ORLANDO, Fla., Feb. 10, 2020 (GLOBE NEWSWIRE) -- As the end of February gets near, a growing number of biotech investors are eagerly awaiting Biotricity’s (BTCY) 510(k) filing--an FDA submission for which it aims to get clearance on its next generation Electrocardiogram (ECG) analysis software. Unless you’re one of the few who closely monitor the emerging medical technology space, Biotricity might not sound all that familiar to you, and neither might the process of a 510(k) filing.
Biotricity Inc. is a medical diagnostic and consumer healthcare tech company. They’re a leading producer of remote medical monitoring devices, their primary target being chronic cardiovascular illness. Essentially, their devices work by transmitting data on your heart’s condition to both you (the patient) and your doctor for analysis--exactly what you need if you’re facing serious cardio risks.
A 510(k), on the other hand, is a pre-market application that companies in the healthcare field are required to submit to the FDA prior to bringing their product to market. The application demonstrates that a given device (or product) is reasonably safe and effective for commercial use. Like any regulatory process, there is, of course, a lot more detail to this and you can read about it here. But what’s essential is that a 501(k) is an important step toward securing FDA approval to market a healthcare-related product.
So, What’s the Big Deal with Biotricity’s Application?
For investors following this less-traversed sub industry, it’s a big deal--one that not only has the potential to make a significant contribution to the field of preventive medicine, but one that can also help reduce costs across the entire medical field by virtue of its solutions being “preventive”.
Putting a finger on the pulse of media covering this sub industry shows us that Biotricity has been trending quite positively. According to analytics firm InfoTrie Financial Solutions’ Sentiment Analysis, based on their scoring system, Biotricity’s news buzz score a 10 out of 10, with a market sentiment score of 4.0.
But let’s slow down for a second and dig further into Biotricity, who they are and what they do.
Biotricity Inc. - A Leader in Technologies for Chronic Disease Prevention and Management
When it comes to managing health amid a chronic cardiovascular illness, and saving lives moments before a life-threatening episode, timing is everything. In many cases, timing can mark the difference between life and death. But to increase the favorable odds that time can bring, a history of real-time biometric data should be available to both patient and doctor. Biometric data saves lives. And making that data transparent and readily-accessible for monitoring, analysis, and prevention is key. Its secondary benefit is that it can also help drive down costs by simply identifying the likelihood of such episodes happening and preventing them. That’s what Biotricity’s devices are designed to do.
Arguably, the company’s philosophy and approach are potentially revolutionary in the field. Besides, for any patient suffering from a heart condition, proactive treatment trumps any reactive therapy that can come post-heart attack.
Biotricity has two primary devices: Bioflux and Biocentrix:
Bioflux is their advanced “Mobile Cardiac Telemetry” (MCT) system designed to provide real-time remote data to doctors. Biometric data is monitored 24/7 for up to 30 consecutive days. It’s what gives you the confidence to go about your daily life should you be vulnerable to a severe cardiac episode.
Biocentrix is a “wearable” that’s currently in development. Once ready for consumer use, it gives cardiac patients the ability to monitor and analyze their heart condition on the spot. The ultimate benefit is prevention. Without such technology, cardiac patients are virtually unable to monitor their illness with high precision let alone analyze their condition.
Remote biometric monitoring devices are much needed in a field where not every patient can receive, let alone afford, constant monitoring or care. But the solution is not as easy as it sounds as the quality of the analysis rests on the quality of the data. In other words, the software must be capable of identifying and selecting the most relevant signals. To use a more technical description, the signal-to-noise ratio must favor the former and not the latter.
Hence, Biotricity’s 501(k) application for its new ECG analysis software.
ECG Software--Reducing the Costs, Scale Hurdles, and Human Resources Needed to Perform Time-Sensitive Analysis
Electrocardiographic (ECG) monitoring is not about analyzing a single line of data. There are plenty of data signals to sift through, assess, and analyze. It takes a lot of human oversight to parcel out data that’s relevant and actionable.
Biotricity’s new ECG analytics software is designed to improve this process--identifying anomalies and pinpointing critical data to get to the most actionable pieces of information. Not only can this reduce the number of medical experts needed in the process, it also significantly reduces the analysis time: what once took 5 minutes can now be accomplished in a mere 30 seconds.
This is a much needed ten-fold improvement in a process whose time-sensitive nature bears a lot at stake. In addition to this, it’s highly scalable--exactly what an industry needs--and in a manner that doesn’t increase costs but rather reduces them.
“With our technology, we will be able to improve data analytics so that doctors can benefit from receiving patient information that actually requires their attention and intervention,” says Dr. Waqaas Al-Siddiq, Biotricity Founder and CEO. He continues, “Our advanced software is going to drive scalability up while driving costs down.”
BTCY Stock Surges 84% Before Filing
Biotricity stock surged 84% at the end of January in anticipation of its 501(k) filing. With a relatively small market cap of 55.952 million, and no institutional investors to date (according to a SlaterSentinal report), there’s a lot more room for Biotricity to grow.
Bear in mind that the anticipated growth for the global remote patient monitoring market is $1.8 billion by 2026. And like any other prudent industry-focused investment, you want to stick with the industry leaders. As we await the FDA’s response to Biotricity’s application, there are quite a few reasons to be optimistic about Biotricity’s prospects, considering their current market position, technological capabilities, and commercial potential.
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.
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