Medical technology company Simavita (ASX: SVA) has collared CE Mark approval for its Smartz sensing technology, which is incorporated in diapers to provide accurate real-time alerts and data on wetness, temperature and numerous other wellness indicators.
According to Simavita the global diaper industry is worth about US$64 billion and CE Mark approval paves to way for its technology to sold throughout the European Economic Area.
Smartz has been designed for both adult and infant markets and is the culmination of 10 years’ research and development.
The sensor provides data to parents and carers at home or in aged care and child care facilities.
In addition to wetness and temperature, the senor sends alerts regarding dehydration, falls, and movement including agitation and restlessness.
Smartz also helps with pressure sore management in the elderly.
Simavita executive chairman Michael Spooner said securing CE Mark certification enabled the company to now commercialise its “disruptive technology” in the region.
“Smartz delivers significant competitive advantage to major retailers, distributors and global diaper manufacturers.”
“Importantly, Smartz addresses many of the issues faced in Australia and internationally in the care of the elderly including delivering on significant efficiency gains, while dramatically improving overall care standards,” Mr Spooner added.
Business model and tax refund
Simavita’s strategy is to licence Smartz and is in ongoing discussions with “a number of major companies” regarding the technology.
“These discussions are often complex, relate to major installations and may be of varying duration,” the company noted.
It added it would inform shareholders as soon as negotiations translated into signed agreements.
The company said the first market it was targeting with its Smartz technology is adult incontinence.
Simavita also has a little bit of extra cash to pursue its short-term commercialisation plans after receiving $683,621 under the Australian Government’s Research and Development Tax Incentive Scheme.
Today’s news sent Simavita’s share price skyrocketing to close at $0.029 – up 480%.