Cardiex Ltd (ASX:CDX) has executed a development agreement with Silicon Valley-based Blumio Inc for the rapid development of intelligent sensor technology for wearable devices measuring blood pressure.
The agreement expands upon the previous collaboration and development agreement between the two companies and enables CardieX to move forward in jointly developing sensor technology that can be integrated into fitness trackers, smart watches and medical devices.
A combination of CardieX’s intellectual property together with Blumio’s sensor has potential to substantially disrupt the fast-growing health wearables market.
On completion of the deliverables under the agreement, CardieX will be granted an additional 2.5% converting equitable interest in Blumio, taking CardieX’s ownership on conversion to 10%.
CardieX chief executive officer Craig Cooper said the agreement was a key milestone in the company’s strategic plan.
Cooper said: “[It] strongly positions CardieX in the US$45 billion market for sensor-based wearable cardiovascular monitoring devices as we move towards product development.
“Our cutting-edge blood pressure analytics technology is second to none and I firmly believe that ultimately our IP, together with the Blumio sensor, will globally disrupt how we diagnose and manage hypertension and heart disorders.”
Potential for lucrative licencing partnerships
Under the agreement both companies will develop sensor technology which will be able to read both brachial and central blood pressures and assess arterial stiffness and cardiovascular health.
The wearable sensor combines CardieX’s Sphygmocor IP with Blumio’s blood pressure sensor technology, in a form that can be licenced across a broad segment of consumer and medical applications.
The companies have also agreed to cross-licence their respective IP on a non-exclusive basis for the express purpose of developing the joint technology.
A new brand identity will be created under which the new technology can be marketed.
The collaboration will directly launch CardieX into the direct-to-consumer health and wellness market and the company anticipates its technology will also lead to lucrative licencing partnerships.
Positive study results
CardieX recently undertook an 8-week trial with Blumio and the Faculty of Medicine & Health Science at Macquarie University to validate the commercial application of CardieX’s pulse wave analysis technology.
The results showed Blumio’s sensor returns a high degree of cardiovascular blood pressure data as measured by CardieX’s technology.
The trial also gave a strong indication that further central blood pressure readings can be extracted from the Blumio sensor in a wearable device using CardieX’s proprietary machine-learning algorithms.
Blumio has initiated a further large-scale clinical trial at the US-based Deborah Heart and Lung Centre to demonstrate the accuracy of its non-invasive wearable sensor.