Medtech company G Medical Innovations (ASX: GMV) is preparing to launch Prizma – a smartphone case that can monitor vital signs – in Taiwan, having secured Taiwan Food and Drug Administration approval for their flagship device.
The approval comes via G Medical’s partner in Taiwan, First Channel Ltd (FCL) which will immediately commence discussions with distributors for the device in the developed island nation or more than 23 million inhabitants.
“Being granted approval by the Taiwan Food and Drug Administration is a tremendous achievement for G Medical. The process has involved rigorous testing, which has outlined the safety and effectiveness of the Prizma device,” said G Medical CEO, Yacob Geva.
“The Company will remain in discussions with FCL regarding a commercial strategy for the region, as well as assess additional opportunities where applicable. Management look forward to updating shareholders as discussions progress.”
As the first device of its kind, Prizma is a smartphone case which can be easily attached before users download the Prizma app where the case relays vital biometric health information of the user including heart rate, ECG, body temperature and stress levels.
With users being able to access this information without the presence of a health professional, G Medical aims to optimise healthcare by enabling users to track their health and know when to seek professional help.
The approval in Taiwan continues a remarkable few months for G Medical which has reported 105% YOY growth of patient monitoring services in the United States as well as completion of clinical trials in China.
Following news of the Taiwan FDA approval, shares in GMV rocketed to reach a morning high of $0.20, a rise of 53.8% on the previous day’s close of $0.13.