Medicure has entered into an agreement with Sensible Medical Innovations to become the exclusive marketing partner for the ReDS point of care system (ReDS) in the US.
Image: Medicure has signed agreement to market ReDS device for congestive heart failure patients in US. Photo: courtesy of dream designs / FreeDigitalPhotos.net.
ReDS is a non-invasive, FDA-cleared medical device that provides an accurate, actionable and absolute measurement of lung fluid which is important in the management of congestive heart failure. The lung fluid measurements are used in guiding treatment and monitoring a heart failure patient’s condition and may lead to a significant decrease in readmissions and hospital costs.
Clinical studies have shown an 87% reduction in heart failure readmission rates for patients using the ReDS system at home for three months post-discharge versus those who were treated with usual care alone. ReDS is already marketed to U.S. hospitals by Sensible and Medicure expects to begin marketing ReDS immediately using its existing commercial organization. Under the terms of the agreement, Medicure will receive a percentage of total U.S. sales revenue of the device and must meet minimum annual sales quotas.
In addition, Medicure has invested US$10.0 million in Sensible for a 7.71% equity stake on a fully diluted basis. In connection with the investment, Medicure’s President and CEO, Dr. Albert D. Friesen, has been appointed to the Board of Directors of Sensible.
“Medicure is pleased to introduce the ReDS device in an effort to improve the quality of life of heart failure patients. The device is being sold directly to hospitals and fits well with Medicure’s existing commercial operation and our mission of being a significant, value based, cardiovascular company focused on the U.S. market.” commented Dr. Friesen.
“These are exciting times for Sensible Medical. The partnership with Medicure is a natural fit to fuel the company’s vision to expand the reach of the ReDS device and make it available to millions of heart failure patients that suffer from low quality of life and repeated hospital admissions that are a major burden to the healthcare economy. With this partnership, we expect accelerated sales growth in the U.S.” commented Amir Ronen, Sensible Medical’s CEO.
ReDS is intended for use by qualified health care practitioners and by patients, under the direction of a physician, in hospitals, hospital-type facilities and home environment, for the non-invasive monitoring and management of patients with fluid management problems in a variety of medically accepted clinical applications. ReDS is indicated for patients: with fluid management problems; taking diuretic medication; living with heart failure; or recovering from a coronary artery disease related event.
Source: Company Press Release