatility remains relatively low with no large increase in selling pressure.
As a leader in the biometric monitoring technology space, one that can play a significant role in the efforts toward treating COVID-19 patients, Biotricity is in a position to make its presence known to a larger number of institutional and retail investors. Biotrinity has plenty of room for expansion in operational capacity, market share, and revenue potential, making the company an investment case worth considering.
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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Safe Harbor Statement
This report contains forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. In particular, factors that could cause actual results to differ materially from those in forward looking statements. Readers of this report should use extreme caution regarding any claims pertaining to Coronavirus and should conduct their own independent investigation, including the following: (a) the EAU for the use of the anti-malaria drugs in treatment of Coronavirus falls below earlier standards for therapeutics EUAs; (b) the FDA has reported problems with the anti-malaria drugs, including irreversible retinal damage, cardiac arrhythmias, drop in blood sugar ; and (c) the March 28, 2020 authorization for emergency use of the anti-malaria drugs is subject to limitations specified at: https://www.fda.gov/media/136534/download. Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly update or revise any forward-looking statements. When used in this document, the words "believe," "expect," "anticipate," "estimate," "project," "plan," "should," "intend," "may," "will," "would," "potential," and similar expressions may be used to identify forward-looking statements.