CBSC
CBSC is:
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CB Scientific, Inc. (OTC: CBSC), through its US and international subsidiaries,
provides innovative products and services in the ambulatory non-invasive
cardiac monitoring field. The CBSC FDA and CE cleared EKG devices,
interactive cloud-based acquisition software, and smartphone apps for both iOS
and Android platforms, provide improved compliance for patients at risk of
abnormal heart rhythms as well as more accurate information for physicians.
Grand
View Research, views the worldwide ECG industry as ripe for very high
returns. The US Centers for Disease Control and Prevention (CDC) projects
revenues to exceed $6.9 billion by 2021. CBSC is positioned to capture
new market share from the current industry leaders in this field which include Biotelemetry
(NASDAQ: BEAT) and IRHYTHM Technologies, Inc. (NASDAQ: IRTC).
Biotelemetry
is currently trading at $40 with a market cap of $1.38B. CEO Charles
Martin of CBSC was the Senior Director of Sales for Biotelemetry from
2014-2018. IRHYTHM is trading at $215 with a market cap of $6.19B and has gains
of 300%+ in the last 52 weeks illustrating the powerful growth and interest in
ECG recording devices today.
In
2019 there were 1,055,000 coronary events and in 2017 over 800,000 US deaths.
There is a huge market for addressing this situation with an aging population
subject to chronic diseases. Other factors favoring this market sector include
the rise of digital health and telemedicine as well as growing pressure on healthcare
to lower cost without sacrificing quality.
CBSC is growing internationally through strategic
acquisitions and partnerships. CBSC has already acquired an innovative
heart-monitoring intellectual property which is the basis of its’ My-Cardia
USA, and My-Cardia China. CBSC is expanding nationally into
monitoring, testing facilities and services, and has agreements to accelerate
this expansion. CBSC is also expanding its product portfolio and
technology capabilities through internal activities and through agreements with
third-party product developers and manufacturers.
Ø CBSC issues a Shareholder Update
On
February 18th CBSC provided an update on its progress and
achievements since transitioning to the Ambulatory Remote Cardiac Monitoring
market in June of 2020.
The
CBSC targeted market deals directly with the early detection of heart
rhythms that can contribute to heart disease. According to the World Health
Organization (WHO), cardiovascular disease takes the lives of 17.9 million
people every year, or 31% of all global deaths. They further state that by the
year 2030, that number will grow to almost 23.6 million people who will die
mainly from heart disease and stroke. In the US, the CDC states that 655,000
Americans die from heart disease each year - 1 in every four deaths. Heart
disease costs the US alone approximately $219 billion each year. Early and
timely detection of heart disease reduces hospital visits and leads to the
avoidance of severe future problems. It reduces overall death rates because
heart problems are identified and dealt with timely and proactively, reducing
the high cost of care and improving the quality of life for the patient.
According
to a recent press release from Market Research Engine, dated February 16, 2021,
the cardiac monitoring and cardiac rhythm management market is expected to
exceed more than US $26 Billion by 2024 at a CAGR of 4% in the given forecast.
Their report covers various geographic regions such as North America, Europe,
Asia Pacific, Latin American, Middle East, and Africa (https://www.marketresearchengine.com/cardiac-monitoring-and-cardiac-rhythm-management-market). The CBSC my-Cam device is part
of this market.
Key
accomplishments that CBSC have achieved in the first seven
months of operations include:
CBSC launched My-Cardia ECG product services
in Thailand (1300+ hospitals -population 66.85 million) through authorized
distributor, Mango Wellness, in October 2020, with expected new accounts
in March 2021.
CBSC signed a Definitive Purchase Agreement to acquire
US medical device manufacturer DATRIX LLC in October 2020, targeted
to close in April 2021. Manufacturing of proprietary my-Cam cardiac
event monitor from China to DATRIX has begun. Testing to incorporate
the DATRIX Sirona acoustic and wireless device into My-Cardia cloud-based
portal has started, which will provide additional alternative remote ECG
devices to the CBSC product offering, both internationally and
domestically.
CBSC received device registration and import
authorization approval from the Medical Device Authority of
Malaysia (384 hospital - population 32M) for the sale and distribution of
our my-Cam device into that country, targeted launch in March 2021.
CBSC entered into a Collaborative Partnership Agreement
with SHENZHEN SEMACARE MEDICAL TECHNOLOGY COMPANY, LTD. in February
2021. Our two companies will provide mutual assistance pursuing regulatory
approvals for our individual products. CBSC will endeavor to
consult and assist SEMACARE in their efforts towards regulatory
approval of the MetaCor monitoring device for CE and US FDA 510(k)
registration. SEMACARE will assist CBSC in the
current regulatory approval process with the NMPA in China for the my-Cam monitoring
device. During the term of this agreement, mutual efforts will be made towards
the joint development of products, including interoperability
between SEMACARE monitoring products and CB Scientific's current and
future monitoring solutions. This includes assistance by SEMACARE to
help develop a wireless, waterproof patch solution for CBSC devices.
CBSC is continuing ongoing clinical trials of the my-Cam device,
associated cloud-based software portal, smartphone apps, and WeChat app
continue in pursuit of NMPA (formally CFDA) device certification approval in
China. Through January 2021, CBSC is in trials with its device
in 40 hospitals, with more than 250,000 successful transmissions on the WeChat
app. To date, CBSC maintains a 99%+ success rating. Along with
assistance from SEMACARE, CBSC hopes to move closer to the approval
of the device soon.
CBSC is completing its my-Cam device and
software portal set-up to include regulatory and registration approval for the
country of Singapore (population 5.8M), with a targeted distribution launch
there in April 2021.
CBSC is also in final discussions to secure a
Definitive Purchase Agreement to acquire an Independent Device Testing Facility
(IDTF) in the US. With this acquisition, we would add the capabilities to
immediately provide four necessary testing options, including 24-48hour Holter
Monitoring, acoustic and wireless 30-day Cardiac Event monitoring, Mobile
Cardiac Telemetry, and 3-21-day Extended Holter Monitoring. Remote patient
monitoring is projected to grow 18% in the next five years, according to
GlobalData, a leading data, and analytics company.
With
the upcoming launch of distributors in the Asia Pacific region, the completion
of the company’s targeted acquisitions in the US, and the exploration of other
geographic market expansions, CBSC is poised for significant
growth in 2021 and beyond.
For
more information on CB Scientific, Inc. (CBSC) visit: http://www.cbscientificinc.com
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