Market Drivers interviews MedX Health on technology that allows early detection of skin cancer
Published at : 10 Jan 2021
"MedX has put together a platform that allows us to do early detection of skin cancer. We are doing a raise right now for $2 million. That allows us to get our technology out into the marketplace. Everything has been completed in terms of the scalability and interest in the market for our technology. That is what we are doing right now." States Mike Druhan, Vice President Corporate Development at MedX Health Corp. (TSXV: MDX), in an interview with InvestorIntel Corp. CEO Tracy Weslosky.
Tracy Weslosky: Thank you so much for joining us with Market Drivers. Can you tell me where MedX is heading to first?
Mike Druhan: MedX has put together a platform that allows us to do early detection of skin cancer. We are doing a raise right now for $2 million dollars. That allows us to get our technology out into the marketplace. Everything has been completed in terms of the scalability and interest in the market for our technology. That is what we are doing right now.
Tracy Weslosky: For those of you out there in InvestorIntel, like me, not heard about MedX until recently at the RAISE Conference in Quebec City, can you tell us why your stock is up 30% for the year and what your competitive advantage is please?
Mike Druhan: I think the stock is up because I think we have got a really good shareholder base. I think that they have been patient. They understand what we are doing and delivering. I think we have been accurate with everything we have said we are going to deliver, we have delivered. I think that they are starting to see signs recently, like we did in Netherlands with landing a fairly large-scale contract and I think that has excited the market. Secondly, in terms of differentiation, every device now that is an imaging device is a Class 1 device. We are a Class 2 device. We solve a major problem for dermatologists being able to read skin cancer, potential skin cancer lesions over the internet. That is what we do differently than anyone else.
Tracy Weslosky: Now the deal you are talking about in the Netherlands is the DermSecure deal. Is that correct?
Mike Druhan: DermSecure is the platform by which we are able to be scalable. DermSecure allows us to put our patient management system on top of that. It allows us to put our imaging system to allow all of that information to flow securely because there is a fair amount of regulatory side around privacy to get that information over to a dermatologist. Let me give you a live example. For example, we have a clinic up in Sudbury that currently has our technology installed. A patient can go in there, be scanned for skin cancer. We have had this happen. The results go down to the Women’s College Hospital where Dr. Trevor Champagne, the head dermatologist there, reads the patient’s file and assess that patient. We have had it happen so quickly that we have had a patient assessed on a Thursday, who had stage 2 skin cancer and had it removed the next Tuesday at the hospital. We can compress that time. The wait times in Canada, if you are outside the central core, could be 12 months.
Tracy Weslosky: Mike, can you tell me what is different about your MedX economic model?
Mike Druhan: I think that is the biggest thing that the market is hopefully looking at now. We are now an actual SaaS Model, software as a service. Because we now control everything from the patient from the beginning to the end, we put across a Chrome browser...to access the complete interview, click here
Disclaimer: MedX Health Corp. is an advertorial member of InvestorIntel Corp.
InvestorIntelInvestor IntelInvest Intelligence