ChroMedX Corp. Executes Definitive Agreement with DxEconomix to Lead Value-Based Transactions
Toronto, Ontario--(Newsfile Corp. - January 3, 2018) - ChroMedX Corp. (CSE: CHX) (OTC: CHXIF) (FSE: EIY2), (the "Company"), developer of the HemoPalm Handheld Blood Analyzer System, is pleased to report on the signing of a definitive agreement with diagnostic marketing experts DxEconomix Inc. (DxEx) to conduct a high value transaction for the Company.
In August 2017 ChroMedX retained the consulting company for an evaluation of the HemoPalm Analyzer's product viability, value offering, and market potential. Following an initial 90-day due diligence term ChroMedX accepted a proposal from DxEx and entered into a binding Letter-of-Intent stipulating a 60-day period for the companies to form and execute a definitive agreement. The definitive agreement has now been finalized and signed by both parties.
The DxEconomix transaction team is led by CEO Dr. Richard Janeczko and Director Dr. Thomas Schlumpberger.
"With this agreement the Dx Economix team begins in earnest the rapid progression of ChroMedX through the critical stages in building a high value transaction outcome for the shareholders. We see HemoPalm as a game-changer in point-of-care diagnostics for management of critically ill patients and we expect strong positive responses from the strategic market players. There's a lot of work to do to put it together but everyone at DxEx is already working hard with the growing team at ChroMedX and we are confident we will be successful." said Dr. Richard Janeczko
Under this agreement DxEconomix will lead initiatives to increase the Company's profile, maximize the HemoPalm's value proposition and initiate engagement with important strategic industry players.
"Richard, Thomas and their team bring an almost unparalleled expertise to the Company from the global diagnostics and point-of-care blood gas field." said Gerard Edwards, Executive Chairman, ChroMedX Corp. "With the conclusion of this agreement, ChroMedX is poised to benefit greatly from the past experience of Dx, especially the knowledge gained by Thomas as a key member of the team responsible for the high-value transaction of Epocal."
The contract is a success fee agreement with an escalating fee schedule based on potential CAD$ transaction totals. ChroMedX agrees to pay DxEx a success fee on completion of a business transaction, being a sale of the Company, merger or plan of arrangement involving the disposition of ChroMedX or any similar disposition transaction.
The agreement stipulates an initial 24 month term where transactions for up to CAD$250M would provide the consultant with a fee of equal to or less than 10.5% of the transaction total. Transactions above this threshold would be capped at 11%.
About Dr. Richard Janeczko
Dr. Janeczko is a 25-year veteran of the in-vitro diagnostics industry, specializing in the marketing and management of molecular assays, proteomics, companion diagnostics, and personalized medicine. He has led multiple diagnostic marketing projects from design and development through regulatory approval and market launch. He is a strong advocate of health economics as the key driver for new technology adoption in a global healthcare reform environment. In 2013, he formed DxEconomix to provide unique IVD marketing services based on system-wide economic impact of diagnostics and value-based pricing. DxEconomix has extensive experience in health economics, clinical sciences, and health technology assessment and adoption in multiple markets including USA, Canada and Europe.
Dr. Janeczko served as VP Emerging Markets and Technology at Luminex Corporation, as EVP Business Development and CSO at Tm Bioscience Inc., and as CEO of General Synthesis and Diagnostics. He played a lead in raising capital for Tm Bioscience and eventual sale of the company to Luminex Corp. (Austin, Texas). He holds a PhD in Biochemistry from the University of Alberta, a BSc in Microbiology from Strathclyde University, and is a member of several professional organizations and institutions.
About Dr. Thomas Schlumpberger
Thomas Schlumpberger received his PhD in Molecular and Cell Biology with distinction from the University of California at Berkeley in 1999. After receiving his PhD, Dr. Schlumpberger worked as a consultant for McKinsey & Company in Korea and the US for 3 years. From 2003-5 Dr. Schlumpberger built the clinical molecular diagnostics at Affymetrix. In late 2005, he joined Life Technologies as the strategic counsel to the president and BU heads. Dr. Schlumpberger joined Epocal in 2007 and played a leading role in the launch and initial commercialization of the epoc system for world-wide, ex-USA markets before leading the team which positioned Epocal for acquisition by Alere. Dr. Schlumpberger concluded the sale of Epocal to Alere for $US 295 million in 2010. Subsequently he served as Chief Commercial Officer at InVitae, San Francisco where he was responsible for product launch and commercialization at Invitae Inc (San Francisco, CA) a genetic testing laboratory in San Francisco. He joined Dx Economix Inc. in 2013 as a board member where he oversaw numerous projects involving value-based marketing for multiple IVD products. In 2015, Dr. Schlumpberger joined Singulex Inc. (Alameda, CA), where currently he heads corporate development, new business building and alliance management. Most recently, he secured a $50 million strategic investment from Grifols SA (Barcelona, Spain).
About DxEconomix Inc.
DxEconomix Inc. is a marketing group providing assistance to medical device companies including IVD businesses. Using health economic impact analyses DxEx defines the positioning landscape, value proposition and value-based pricing options for client services and products. In this way DxEx helps our clients understand the real value they bring to healthcare systems, how to use this to obtain better pricing and better understand returns on their investments. The Company also works with clients to optimize design inputs for new tests or adapt existing diagnostics. DxEconomix develops modes of application and source key technologies to create products to overcomes market access obstacles. The Company also helps broker commercial relationships between clients and key stakeholders providing new market channels to IVD companies and creating value for healthcare systems.
Investors and individuals interested in keeping abreast of latest news and updates can subscribe on the Home and News pages on the Company's website at www.ChroMedX.com
About ChroMedX Corp.
ChroMedX Corp. is a medical technology company focused on the development of novel medical devices for in vitro diagnostics and point-of-care testing. The devices are protected by the Company's issued and pending patents, dealing with blood collection, analysis and plasma/serum processing.
The HemoPalm Handheld Blood Analyzer System is the only handheld blood analysis technology which combines Blood Gases & Electrolytes with full CO-oximetry. Currently this combination is not available on any of the handheld analyzers on the market. Existing technologies require users to purchase a second device to carry out the CO-oximetry. The Company's technology has the advantage of being able to offer a single handheld blood analyzer that provides all the required tests for Blood Gases & Electrolytes, with full CO-oximetry and bilirubin. Another competitive advantage of the HemoPalm system will be its ability to draw capillary blood directly from a pin-prick site into the cartridge, providing an alternative to arterial blood. Drawing arterial blood is painful and can cause nerve damage. CO-oximetry is the measurement of five different hemoglobin species in blood.
The global market for Blood Gases & Electrolytes was estimated to be 1.5 Billion $US in 2015 and is projected to reach over 1.8 Billion by 2020.
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