ChroMedX Announces Expansion and Launch as Relay Medical Corp.
Toronto, Ontario--(Newsfile Corp. - June 19, 2018) - ChroMedX Corp. (the "Company") (CSE: CHX) (OTCQB: CHXIF) (FSE: EIY2), developer of the HemoPalm Handheld Blood Analyzer Platform, is pleased to report on the Company's expansion into a Medtech incubator/accelerator platform and launch as Relay Medical Corp. The formal name change will take place following the Company's Annual General Meeting on June 29, 2018.
Since his appointment as CEO in January 2018, Lahav Gil has led the build-out of the Company's techno-commercial team while expanding infrastructure and capabilities from single-product research and development to integrated incubation and acceleration of medical technologies, drawing from expertise for effective opportunity identification, acquisition, innovation and transaction. This expansion has resulted in the optimization of existing development activities and is nurturing the culture, strategies and a Quality Management System for simultaneously managing a portfolio of technologies, thoughtfully curated for pre-commercial exits.
"While expanding the techno-commercial team, intensifying the HemoPalm Voice-of-the-customer outreach and the formalization of the HemoPalm productization plan, it became self evident that the organization now had a tremendous amount of potential, especially in areas that allow it to function as a platform for productizing a multiplicity of projects. This special capacity is a combination of culture, strategy and operational tempo," said Lahav Gil, CEO, ChroMedX Corp.
Prior to joining ChroMedx, Lahav was the founder and CEO of Toronto-based medical devices innovation firm, Kangaroo Group. Kangaroo supplied services, infrastructure and incubation/acceleration partnerships to Medtech companies and entrepreneurs for over 15 years. Kangaroo was acquired by the full service medical design and development company Starfish Medical in 2017.
"There are many outstanding early stage medical technology opportunities looking for a "home" through which to reach the market, that can be acquired at relatively low cost. Many times these opportunities exist because the founders, even though outstanding clinicians or scientists in their field of research, do not have applicable resources, technical and business savvy to transition the project step after small step from research focus, into commercialization focus. We are constructing Relay Medical to surround the founder/inventor with an ecosystem to successfully make this important transformation. This active-investment concept is founded on proven methodologies and specialized practices that are tailored to fill a clear, unmet need in the Medtech venture marketplace in North America."
Relay Medical will develop and productize multiple products and projects concurrently as well as vet strategic acquisitions that are complimentary to current infrastructure assets. Acquisitions and ongoing vetting of projects will be governed by robust criteria and a disciplined process supported by an independent investment committee. By sourcing technologies and integrating the funding and development of products in one organization, lead and managed by one expert team, Relay Medical is building the capacity to develop and transact technologies with high efficiency.
ChroMedX is now concurrently developing the HemoPalm platform, the recently announced UX Data Sciences products suite and is actively engaging in various discussions and negotiations regarding the expansion of Relay's technology portfolio.
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About ChroMedX Corp.
ChroMedX Corp. is a medical technology company that identifies, acquires and develops medical technology opportunities for pre-commercial acquisitions in the Healthtech marketplace.
HemoPalm, the Company's lead product is the only handheld blood analysis system, licensed to combine Blood Gases & Electrolytes sensors with full CO-Oximetry on one single use microfluidic cartridge. It is designed to provide a simple, reliable, rapid and accurate testing process and full IT integration, for use in management of critical care patients.
ChroMedX Corp. technologies are protected by the Company's issued and pending portfolio of patents.
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