Toronto, Ontario--(Newsfile Corp. - August 23, 2018) - Relay Medical Corp. (CSE: RELA) (OTCQB: CHXIF) (FSE: EIY2) ("Relay" or the "Company"), a developer of MedTech innovation, is pleased to announce the signing of a term sheet to acquire a gynecological clinical invention. The invention addresses postoperative gynecological complications and is intended to address a clear clinical need and a very large market. This acquisition represents an opportunity for product development in-line with the Company's mission to expand its portfolio of assets.
Under the terms of the Letter of Intent, the Company will own 85% of a new subsidiary, whose assets will include intellectual capital and development activity relating to the product opportunity. The remaining 15% will be owned by the founders, including Dr. Dan Nayot, Micah Vernon and KOL(key opinion leader), Dr. Togas Tulandi, Professor and Academic Vice Chairman of the Dept. of OB/GYN; McGill University.
Drs. Nayot and Tulandi will both act as Medical/Clinical advisors on all matters relating to the product and will provide related Medical research and clinical leadership. Relay has committed its growing infrastructure and funding for the project and will issue 250,000 common shares to the founders as initial consideration.
"This transaction reflects Relay's novel investment thesis and structuring, wherein we commit our infrastructure, funding, techno-commercial and business development teams to work in tandem with the founders as clinical leaders, in advancing the development and productization of this meaningful product towards a potential pre-commercial exit. I am looking forward to be working with Doctors' Nayot and Tulandi to bring this product to clinical and societal impact," said Lahav Gil, CEO, Relay Medical Corp.
The transaction is subject to the completion of a definitive agreement and is expected to be completed during the current quarter.
Dr. Togas Tulandi
Dr. Tulandi is Professor and Chair of the Department of Obstetrics and Gynecology, and Milton Leong Chair in Reproductive Medicine, McGill University, as well as the Chief of the Department of Obstetrics and Gynecology of the McGill University Health Centre.
Besides medical degrees, Dr. Tulandi has a MSc degree in Health Care Management from Harvard University. The author of over 375 articles, 60 book chapters, and 12 books, he is the Past President of Society of Reproductive Surgeons (SRS), the Canadian Fertility and Andrology Society (CFAS) and the Fellowship Board of the American Association for Gynecologic Laparoscopists (AAGL). He is an internationally known reproductive/endoscopic surgeon and sits on the editorial board of several medical journals including the Editor in Chief of the Journal of Obstetrics and Gynecology Canada.
Dr. Tulandi is a recipient of many awards including the IFFS Anniversary Recognition Award for significant contributions in Infertility and Reproductive Medicine, Award of Excellence in Reproductive Medicine, Carl Nimrod Educator Award, and the Society of Reproductive Surgeons (SRS) Distinguished Surgeon Award. Dr. Tulandi is listed in Best Doctors in Canada.
Dr. Dan Nayot,
MD, M.Sc., FRCSC, REI
Dr. Dan Nayot is a Reproductive Endocrinology & Infertility Specialist (REI), currently working as a staff physician at TRIO Fertility Partners. He has trained at internationally recognized institutions, obtaining his medical degree from the University of Western Ontario, and completing his Obstetrics and Gynecology Residency at the University of Toronto. Shortly thereafter, Dr. Nayot completed a Royal College fellowship in Gynecologic Reproductive Endocrinology and Infertility at McGill University, Canada's largest University-based reproductive centre.
Continuing his academic pursuits at Harvard University, Dr. Nayot received his Masters of Science degree in Clinical Epidemiology. He has been awarded several research grants and academic scholarships, authored numerous scientific papers, and presented at international medical conferences. Dr. Nayot is an active reviewer for several esteemed fertility scientific journals and continues to be involved in clinical research.
Beyond clinical medicine and academia, Dr. Nayot is an entrepreneur in the health care realm. He is a co-founder and president of Future Fertility, an artificial-intelligence software company that focuses on reproductive medicine.
Micah Vernon is an experienced businessman and lawyer. He is a Director of HVE Healthcare Assessments Inc. and the Founder & CEO of Acuity Cannabis Inc. Both companies are leaders in the provision of private health services to institutions such as insurers, banks, unions, federations and large private companies. Prior to joining HVE Healthcare and founding Acuity Cannabis, Micah was a lawyer at Osler Hoskin & Harcourt LLP. He then went on to help found and manage PowerHub, a global leader in the provision of asset management software in the renewable energy and infrastructure industries.
About Relay Medical Corp.
Relay Medical is an evolving "Integrated Medtech Accelerator" platform, headquartered in Toronto, Ontario, Canada, which develops and productizes multiple products and projects concurrently. It has an active team dedicated to scouting and reviewing strategic acquisitions that are complimentary to current infrastructure assets. It intends to be a leading engine for MedTech innovation. By sourcing technologies and integrating the funding and development of products in one organization, led and managed by one expert team, Relay Medical is building the capacity to develop and transact technologies with high efficiency.
The Company currently has two projects under development. HemoPalm, the Company's lead project, combines electrochemical sensors for BGA with CO-Oximetry on a single use cartridge for hand held POCT devices in the ICU, NICU, Cath lab and emergency medicine. On May 24, 2018 the Company acquired UX Data Sciences Corp., a medical technology and data science company developing user friendly products and systems solutions for tracking, monitoring, analysing and improving, patient adherence to medication treatment. The product mission is to improve consumer's relationships with their medications and foster a more cohesive ecosystem between patients, doctors, carers, providers, and payors.
W. Clark Kent
Relay Medical Corp.
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Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the commercialization plans for UXD described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedar.com.