G Medical Innovations Holdings Ltd (ASX:GMV) successfully completed its G Medical Patch pilot program in the UK during the March quarter and is moving to expand the programs as well as commercialise multiple accounts with its affiliates.
During the quarter the company executed a significant purchase order with Hygea Holdings Corp and two of its subsidiaries, Palm Medical Group and AllCare Management Services, Inc for a total of up to about US$21.85 million.
G Medical Patch implementation
GMV initiated implementation of the G Medical Patch (extender Holter monitor) within all Hygea’s wholly-owned cardiologist physicians.
The phase I launch of the Patch (extender Holter monitor), throughout Hygea’s Integrated Physician Association (IPA) network will allow for more than 250 cardiologists, representing more than 400,000 patients, to have access to the new Patch technology.
Further, GMV has started a pilot program with the initial Prizma units with the ‘Primary Care Physicians’ within Hygea’s wholly-owned Independent Group Practices (IPG) for monitoring of their ‘chronic condition’ patients.
Once the pilot program is fully implemented, the Prizma is anticipated to be adopted across the IPG network, representing an opportunity for more than 2,500 physicians treating about 3.3 million patients.
On April 24, 2019, shareholders approved the conversion of a portion of the company’s loan with chief executive officer Yacov Geva to fully paid ordinary shares in the company.
GMV's board of directors’ thanks Geva, stating this exemplifies the continued support and faith the CEO has in the future of the company.
The company is also listing its Chinese subsidiary on the HKSE and has been working closely with its legal counsel and lead manager UOB to prepare the A1 submission for the regulator.
G Medical Innovations is also in discussions with several potential underwriters to join UOB in the anticipated IPO.
Throughout the quarter, the company continued to progress dual listing on the NASDAQ with GMV undertaking the final processes surrounding the F1 submission with the US Securities and Exchange Commission.
The company anticipates being able to make the US prospectus public in the coming weeks.