MELBOURNE, AUSTRALIA: Jayex Technology Limited has acquired 14% stake in Brainworks Foundry Inc., a company incorporated in July 2017 in Delaware, United States. Jayex will invest $2 Million in cash.
Brainworks’ Smart Health AI technology platform is currently undergoing preliminary clinical trials andis designed to allow a patient’s vital signs, incl. heart rate, respiratory rate, blood oxygenation etc. tobe measured simply by pointing the camera of a smartphone at the patient’s face for 5-30 seconds.
The platform can securely store a patient’s health data and deliver test results to key healthcare professionals and other non-regulated stakeholders. This technology has undergone preliminary clinical trials at Medstar Health, which are due to be completed later in 2021 when the pandemic abates to allow a return to normal hospital operations.
Brainworks will then need to make a submission to the FDA to seek approval of the technology platform.
Medio Labs, a brand operating under and owned by Brainworks, is a new AI-enhanced healthcare service developed by applying Brainworks’ latest discoveries in AI and neuroscience and molecular sensing.
Medio Labs offers affordable SARS-CoV-2/COVID-19 testing at 2 approved laboratories in the United States by combining new gene-sequencer enhanced coronavirus detection with expedited saliva sample kit shipping to deliver accurate individual results within hours.
Medio Labs technology is based on existing technology developed by a large reputable US research institution (Existing Technology), but which has now been significantly enhanced (by Medio Labs) and as a result, Medio
Labs owns all of the IP associated with its technology. Testing is currently offered utilising the Existing Technology under an FDA Emergency Use Authorisation (EUA) held by that institution and under a contract between Brainworks and the institution. By virtue of the EUA, FDA clinical trials have not been required for these technologies to be commercially deployed.
Brainworks is developing its own lab which is proposed to utilise an extended version of the existing EUA and then subsequently under its own broader EUA and, finally full approval (subject to going through the relevant approval process).