Centric Health Corporation, 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.”
The Biomedical Zone is a physician-led, hospital-based health technology incubator in downtown Toronto. Their supportive, dynamic environment allows entrepreneurs to engage with like-minded innovators, while accessing dedicated clinical expertise and entrepreneurial resources from their partnerships with Ryerson University, the DMZ, Ryerson Futures Inc., and St. Michael’s Hospital. The Biomedical Zone offers the resources needed to accelerate product development from early prototype stages to commercialization. Their aim is to create scalable, sustainable healthcare solutions with global reach.