Israeli remote medical monitoring solutions company G Medical Innovations Holdings Ltd. (ASX: GMV) is getting ready to list on Nasdaq after expanded activities in the wake of the coronavirus crisis.
G Medical already filed a prospectus to list on Nasdaq in May 2019 but withdrew it three months later in August. Last May the company was trading in Australia at a market cap of A$84 million but its current market cap is A$59 million.
G Medical founder and CEO Dr. Yacov Geva hopes that Covid-19 can boost the company's revenue. He said, "Our products know how to test saturation of oxygen in the blood, temperature and EKG. A combination of two or more of these problems is the parameters that put a coronavirus patient in danger."
We aren't in a position to say for certain if a patient is infected with coronavirus but we do know when the combination of these variables is not at a normal level, so that a person needs treatment even if they don't know for what."
G Medical's product is designed for vital medical measurements and is approved for marketing with a doctor's prescription, and the patient is entitled to reimbursement from medical insurance for the purchase. In addition, the company markets an Over the Counter (OTC) version for which it has just received FDA approval.
"With the virus outbreak," recounts Geva, "we contacted the FDA and reminded them what we wanted to do. Within a few hours we received emergency approval to sell the OTC version. We see purchases both by people who already have the coronavirus or suspect that they have it as well as by people with no symptoms whatsoever but who want to be prepared."
The product costs $249 plus a monthly charge of $75.
Checking oxygen saturation in the blood has been found to be one of the major tests for coronavirus, even more so than checking for fever, because many of Covid-19 sufferers who do not have trouble breathing have lower levels than normal of oxygen in their bodies.
This phenomenon is called 'silent hypoxia' and is commonamong other lung diseases.
There are many other oxygen saturation in the blood devices on the market but G Medical believes that the combination of the three parameters that it measures, while being connected to a medical professional, gives it an advantage in this field.
Geva is optimistic of the company's chances of success in listing on Nasdaq this time. He said, "We are thinking of listing on Nasdaq and delisting in Australia. The US stock exchange is today looking for products in the remote medicine field. We are interested in developing additional tests such as for sugar and cholesterol that can be done from home."
Published by Globes, Israel business news - www.globes-online.com - on April 26, 2020
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