Biotech: G Medical wins Taiwan approval for Prizma monitoring device; adds 54pc
Health & Biotech
Health & Biotech
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Winning approval in Taiwan for its Prizma medical monitoring smartphone case has powered G Medical Innovations’ (ASX:GMV) share price up 54 per cent this morning.
The biotech’s partner in the Asian market, First Channel, has until April 4 to provide Taiwan’s Food and Drug Administration with product information for the approval.
Once provided, a licence can be issued.
G Medical plans to look at securing more partnerships in Taiwan, and starting commercial negotiations with current partners.
CEO and executive director Dr Yacov Geva said the approval was a “tremendous achievement” for the company.
“The process has involved rigorous testing, which has outlined the safety and effectiveness of the Prizma device,” he said.
“We will work collaboratively with FCL to assist in the final steps towards receiving the permit licence.
“The company will remain in discussions with FCL regarding a commercial strategy for the region, as well as assess additional opportunities where applicable.”
Last week the company took a significant step in progressing its China market strategy, completing all clinical trials needed for a National Medical Products Administration (NMPA) approval in the major market.
Dr Geva told Stockhead on Friday that China, and the US, had been key markets in the company’s commercialisation model since listing.
“China, the market, the size, it is huge, you cannot even calculate it,” he said.
The Prizma device that patients can use to monitor key indicators like body temperature, blood oxygen levels and ECG results could prove to be a high-demand product.
In China there aren’t widely available health clinics or GPs for people to visit with their medical concerns.
Instead, patients have to make a call instead about whether to go to hospital.
If approved, Prizma’s smartphone case could be an “intermediate technology” to help people make a call and potentially avoid the day or so it takes to be assessed at hospital.
If more people stay home, then hospital wait times could be reduced in districts using the device.
G Medical shares were up 42 per cent to 18.5c around lunchtime today.
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