G Medical Innovations (ASX: GMV) has entered an exclusive US$10.5 million agreement with MEDTL Medical Technologies (MEDTL) regarding the distribution of G Medical’s Prizma medical smartphone cases in Greece and Cyprus.
G Medical recently acquired CE and FDA approvals for its Prizma smartphone case which ensure the device conforms with health, safety and environmental protection standards set in the European Economic Area and the United States.
The Prizma smartphone case works by turning a smartphone into a “mobile medical monitor” that measures and analyses a range of vital signs using sensors, an app, and cloud-based medical portal.
Under the distribution agreement with G Medical, MEDTL will have exclusive rights to distribute the Prizma medical smartphone cases throughout Greece and Cyprus. The agreement also includes a collaborative 24/7 medical call centre and MEDTL owning distribution rights to G Medical’s future products in the pipeline.
However, these terms are subject to MEDTL purchasing a minimum of US$10.5 million-worth of devices in the first 12 months. Additionally, MEDTL must purchase 25% more devices in each subsequent year to maintain ‘exclusive’ distribution rights.
Prizma smartphone case only product of its type on market
According to G Medical, the Prizma smartphone case is the only product of its type on the market to offer comprehensive health monitoring and profiling.
The device continuously collects data on vital signs and biometrics and consolidates and analyses the information to detect trends.
Data is stored in a cloud-based platform and it can easily be shared with elected third parties.
In July 2017, G Medical published a white paper on the device that claims the expanding telemedicine market will shift chronically ill and post-surgery patients back into their homes. Additionally, technology is enabling “health-conscious” individuals to “tightly” monitor their biometric and vital signs to ensure optimal well-being.
According to a survey G Medical carried out on its Prizma unit, 60% of respondents expressed a high interest in the device, while more than 70% claimed the tool could be of daily assistance.
In less than six months, G Medical stock has steadily risen more than 200%.