Biotricity Provides Fiscal 2018 First Quarter Updates for ShareholdersWith Bioflux FDA clearance and initial revenue, Biotricity focuses on sales growth and the development of its future products
Published: Jul 09, 2018 By GLOBE NEWSWIRE
Biotricity Inc. (OTCQB:BTCY), a medical diagnostic and consumer healthcare technology company dedicated to delivering innovative, biometric remote monitoring solutions, today provided operational updates for its fiscal 2018 first quarter which ended June 30, 2018.
The Company’s premier product, Bioflux, has achieved market expansion throughout five states, where it has commenced generating revenue. Bioflux is a remote patient monitoring device that monitors a patient’s ECG in real-time, constantly analyzing and collecting data on the device and periodically uploading to the cloud via embedded cellular technology. With Bioflux generating revenue, the Company is now focused on sales growth and developing its future product portfolio, including the next generation of Bioflux, which will incorporate cloud-based Artificial Intelligence, improving diagnostic accuracy and efficiency. The industrial design requirements for Bioflux 2.0 have been finalized, and the Company hopes to complete development and prototyping, and file a second 510(k) application with the FDA, between the end of Q4 and early 2019.
“Management is pleased with the current growth trajectory that we are experiencing,” said Mr. Waqaas Al-Siddiq, Founder and CEO of Biotricity. “Our recent Bioflux sales activity reflects better than anticipated progress for our Company. Our anchor clients have been immeasurably supportive of our technology and are placing additional orders, and we look forward to the prospect of working with them. We expect to see continued uptick in our commercialization efforts as we solidfy ourselves as a leader within the medical remote monitoring space.”
Biotricity is also developing its Biolife product, with prototypes expected to be available between the end of Q4 and early 2019. Biolife is a personal heart monitor for individuals who are either at risk or already diagnosed with cardiovascular disease (CVD). The monitor will provide individuals with clinical-grade information pertaining to their ECG, respiration, physical activity, calorie burn, core body temperature, and other lifestyle management capabilities. After analyzing the data, Biolife will provide actionable feedback so that individuals can better manage their heart condition and improve overall quality of life. Biolife is an extension of Bioflux, offering a unique medical grade remote patient monitoring solution for personal use.
“Now that the first generation of our Bioflux device is out in the market and generating revenue, we are excited to apply our technology to new remote patient monitoring solutions,” continued Mr. Al-Siddiq. “We are currently in discussions with industry thought leaders to expand our scientific and medical advisory board to ensure that we have the best possible resources to help us enter new markets. We expect to have future announcements regarding this.”
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About Biotricity Inc.
Biotricity is a modern medical technology company focused on delivering innovative, remote biometric monitoring solutions to the medical and consumer markets, including diagnostic and post-diagnostic solutions for chronic conditions and lifestyle improvement. Biotricity’s R&D continues to focus on the preventative healthcare market, with a vision of putting health management into the hands of the individual. The company aims to support the self-management of critical and chronic conditions with the use of innovative solutions to ease the growing burden on the healthcare system. To learn more, visit www.biotricity.com.
Important Cautions Regarding Forward-Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words “may,” “should,” “would,” “will,” “could,” “scheduled,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “seek,” “project,” or “goal” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements may include, without limitation, statements regarding (i) the plans, objectives and goals of management for future operations, including plans, objectives or goals relating to the design, development and commercialization of Bioflux or any of the Company’s other proposed products or services, (ii) a projection of income (including income/loss), earnings (including earnings/loss) per share, capital expenditures, dividends, capital structure or other financial items, (iii) the Company's future financial performance, (iv) the regulatory regime in which the Company operates or intends to operate and (v) the assumptions underlying or relating to any statement described in points (i), (ii), (iii) or (iv) above. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, the Company's inability to obtain additional financing, the significant length of time and resources associated with the development of its products and related insufficient cash flows and resulting illiquidity, the Company's inability to expand the Company's business, significant government regulation of medical devices and the healthcare industry, lack of product diversification, existing or increased competition, results of arbitration and litigation, stock volatility and illiquidity, and the Company's failure to implement the Company's business plans or strategies. These and other factors are identified and described in more detail in the Company's filings with the SEC. The Company assumes no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.
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