Cloud DX (TSX-V:CDX, OTCQB:CDXFF) has successfully completed the Federal Economic Development Agency for Southern Ontario (Ontario FedDev) two-year program promoting healthcare innovation in Canada, the company announced.
The Business Scale Up and Productivity Program (BSUP) supported Cloud DX in three areas: expansion in the US and Canadian markets, improvements to its award-winning Connected Health virtual care platform and expansion of intellectual property (IP).
Over the course of the program, Cloud DX created 15 new full-time positions and retained 26 other full-time roles. These employees helped the company secure 15 new US contracts, including telemedicine partner Maxwell Telecare and Blessing Hospital.
READ: Cloud DX boosts its contracts 142% year-over-year with signing of fourth paramedic service provider
The company also secured 17 new Canadian contracts, which include an exclusive Remote Patient Monitoring (RPM) partnership with Medtronic Canada and Equitable Life of Canada, as well as several Ontario Paramedical Service Providers and two provincial/territorial RPM contracts.
“Investments like the FedDev BSUP program assist Canadian Med Tech companies address some of the challenges specific to healthcare innovators, whether it’s a life science, biotechnology, or medical device start-up,” Cloud DX CEO Robert Kaul said. “The regulatory, IP, and clinical validation hurdles faced by these companies are real challenges that are time consuming, expensive, and yet mandatory.
He continued, “Financial support from Canadian governments help fund these resource-intensive processes. It’s a way for Canada to continue to invest in itself, a sentiment that is echoing across the Canadian start-up ecosystem right now.
“We invested heavily into our digital health platform and technology resulting in new patents and multiple peer reviewed, published papers, crucial in gaining clinical acceptance in healthcare. … With this solid basis established, we’re looking forward to scaling up our business and bringing on more clinics and health authorities across North America.”
The FedDev BSUP program, announced in 2020, is intended to position Canada as an innovation leader. FedDev and 32 partners invested a total of $34.5 million to support healthcare technology innovations.
Cloud DX said it will repay the $500,000 interest-free FedDev contribution in 60 equal installments from June 1, 2023 to May 1, 2028.
Cloud DX is on a mission to make healthcare better for everyone with its Connected Health remote patient monitoring platform used by healthcare enterprises and care teams across North America to virtually manage chronic disease, enable aging in place, and deliver hospital-quality post-surgical care in the home.
Contact Andrew Kessel at firstname.lastname@example.org
Follow him on Twitter @andrew_kessel