AceAge Lands Strategic Agreement with Centric Health
Originally published on centrichealth.ca
Centric Health Announces Strategic Agreement for Innovative Medication Delivery Appliance
Aug 9, 2017
— Unique healthcare device transforms prescription medicine compliance and adherence —
TORONTO, Aug. 9, 2017 /CNW/ – Centric Health Corporation (“Centric Health” or “the Company”) (TSX: CHH), Canada’s leading diversified healthcare company, today announced that it has signed a strategic distribution and supply agreement and a strategic investment with AceAge Inc. (“AceAge”) for its “Karie” home-based automated drug delivery appliance.
Feel safe that your loved ones are taking their medicines correctly: Karie is an innovative technology appliance that simplifies and monitors the administration of multiple medications, improving compliance and reducing adverse drug complications. Its easy-to-load cartridge uses a multi-dose medicine package, like that produced by Centric Health. (CNW Group/Centric Health Corporation).
Designed for individuals taking multiple medications, particularly seniors living independently or without full-time care, Karie is an innovative device that makes it simple to follow complex medication regimes by automatically delivering prescription drugs, in the correct dosage and at the right time. The medication comes pre-organized in an easy-to-load cartridge and the patient’s medication schedule is also stored. Karie goes off like an alarm clock when it’s time for each dose and provides a visual and audio alert. It can also be set to automatically notify a family member or caregiver if a dose is ever missed.
“With about 70 percent of all seniors taking five or more drugs per day and improper medication compliance being a leading cause of visits to the ER and hospital admissions for seniors, Karie is an ideal solution that is completely aligned with Centric’s focus on delivering the highest levels of patient care,” said David Cutler, President and Chief Executive Officer of Centric Health. “The device is completely compatible with our automated dispensing and packaging systems and we see many opportunities for placement with seniors in our contracted retirement homes where it will improve safety and provide peace-of-mind to caregivers.” It is estimated that up to 10% of all hospital admissions are due to adverse drug reactions.
A personal solution that will benefit many
A family member of AceAge’s CEO, Spencer Waugh, was the inspiration behind Karie’s creation. After watching them be admitted to a hospital eight times in one year because they could not keep their drugs organized, Spencer sought a better solution to ensure that medication could be more easily managed. Karie incorporates both ease of use and advanced monitoring and connectivity. It uses a simple, single-load action cartridge and delivers medication with the push of just one button. It also incorporates facial recognition which ensures the safety of the user and protects others, network connectivity using TELUS’ cellular IoT network and is Bluetooth-enabled to connect to other health monitoring devices. Click here to see a video demonstration of Karie. Expected pricing will be an initial cost of $150 and $60 per month thereafter.
The appliance is in its second phase of testing in a clinical trial at the University of Toronto; AceAge is beginning production with delivery expected in spring 2018. In addition to serving the needs of seniors, Karie is an effective solution for anyone managing multiple medications and for clinical researchers conducting drug trials.
“It’s incredibly exciting to see something that we’ve been working on for so long become a reality,” said Spencer Waugh, CEO of AceAge “As we are scaling up to build and deploy thousands of devices, we see Karie as the central fixture of the connected health home.”
Terms of the agreement
Centric Health has signed a strategic distribution and supply agreement with AceAge for the device in Canada and has made a strategic investment. The cash investment of $2 million will be made in two tranches, in exchange for a 20 percent ownership interest and subscription of 20 percent of AceAge’s common shares on a fully diluted basis. Centric will have the option to acquire an additional 10 percent at a predetermined premium to its initial investment. David Cutler will have a seat on AceAge’s Board of Directors for the period that Centric remains a shareholder.
“As one of the largest providers of pharmacy services to seniors in Canada, Centric was a natural partner to work with as we launch Karie in markets across the country and internationally,” added Mr. Waugh. “With Centric we will be able to have a positive impact on many seniors, helping them to live healthy, independent lives.”
About Centric Health
Centric Health’s vision is to be Canada’s most respected and recognized provider in the independent healthcare sectors in which it operates, world renowned for delivering the highest levels of quality care and outcomes, innovative solutions and value to patients, clients and stakeholders. To this end, Centric Health primarily focuses on two core healthcare businesses:
The Specialty Pharmacy division is a “Patient First” model composed of a growing national network of fulfilment centres that deliver high-volume solutions for the cost effective supply of chronic medication and other specialty clinical care services, serving more than 29,000 residents in over 425 seniors communities (long term care facilities, retirement homes and assisted living facilities) nationally. The Specialty Pharmacy division also provides pharmaceutical dispensing services for employees insured by corporate health plans.
The Surgical & Medical Centres division is Canada’s largest independent surgical provider operating five facilities across four provinces. It serves a diversified customer base with private paid non-insured surgeries and diagnostics, government outsourcing of insured surgeries and diagnostics and other procedures funded by third-party payors (including Workers Compensation) and is the proud owner of Canada’s first Centre of Excellence in Metabolic and Bariatric Surgery.
With national networks of facilities in each of its businesses, deep knowledge and experience of healthcare delivery and extensive, trusted relationships with payers, physicians, and government agencies, the Company is uniquely positioned to address current and future healthcare needs in growing markets as the Canadian healthcare industry goes through a major transformation over the medium to long term. www.centrichealth.ca
About AceAge – www.aceage.com
AceAge Inc. is a healthcare technology company, creating beautiful and intuitive products to ease the aging process. Launching in spring 2018, Karie will be AceAge’s first commercially available product, making medication management as simple as possible. Outfitted with a front facing camera, and Bluetooth connectivity, AceAge plans for Karie to become the central fixture of the connected health home. For more information and to register for updates on Karie please visit www.kariehealth.com.
SOURCE Centric Health Corporation
For further information: David Cutler, Chief Executive Officer, Centric Health Corporation, 416-619-9401, firstname.lastname@example.org; Craig MacPhail, Investor Relations, NATIONAL Equicom, 416-586-1938, email@example.com; Spencer Waugh, Chief Executive Officer, AceAge Inc., 289-400-0811, firstname.lastname@example.org