Toronto, Ontario, Canada – December 22, 2014: Open Source Health Inc. (CSE:OSH), a cloud based integrative healthcare platform that puts control into the hands of women to educate, advocate and collaborate on their own healthcare is pleased to announce the development of an advanced “At- Home” device for measuring hormones through a simple finger-prick blood test. The hormone sensor will be priced around $200.00 and each “one-time use” bio-sensor chip will perform up to 5 tests at a cost of $50.00, providing significant cost savings to the healthcare system. This technology supports the trend whereby point of care is shifting from the clinic to the home.
“This sensor would have provided me with critical personal health information and would have changed the course of my life many times over,” states Sonya Satveit, Founder and CEO of Open Source Health Inc. “The standard of care today has women waiting for weeks to receive test results which are only a snapshot of one moment in time. It is crucial for patient-centric healthcare that women are provided with an alternative solution where they can have accurate, affordable and real-time results delivered to their smartphone and put in context of their overall health.”
The hormone sensor uses the latest innovations in nanotechnology, hyper-spectral sensing technology and advanced protein synthesis and has been in development for almost two years. A single drop of blood into the hormone sensor connects to a smartphone and provides immediate results, which are uploaded to the OSH cloud-based platform for analysis by the women’s healthcare team.
“The development of this technology is going to provide the critical day-to-day decision support for integrative health,” stated Dr. Sergey Babichenko, world-renowned Photonics Scientist working with Open Source Health. “With over 200 hormones in the body coordinating our molecular circuitry, it is critical to have a 24/7 view of hormone levels. This area of medical science is not well understood and our efforts will lead to significant breakthroughs for women’s health.”
With a blood sample from a simple finger prick, the single bio-sensing chip will measure steroid hormones such as estrogens, progestogens and androgens. Future plan are underway for enhancing the bio-sensor to include measuring thyroid hormones such as TSH, T3 and T4 along with nutrition and vitamin levels. Each bio-sensor can be used only once and it is anticipated that women will use multiple bio-sensor chips throughout the year making the market for the hormone sensor and bio-sensing chips up to $20 billion USD annually.
Open Source Health has entered in an exclusive joint venture agreement with the option to acquire 100% of the Intellectual Property (“IP”) owned by the joint venture company (“JV”). Patents on this advanced sensing technology will be filed by the JV and will be part of the acquisition; in the meantime OSH has the exclusive rights for commercialization of the IP. Testing of the hormone sensor will commence in 2015 and regulatory approvals for clinical diagnostics will commence in the EU first with FDA Level II approval sought in the USA in mid 2016.
About Open Source Health Inc.:
Open Source Health takes a truly patient-centered approach and is in the business of providing a real-time integrative healthcare solution for women in an open source architecture. Open Source Health Inc. is set to lead the current healthcare revolution by leveraging the latest trends in digital health, personalized health, social health and participatory medicine.
For more information, visit www.opensourcehealth.com
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Forward Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Open Source Health Inc. (“OSH”), including, but not limited to, the impact of general economic conditions, industry conditions and the uncertainty of obtaining additional financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
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