The telehealth company focuses on remote diagnosis, treatment and monitoring patients with chronic diseases
Offers a proprietary platform called Parallax Care under which patients’ vital signs can be monitored for adherence to their medical and drug regimens
Doctor and nursing groups as well as hospitals are using its patient-monitoring technology
Company is seeking to raise $6 million to scale up its platform over next the 60 to 90 days
Based in Santa Monica, California, the company offers a proprietary platform called Parallax Care under which the vital signs of patients afflicted with COPD, asthma, heart disease, diabetes, autism or an addiction can be monitored to check adhearance to their medical and drug regimens. Parallax’s platform also can help doctors determine ways to improve patients’ conditions and accomplish those goals while reducing costs for both parties.
Information is retrieved real-time from patients and communicated to doctors/hospitals/health providers via a free cloud-based smartphone application or through biometric feedback devices like iwatches and FitBits. Data also can be capture off other devices like a simple weight scale. The platform is automated to integrate the data into electronic health records. At the heart of this platform is Parallax's patented technology that powers it called fotodigm, which allows for the exchange of audio, image and video data. It uses machine facial recognition to ensure security.
CEO Paul Arena says the platform is more than a monitoring system; it’s about behavior modification and chronic-disease management in patients as well. For example, the platform can track whether a patient is taking his drugs -- or not. If the patient, perhaps a diabetic, is avoiding or not adhering to his drug and lifestyle regimen, that can lead eventually to serious health problems.
The Parallax platform, which monitors blood and diet, can flag these issues and determine whether the patient is “about to get into a serious event where the doctor needs to be notified ahead of time and can have an intervention and help the patient,” Arena said.
The company, which has six full-time employees, operates three subsidiaries. Parallax Behavioral Health handles the patient-monitoring platform. Parallax Diagnostics oversees diagnostics delivery with a US Food and Drug Administration-cleared analyzer and 25 FDA-cleared blood and urine tests. Parallax Health Management provides outcomes-optimization software to promote behavior modification.
Company officials say a number of doctor and nursing groups as well as hospitals are using its patient-monitoring technology. Earlier this year Parallax integrated its platform into the EZ Waiting Room's app platform, which offers entertainment and educational content to patients in physician waiting rooms and retail pharmacies. More than 330,000 doctors in the EZ Waiting Room network will be able to direct patients to monitor their treatments through Parallax’s platform.
Under the company’s growth plans, Parallax wants to get more collabrative deals as it reaches out to wider universe of users of its platform.
Parallax has launched a plan to scale up its remote patient-monitoring platform over next 60 to 90 days. The platform deploys software-as-a-service (SaaS) licensing through hospital and doctor groups as we as other channel partners.
To help the expand its platform, the company is seeking to raise $6 million, which includes selling units at $0.125 a piece. Each unit comprises one share of common stock and one warrant to buy one share of stock at $0.25 per share.
For the quarter ended March 2019, the company posted a near-tenfold jump in revenue to nearly $51,000, from revenue of about $5,000 in the same quarter a year ago. The company improved its performance with a net loss of $1.6 million, compared with a net loss of $3.8 million for the prior-year period. The near $2,2 million difference, or 56% decrease in net loss, stems from lowered expenses.
Telehealth, which some in the industry call telemedicine, is a lucrative US market, which came in at a whopping $60 billion in 2018. Telehealth also is about controlling costs -- and unplanned hospital readmissions are a major cost driver. For example, avoidable readmissions cost the Medicare system $17 billion annually. And with readmissions, doctors and hospitals get lower insurance reimbursements.
Parallax’s patient-monitoring platform allows doctors to intervene with their patients to head-off costly readmissions.
While Parallax is expanding its monitoring platform, the company has other strategic plans in the works. The company hopes to launch a patented mobile app for autism called Compass in the second half of 2019.
Also, Parallax in the second quarter of 2020 hopes to finish the design and construction of its first generation mobile device called SPARKS Mobile and then seek FDA clearance.
On the corporate side, Parallax has a goal to up-list from the OTCQB to either the NYSE American or Nasdaq in the second half of 2019. And the company is seeking to achieve break-even cash flow in the fourth-quarter of this year.
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