MedX appoints Naman Demaghlatrous to its Board of Directors
MISSISSAUGA, Ontario--(BUSINESS WIRE)--$MDX #SkinCancer--MedX Health Corp. (“MedX” or the “Company”) (TSXV: MDX), a global leader in teledermatology, is pleased to announce that Naman Demaghlatrous has been appointed to its Board of Directors.
Mr. Demaghlatrous, who was named CEO on March 23, 2022, has over 20 years of healthcare and pharmaceutical industry experience, previously building international market development strategies and distribution networks for Medtronic, Johnson & Johnson, and Atfal Pharma. He joined MedX in 2021 as Managing Director, Europe, Middle East & Africa Operations, and has since been instrumental in developing and expanding the Company’s global market opportunities and establishing distribution partnerships and adoption of MedX’s DermSecure® Screening Platform in Europe, the Middle East, and North America.
Mr. Demaghlatrous’ experience in the international medical technology market has been essential in the design and implementation of a robust business model to capture market share, expand the Company’s domestic and international geographic footprints and enter new business verticals. Real-world market validation of DermSecure’s efficacy has resulted in the successful transition from paid pilot to commercial distribution agreements in Italy and Turkey, representing an immediate commitment for 80 units and an option for an additional 40 units to be confirmed by year end. Commercialization pilot projects with partners in the United Kingdom and the Middle East are ongoing and represent significant opportunity on both a geographic and strategic level. Domestically, MedX has added skin screening service partners across Ontario and in New Brunswick in a number of target verticals including pharmacies, medical clinics, and mobile and remote medical practices, with broader initiatives under way to grow its North American presence.
Throughout the remainder of 2022, the Company will look to execute its strategy and grow its business through the following key initiatives:
- Continued growth of its paid pilot-to-commercial business model: MedX has recently established a clear ‘paid pilot-to-commercial contract’ methodology that allows prospective global customers to fully assess the patient pathway, market demand and economics before committing to a long-term contract. Ultimately, the real-world use validates the DermSecure platform’s efficacy and accelerates its sales cycle through the efficient transition and conversion of pilot programs to commercial agreements.
- Global expansion: MedX continues to focus on expanding into new global markets and adding to its growing pipeline of new customers. The Company recently announced commercialization agreements in Italy and Turkey, with pilot programs currently under way in the United Kingdom with that country’s largest non-hospital private healthcare services provider and in the United Arab Emirates with the largest distributor of medical devices in the Gulf Cooperation Council region.
- Expansion into new verticals: The Company will look to identify new revenue streams and build a presence in multiple market verticals; pharmacies, medical clinics, building hubs, medical scanning clinics, mobile and remote medical practices, and esthetics & skincare clinics. The partnership with Health Partners in the United Kingdom, currently conducting its pilot program, represents the Company’s first foray into the occupational health vertical.
"I am delighted to have joined MedX's Board of Directors, as the Company continues to execute on its strategic growth initiatives and positions itself as a global leader in teledermatology," stated Mr. Demaghlatrous. "Our team remains committed to furthering our successful paid pilot-to-commercial partnership model, growing our offering into new jurisdictions and expanding into new vertical market opportunities. We believe that the strategic decisions we’ve made and the corporate, operational, and technological foundation we’ve laid over the past few months has put us in a strong position to build MedX’s DermSecure skin screening platform as a growing force in the fight against skin cancer on a global scale."
MedX’s leading telemedicine platform allows health-care practitioners to quickly and accurately assess suspicious moles, lesions and other skin conditions via its image-capture technology, SIAscopy®, and its secure, cloud-based patient management system, DermSecure®, which transmits and stores patient data throughout the assessment process. MedX’s SIAscopy® is the only technology that captures five images, including four spectrophotometric images 2mm below the skin’s surface. Teledermatology, is a subspecialty of dermatology that offers safe and effective virtual patient assessment and diagnosis at a distance, eliminating the need for in-person appointments.
About MedX Health Corp:
MedX, headquartered in Ontario, Canada, is a leading medical device and software company focused on skin health with its SIAscopy® on DermSecure® telemedicine platform, utilizing its SIAscopy® technology. SIAscopy® is also imbedded in its products SIAMETRICS®, SIMSYS®, and MoleMate®, which MedX manufactures in its ISO 13485 certified facility. SIAMETRICS®, SIMSYS®, and MoleMate® include hand-held devices that use patented technology utilizing light and its remittance to view suspicious moles and lesions up to 2mm beneath in a pain-free, non-invasive manner. Its patented software then creates real-time images for physicians and dermatologists to evaluate all types of moles or lesions within seconds. These products are cleared by Health Canada, the U.S. Food and Drug Administration, the Therapeutic Goods Administration and Conformité Européenne for use in Canada, the U.S., Australia, New Zealand, the European Union, Brazil and Turkey. Visit www.medxhealth.com.
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This Media Release may contain forward-looking statements, which reflect the Company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties.
Bill Mitoulas, Investor Relations
MedX Health Corp.