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Cardio Diagnostics Establishes A New Partnership To Facilitate Global Footprint And Expansion Beyond North America With India-Based Aimil Ltd.
By Jeremy Golden, Benzinga
Aimil Ltd., one of the companies at the forefront of Indias instrumentation industry, is a leader in introducing innovative technologies to their extensive healthcare network in India.
A new Supply and Distribution Agreement with Cardio Diagnostics (NASDAQ: CDIO) has the potential to further these efforts and transform global cardiovascular healthcare in the process.
As the leading cause of death in India and the rest of the world cardiovascular disease contributes to 282 deaths per 100,000 people in the country. This new strategic partnership aims to address this alarming prevalence by utilizing Cardio Diagnostics PrecisionCHD clinical test for the personalized management of coronary heart disease.
In the partnerships first phase of pre-marketing, Cardio Diagnostics will lay the groundwork for product introduction to Aimils healthcare network. There are plans to expand the Supply and Distribution Agreement following phase one.
Heart disease is a global problem, and Cardio Diagnostics expansion to India underscores our commitment to combat heart disease globally, Cardio Diagnostics CEO Meesha Dogan Ph.D. said. This expansion is possible because Cardio Diagnostics clinical tests are developed with scalability in mind with respect to operations and cost, enabling deployment across diverse healthcare landscapes worldwide, to play a transformative role in mitigating heart disease globally.
Even as Cardio Diagnostics expands to India, the company continues to grow its footprint in the U.S, including a targeted vertical expansion into innovative employers, brokers, providers and risk-bearing organizations serving Medicaid and Medicare populations
Formed to improve cardiovascular disease detection by leveraging artificial intelligence-driven technology, Cardio Diagnostics seems poised for growth after partnering with Family Medicine Specialists and Vizient, Inc.
After finalizing an Innovation Technology contract with Vizient, Inc. the nations largest provider-driven healthcare performance improvement company Cardio Diagnostics will have access to a customer base that it reports encompasses 60% of hospitals and 97% of academic medical centers in the United States.
Similarly, Vizient provider customers will have access to Cardio Diagnostics' state-of-the-art tests at negotiated pricing, thereby increasing access to the next generation of cardiovascular disease detection technology.
The contract, effective Nov. 1, signifies to Vizient hospital and health system customers a shift toward unique technology that has the potential to bring improvement to the healthcare industry.
Vizients diverse customer base includes academic medical centers, pediatric facilities, community hospitals, integrated health delivery networks and non-acute health care providers. The company transacts more than $130 billion in annual purchasing volume.
This new contract with Cardio Diagnostics demonstrates Vizients confidence in the companys heart attack risk assessment test, Epi+Gen CHD and coronary heart disease detection test, PrecisionCHD, which utilize a proprietary AI-driven algorithm to analyze objective epigenetic and genetic biomarkers from a patient's blood sample.
Epi+Gen CHD is a pillar of a new partnership with Family Medicine Specialists (FMS), a leading Illinois primary care provider with eight locations and tens of thousands of patients across the state. With the launch of FMSs Heart Attack Prevention initiative, Cardio Diagnostics advanced and highly sensitive blood-based epigenetic-genetic tests will be leveraged to risk stratify FMSs patient population.
FMS is implementing Epi+Gen CHD in at least 1,200 patients with CHD risk factors across its BlueCross BlueShield Medicare, Medicaid, HMO and PPO health plans. The initiative demonstrates the cost-effective benefits of early heart attack risk intervention and has the potential to help mitigate the financial and human ramifications associated with unknown heart attack risk. This benefits both patients and providers, offering significant value to health plans.
By leveraging Cardio Diagnostics technology, clinicians at FMS will better understand their patients risks. Armed with more knowledge, they will be equipped with enhanced insights into the drivers of patients risks to aid in personalizing care.
Ultimately, the initiatives goal is to avert severe cardiac events and circumvent avoidable treatment costs, which can spiral up to hundreds of thousands of dollars for heart attacks, in addition to downstream complications like heart failure.
With an eye toward the future, Cardio Diagnostics is changing the way we think about detecting and treating cardiovascular disease. These momentous partnerships underscore the companys recent progress.
Cardio Diagnostics is an artificial intelligence-powered precision cardiovascular medicine company that makes cardiovascular disease prevention, detection, and management more accessible, personalized, and precise. The Company was formed to further develop and commercialize clinical tests by leveraging a proprietary Artificial Intelligence (AI)-driven Integrated Genetic-Epigenetic Engine (Core Technology) for cardiovascular disease to become one of the leading medical technology companies for improving prevention, detection, and treatment of cardiovascular disease.
Certain statements and information included in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. When used in this press release, the words or phrases will, "will likely result," "expected to," "will continue," "anticipated," "estimate," "projected," "intend," goal, or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks, known and unknown, and uncertainties, many of which are beyond the control of the Company. Such uncertainties and risks include but are not limited to, our ability to successfully execute our growth strategy, changes in laws or regulations, economic conditions, dependence on management, dilution to stockholders, lack of capital, the effects of rapid growth upon the Company and the ability of management to effectively respond to the growth and demand for products and services of the Company, newly developing technologies, the Companys ability to compete, regulatory matters, protection of technology, the effects of competition and the ability of the Company to obtain future financing. An extensive list of factors that can affect future results are discussed in the Current Report on Form 10-K for the period ended December 31, 2022 and Form 10-Q for the period ended March 31, 2023, under the heading Risk Factors in Part I, Item IA thereof, and other documents filed from time to time with the Securities and Exchange Commission. Such factors could materially adversely affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed within this press release.
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Cardio Diagnostics Holdings, Inc