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Parallax Health Sciences seeks to expand remote patient-monitoring platform

Snapshot

The California company's proprietary platform Parallax Care tracks patients’ vital signs for adherence to their medical and drug regimens

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Quick facts: Parallax Health Sciences Inc.

Price: 0.06 USD

OTCQB:PRLX
Market: OTCQB
Market Cap: $14.31 m
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  • Telehealth company focused on remote diagnosis, treatment and monitoring patients with chronic diseases
  • Proprietary platform Parallax Care tracks patients’ vital signs for adherence to their medical and drug regimens
  • Doctor and nursing groups as well as hospitals are using its patient-monitoring technology

What Parallax Health does:

Parallax Health Sciences Inc (OTCMKTS:PRLX) is an outcomes-driven telehealth company that focuses on cost-effective remote diagnosis, treatment and monitoring of patients with chronic diseases.

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 adherence 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.  

The company 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 medical event where the doctor needs to be notified immediately so he or she can intervene to help the patient.

The platform deploys software-as-a-service licensing through hospital and doctor groups and comes with actual hardware, the Desktop Analyzer. But the company is upgrading and expanding on that technology with the Sparks Mobile device, which is currently under development. It’s a portable handheld diagnostics analyzer that tests loaded cartridges for biomarkers in blood samples or pathogens in urine in minutes instead of hours or days.

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.

How is it doing:

Company officials say a number of doctor and nursing groups as well as hospitals are using its patient-monitoring technology. In 2019, 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 are able to direct patients to monitor their treatments through Parallax’s platform.

Under the company’s growth plans, Parallax wants to get more collaborative deals as it reaches out to a wider universe of users of its platform. That means entering into vertical market licenses and technology-integration agreements in the financial technology, human resources, lifestyle and healthcare industries. 

For instance, the company last September announced it was purchasing a 19% stake in Global Career Networks Inc, a provider of career solutions to one of the largest recruiter networks in the world with exposure to millions of recruiters and C-level executives. It’s a way to gain access to a large population of professionals -- namely doctors and medical/healthcare provides -- who may be interested in using Parallax’s platform that allows users to remotely connect with their patients to monitor and respond to their conditions. 

And in an effort to help develop its technology, the company in July 2019 inked a license agreement with HealthPointe Solutions, which uses artificial intelligence to determine healthcare solutions and services. This AI system will be woven into the Parallax Care Platform. 

Telehealth, which some in the industry call telemedicine, is a lucrative US market, which came in at a whopping $60 billion in 2018. It’s a highly competitive market and poaching or replicating a rival’s technology, even when it is patented, is a problem.

For Parallax, it is a big problem as well. The company is looking into possible patent infringement in cases within the human diagnostics and behavioral healthcare markets, citing up to $500 million in potential damages.

Inflection points:

  • Achieve break-even cash flow in 1H 2020
  • Finish design of and build first-generation SPARKS Mobile device and submit to FDA for 510(k) clearance in 2Q 2020
  • Up-list from the OTCQB to either the NYSEAmerican or Nasdaq in 1H 2020

What the boss says:

"We continue to believe there are a number of companies operating in the marketplace whose activities and products infringe on our patents," said CEO Paul Arena. 

"We are now positioned with strategic offensive as well as defensive claims in our IP portfolio and while we believe we have complete freedom to operate our platform technologies, others in our space do not. Therefore, we will approach a number of these infringing companies with the offer to either license our technology or they should be prepared to defend against our claims."

Contact the author: [email protected]

Follow him on Twitter @PatrickMGraham

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on 04/17/2019

5 min read