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Toumaz Limited Announces Joint Venture For Newly Approved Sensium(TM) "Digital Plaster"
Toumaz Limited teams up with Dr. Patrick Soon-Shiong to commercialise the Sensium(TM) Digital Plaster, a disposable wireless body monitoring device
Toumaz Limited is also pleased to announce that the SensiumTM Digital Paster has received 510(k) approval from the Food and Drug Administration ('FDA') in the US.
The Sensium(TM) Digital Plaster is an, ultra-small, ultra-low power wireless body-worn monitor that continuously and unobtrusively acquires high-quality vital signs data, including temperature, heart rate and respiration rate. The current Sensium(TM) Digital Plaster is targeted for use in hospital general ward environments. It also has the potential to be extended into tele-care, chronic disease monitoring, community care settings and the home, where continuous or extended monitoring of patients is important.
Dr.Patrick Soon-Shiong, Chief Executive of California Capital Equity said: "Without a doubt, wireless is the future of healthcare. Wireless technology is the key to bringing quality healthcare to everybody, wherever they may be, in real time. Toumaz's ultra-low power technology is going to be a vital element in this, and our joint venture opens up exciting prospects."
Commenting on today's announcements, Professor Chris Toumazou, Toumaz Limited Chief Executive, said: "We are very excited to be working closely with Dr. Patrick Soon-Shiong. We share his vision of building a better healthcare system by enabling remote patient monitoring. Dr. Patrick Soon-Shiong and his team bring considerable expertise in the development and distribution of medical devices and technology in the US. The extent of Dr. Patrick Soon-Shiong's involvement in this venture illustrates the potential of the wireless healthcare market and our compelling proposition." He added: "We are pleased to be taking this project forward from the solid technical and commercial base that has been established. We are confident, given the disruptive nature of our technology, that launching Toumaz US as a specialist vehicle is the most effective way to bring the SensiumTM Digital Plaster to the global market."
Under the terms of the new partnership, California Capital Equity will provide up to $25M funding to the company over the next two years and will own 80% of the equity. The remaining 20% will be held by Toumaz Limited.
Toumaz Limited will also receive both product and royalty revenues from the joint venture as it commercialises the SensiumTM Digital Plaster
Toumaz Limited and its previous Strategic Partner have worked closely to develop and refine the SensiumTM Digital Plaster over a number of years. As part of the agreement, the previous Strategic Partner is transferring to Toumaz Limited all relevant IP, product design, clinical trial data, regulatory and FDA documentation as well as sharing supplier relationships with Toumaz Limited for use in the new joint venture.
Toumaz Limited CEO Professor Chris Toumazou will join the Board of the new Toumaz US as Vice-Chairman, and Dr. Patrick Soon-Shiong will serve as Chairman. In February 2011, Toumaz Limited announced that California Capital Equity LLC had made a strategic investment in the Group to develop Sensium(TM) technology for consumer healthcare applications. Toumaz Limited issued 14,563,142 shares to CCE at 8.83p per share, representing a stake of 2.46% in the group.
Toumaz Limited will publish a trading update for the six months to 30 June 2011 in late July.
About Dr Patrick Soon-Shiong
Dr Patrick Soon-Shiong is a co-inventor of more than 50 issued U.S. patents, has published more than 100 scientific papers, and developed and sold two multi-billion dollar pharmaceutical companies, American Pharma Partners (APP) and Abraxis Bioscience (ABII). APP was responsible for the only safe supply of Heparin in the United States in 2008.
Since 2006, Dr. Soon-Shiong has turned his attention to transforming healthcare by establishing an integrated health information platform and founded the National Coalition for Health Integration (NCHI) to create a national health network for the secure, national sharing of biomedical information with the goal of improving health for individuals. He has also founded the Institute for Advanced Health, which will provide high-speed computing capabilities for human genotyping to target specific cancer treatments, as well as technologies for the better management of chronic disease.
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