Toronto, Ontario--(Newsfile Corp. - August 20, 2021) - Relay Medical Corp. (CSE: RELA) (OTCQB: RYMDF) (FSE: EIY2) ("Relay") and Fio Corporation - together through their joint venture, Fionet Rapid Response Group ("FRR") - executes an agreement with California based home-testing leader (the "Partner") to bring a consumer friendly, fast, private and secure technology platform for at home-testing in the US market.
FRR is pleased to report on the engagement with the Partner to develop and then deploy the first nationwide at-home testing platform for infectious diseases and comprehensive health monitoring. The platform will include more than 50 FDA-approved at-home tests including COVID-19, diabetes and some forms of cancer. The current testing panel has been designed by top U.S. medical experts and validated by best-in-class CLIA-certified lab affiliates with extensive experience in infectious diseases.
The companies will jointly develop and market FRR's new smartphone-based, AI-powered, real-time diagnostic testing platform for the at-home and at-business consumer market. The new platform is an extension of the Company's Fionet technology currently deployed for COVID-19, malaria and other infectious diseases worldwide.
Fionet's partner is the longest-running nationwide at-home screening service in the United States pioneering the first medical platform to offer testing and treatment remotely in all 50 states, including testing options for nutrition, diabetes, vitamin deficiency, fertility, STDs and most recently COVID-19.
"We have taken our technologically strong platform, extended it to consumer home and business-testing, and are teaming up with existing and powerful distribution channels like our new US partner," said Dr Michael Greenberg, CEO of FRR. "The future is in home testing; not only does it increase accessibility through reduced price and convenience, it also offers privacy and reduction of transmission when screening happens at home rather than in public places."
"At-home testing has become a large and growing opportunity for FRR because our remote testing platform Fionet includes a robust and intuitive cloud-based application with data aggregation capabilities," said Yoav Raiter, CEO, Relay Medical Corp. "With the recent pandemic and the skyrocketing cost of medical care, interest has never been greater."
The mobile Fionet platform, an end-to-end testing and tracking solution for decentralized settings, is being deployed to support the growing and evolving home testing market. Fionet provides fast and secure, quality-controlled testing and real-time digital results for electronic reporting. The cloud based application, supporting software, and data aggregator will be integrated into the Partner's product offering.
Home lab testing is the next step in the evolution of healthcare testing in Canada, the United States, and around the world. The home test kit options provide customers with the control to schedule private, cost effective, and secure near lab-quality tests. Home testing is much more cost effective than alternatives that are roughly half the price in a clinic or a doctor's office.
Home diagnostics are becoming more popular, due in part to the COVID-19 pandemic which has shifted the focus toward preventive healthcare. Home lab tests are cost-effective, quick, confidential, and easy to use leading to quick adoption. Also contributing to the growth of this market is the changing demographics and increasing per capita healthcare expenditures due to increasing living standards.
Futurewise Research estimates the home diagnostics market will grow to over US$ 7 billion by 2028 at a CAGR of over 5.4%.1 Home diagnostics include tests performed on human body samples such as blood, saliva and urine which can be used for detection of diseases or medical conditions. The U.S. accounts for 90% market share due to high adoption. Europe, the U.K., Germany, and France dominated the global market due to high penetration among the general population.
VIDEO: Recent overview and walkthrough video of Fionet Testing Platform: https://www.youtube.com/watch?v=pzH6Yy33Qq0
RECENT NEWS: Fionet was most recently deployed for COVID-19 testing at Toronto's 2021 National Bank Open presented by Rogers2: https://bit.ly/3fTmHnh
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About Fionet
The Fionet Platform is an end-to-end, rapid testing and tracking solution for community-based or decentralized settings. Combining a fast, handheld point-of-need device connected in real time to cloud data services, the Fionet Platform handles scheduling and registration via phone app for at home, on-site check-in and rapid on-the-spot universal antigen testing. The platform allows for data integration with other testing methods and devices, providing result notification for patient and public health authorities as appropriate, and anonymized data and statistics for dashboards for authorized stakeholders.
Website: www.fionetrapidresponse.com
About Relay Medical Corp.
Relay Medical is a technology innovator headquartered in Toronto, Canada focused on the development of novel solutions in the diagnostics, AI data science and IoT security sectors.
Website: www.relaymedical.com
Contact:
Destine Lee
Media & Communications
Relay Medical Corp.
Office. 647-872-9982
TF. 1-844-247-6633
Media Inquiries: media@relaymedical.com
Investor Relations: investor.relations@relaymedical.com
Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the commercialization plans for the technology described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedar.com
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1 https://www.futurewiseresearch.com/healthcare-market-research/At-Home-Diagnostics/181
2 https://www.relaymedical.com/newsblog/2021/8/4/5s0nkf4dw045qv3ls5c2xa00jgnfm5
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