MGC Pharmaceuticals acquires 40% equity stake in UK-based ZAM Software
LONDON, UK: MGC Pharmaceuticals has acquired a 40% equity stake in ZAM Software Limited, a UK incorporated entity and the owner a proprietary Artificial Intelligence data gathering software algorithm, which has real-time data collection applications for use across the pharmaceutical and health care sectors.
Under the terms of the agreement, MGC Pharma will issue £700,000 in MGC Pharma Shares to acquire a 40% shareholding in ZAM Software Ltd (ZSL), with the balance of ZSL owned by software development company Caba Tech, co-developers of the ZAM App.
MGC Pharma will continue to fund the development of more functionality in the App as it progresses according to MGC Pharma requirements.
MGC Pharma now holds irrevocable and unrestricted access to all clinical information collected by the ZAM App for its own clinical trials and product development in the future.
As previously announced (see announcement 6th July 2022) ZAM will enable patients to log their medical history and monitor their medication use.
Through the collection of patient data, the ZAM App will provide users with a more complete understanding of their health and treatment impact.
In addition to recording medical data, the ZAM App will provide patients with instructions on how and when to take medication (per their medical practitioner’s advice), measure treatment progress, and have the ability for a qualified medical practitioner to prescribe alternative medication following an online consultation through telehealth services such as MGC Pharma’s MCC based in Australia.
In time, an AI algorithm will use data collected from the ZAM App, including results from academic and clinical studies, to predict potential conflicting side effects from multiple treatments, as well as allowing users to order existing prescriptions, and provide the App user’s medical practitioner with a comprehensive set of data on treatment and medical history.
The first phase of the ZAM App release will be undertaken as a “closed release” whereby 100 patients of MGC Pharma’s Australian telehealth business will be given access.
MGC Pharma (UK) Ltd will acquire 40% the share capital of ZAM Software Limited, a UK registered company and owner of the ZAM Medical Data App and Artificial Intelligence software algorithms for £700,000, payable in MGC Pharma shares.
The MGC consideration shares will be subject to voluntary escrow for 3 months, and are subject to successful performance and operation of the AI algorithms and operating platform of the ZAM App.
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