CardiacSense secures a $32.4 million contract in India

Medtech company, CardiacSense, has doubled the order number for its wearable medical watch following this announcement in India.

This exclusive distribution agreement in India, which is reportedly worth at least $32.4 million, will bring the company's total backlog of orders to more than $60 million.

As part of the agreement, CardiacSense will supply 150,000 medical watches for use in hospitals, home hospitalisations, and for the monitoring of chronically ill patients over the next four years to Xplore Lifestyle Solutions, which has been operating in India for the past 40 years as a manufacturer and distributor of medical rehabilitation products.

The company’s medical watch was designed to allow remote patient monitoring of vital signs, and to allow detection of fevers, heart arrhythmias, and chronic diseases. CardiacSense is in the process of receiving FDA and CE regulatory approvals for marketing the device in both the US and Europe.

Eldad Shemesh, founder and CEO of CardiacSense, commented: "The agreement in India is a major business success, demonstrating the international recognition that our solution, for constant monitoring, is the optimal technology for a range of diagnoses.

"Supporting this is the fact that our clinical results speak for themselves with unprecedented success in precise measuring to a level of 99% of heart arrhythmias using a wearable medical wristwatch, as part of a clinical trial conducted in three medical centres in Israel and abroad.

"At the same time as signing distribution agreements in Argentina, Spain, Turkey, Uruguay, Australia, South Africa, and Chile, in the past months, we have submitted all that's required to receive FDA and CE approvals in order to also enter into major agreements in the US and Europe. We believe that we are only at the beginning of the road, and we are working to commercialise our solution in additional territories and markets."