TORONTO, Nov. 21, 2023 (GLOBE NEWSWIRE) -- Highmark Interactive Inc. ("Highmark" or the "Company") today announced that it is undertaking a strategic review process to assess the best course of action for the Company's next phase of development and growth. The Company has retained NewPoint Capital Partners Inc. as exclusive financial advisor to help assess and more fully explore the strategic alternatives available to it, which may include the possibility of a sale of the Company or some of its assets or raising growth capital.
The Board has not set a timetable to complete the strategic review process nor have any decisions been made relating to strategic alternatives at this time. There is also no assurance that this process will result in any specific transaction, including a business combination or disposition of the Company or any of its assets. The Company does not plan to make further comment or disclosures regarding this review until such time as required by law or otherwise deemed appropriate.
About Highmark
Highmark was created to change the paradigm of testing and management for brain and mental health. Highmark's approach is focused on providing real-time data to health providers to support proactive, preventative interventions and targeted care planning to improve health outcomes.
Highmark offers the world's first gamified, FDA cleared patient-led assessments as well as digital clinician-led assessments of neurofunction and balance.
To date the Highmark team has enjoyed significant success in the software as a medical device marketplace of the United States, with the development of its class leading FDA cleared EQ software. The EQ product line includes EQ balance which is currently utilized in US neurology and musculoskeletal specialty practices, as a medical device for remote physiologic monitoring (RPM). In the highly lucrative RPM marketplace EQ has already demonstrated successful reimbursement by US Medicare.
In addition to the US RPM marketplace, Highmark has continued to explore other relevant markets for its EQ suite, notably the field of Chronic Disease monitoring where it is going to be used to attempt to define biomarkers of brain injury in dialysis patients. Highmark is currently working with a large global Dialysis company in a study where the Highmark software will define digital biomarkers of brain injury associated with dialysis. The intent of the collaboration is so that the defined biomarkers can then be utilized to improve the methods and techniques of hemodialysis.
The Highmark team has also developed software used by the Mayo Clinic to define cognitive biomarkers of Long Covid. The work with the Mayo Clinic intends that this demonstration will also illuminate the potential for these biomarkers to be applied to the identification and management of other diseases defined by cognitive decline. EQ Resilience represents another aspect of Highmark's developed but not yet marketed software as a medical device. The product is able to define risks for mental health deterioration and is aimed at the large market of Mental Health and prevention. Each of these products have already been developed but the applicable markets have not yet been explored and as such are significant aspects of the strategic review process.
By unlocking insights, Highmark's platform enables precision medicine and creates a more contemporary model for delivering better outcomes in medical, mental health and rehabilitation services.
For further information:
Highmark Interactive Inc.
Sanjeev Sharma, President & CEO.
sanjeev@highmark.tech or 1-855-969-5079
Investor Relations
ir@highmark.tech
