MELBOURNE, Australia, May 18, 2018 /PRNewswire/ -- BioScience Managers, one of Australia's leading international life sciences investment firms, has invested in a new medical device platform through their BioScience Managers Ventures Fund I. The Canary Health Implantable Reporting Processor (CHIRP) uses innovative sensor and novel communication technology in medical devices to enable remote patient monitoring. "Smart" medical devices will self-report on everything from patient activity to recovery and even treatment failure, without the need for physician intervention or a dependence upon patient compliance.
BioScience Managers invested as part of a syndicate led by Quark Venture Inc and GF Securities, including Relentless Pursuit Partners' Venture Fund in the first institutional round of investment in Canary Medical Inc., a medical data company dedicated to improving healthcare outcomes through the use of 'smart' medical devices.
The global orthopedic implants market was valued at greater than $47 billion in 2016, and is expected to grow to $75 billion by 2023. This translates to nearly $1 billion worth of medical implants currently inserted surgically into patients on a weekly basis. With few exceptions, these devices are silent with no monitoring capability. Canary will provide real-time feedback through its CHIRP™ system on an implant's performance to be analysed using Canary's Data AnalyticsTM software. Their resulting medical grade, super data set from the Canary implant and connected informatics network will enable better healthcare delivery for clinicians, both passively and remotely, translating to improved patient outcomes and reduced healthcare costs.
"One of the problems with wearable health and fitness monitors is that people forget to wear them, wear them only when they're going to be active, or get bored with them and stash them away in their night table drawer," says Bill Hunter, CEO of Canary Medical. "Wearable data is just not adequate, accurate, or continuous enough to base important medical decisions upon it; the Canary system eliminates all these problems. The funding provided by this financing will enable development of the 'smart' artificial knee implant through to commercial release. We have multiple use cases for the system; in addition to a variety of orthopedic applications, we will be tackling vascular implants next. "
BioScience Managers Matt McNamara (Chief Investment Officer) says, "the Canary Medical technology has the capacity to deliver better patient outcomes, more efficient delivery of treatment and a reduction in the cost of healthcare provision. That's a triple bottom line outcome from a medical device using smart technology, while being at the forefront of healthcare management."
About Canary Medical Inc.
Canary Medical was conceived and created by a team of surgeons, medical device developers, and IoT experts with the vision that (1) healthcare transformation requires better and cheaper healthcare data, (2) better monitoring and better data will produce better outcomes at lower costs, and (3) the patient's own their healthcare data and should be compensated for its use. Canary Medical's patented implant and data management ecosystem technology provides the vehicle to implement its vision. Canary is led by Bill Hunter, MD, a seasoned entrepreneur with previous experience founding and leading a successful medical device company based on breakthrough technology (Angiotech, which developed the TAXUS Drug-coated coronary stent implanted in millions of patients worldwide). Canary's team is globally regarded for its medical device design and development expertise. For more information, visit http://canarymedical.com/
About BioScience Managers:
BioScience Managers is an international healthcare investment firm that finances and enables innovative science and technology with the potential to transform healthcare. Investments are made in both private and public companies, where its vision and strategic support enables it to deliver impressive investment returns. BioScience Managers operates from offices in Australia and the UK and from bases that span three regions - Europe, North America and the Asia Pacific, from where it sources investment opportunities. It is part of the PhillipCapital Group, which has more than US $28 billion under management and whose network of offices in 16 countries around the world provides access to valuable local knowledge and business contacts.
Find out more online at biosciencemanagers.com.
SOURCE Canary Medical Inc.