Hydrix rolls out ‘heart attack warning system’ into Asian market, shares bounce off lows
Health & Biotech
Health & Biotech
The medtech division of diversified engineering firm Hydrix (ASX:HYD) has implanted its AngelMed Guardian heart-monitoring system in four patients in Singapore.
As the exclusive distributor of the US-made technology into the Asia-Pacific, Hydrix said it represents an important step in executing on a key market opportunity.
Shares in the company jumped by almost 50 per cent in morning trade. But heading into midday trade, the stock is still about 50 per cent lower than its 2020 highs of around 25c, after struggling for traction since the COVID-19 selloff in March.
Hydrix described AngelMed Guardian as the “world’s first FDA-approved heart attack warning system” — an implant device that monitors internal signals so preventative action can be taken.
The four patients in Singapore will now wear the device for two weeks while data is collected to establish their baseline heart signal.
They’ll then meet with Dr Carrie Lam (resident cardiologist at Singapore’s Farrer Park Hospital) along with a Hydrix field engineer, for further calibration of the device to their personal specifications.
“The device will use artificial intelligence and machine learning algorithms to continuously monitor these patient’s heart signal to warn of an acute coronary syndrome event, including silent heart attacks,” Hydrix said.
News of the successful implants follows a market update from Hydrix in March. The company said it had acquired an exclusive distribution agreement for the AngelMed Guardian device, for a term of seven years across eight Asia-Pacific countries.
Hydrix said it was working towards a rollout of AngelMed Guardian into Australia under the Therapeutic Goods Administration’s Special Access Scheme.
“Subject to reaching commercial, medical, and regulatory arrangements, and to COVID-19 disruptions, there is potential for implants in Australia in the December 2020 quarter,” the company said.
Across the eight Asia-Pacific countries covered by the distribution agreement, Hydrix is prioritising four markets across which there are an estimated 500,000 people who experience an acute coronary event each year.
For context, the company said a successful rollout of AngelMed into 1 per cent of that market (around 5,000 people) would result in potential revenues to the business of around $35m.
The New Jersey-based founder of Angel Medical Systems, Dr David Fischell, said the company was excited about the potential of its Asia-Pacific market opportunity.
“It has been a global team effort in getting to this point and I’d like to acknowledge Dr Lam’s medical team and the teams from Hydrix and AngelMed for their hard work and dedication,” Fischell said.