TSXV: CHIP.H
CALGARY, AB, Aug. 30, 2021
/CNW/ - Health Logic Interactive Inc. ("Health Logic"
or the "Company") (TSXV: CHIP.H)(OTCPK: CHYPF), is
pleased to announce its second update to its digital diagnostic
device MATLOC 1. MATLOC 1 is the Company's proprietary diagnostic
platform technology in development for the testing of different
biomarkers, with a current focus on the urine-based biomarkers
albumin and creatinine for chronic kidney disease (CKD) screening
and eventual diagnosis.
Current development activities continue to focus on MATLOC 1 and
the Company's accompanying lab-on-chip products. MATLOC 1 is
wrapping up its first phase of development, which included the
building and testing of a fluid handling apparatus, the completion
of a user interaction study, and initial design concepts that will
lead to a functional prototype for the second phase of development.
The prototype to be developed in Phase 2 is expected to be used in
the Company's clinical trials, which are anticipated to commence in
Q1 2022.
The Company's lab-on-chip technology is focused on achieving
better detection sensitivity and shorter test times for the urine
creatinine chip (uC-Chip). Recent developments in the Company's
lab-on-chip technology have shown promising results in achieving
these goals and advances the Company closer to an integrated urine
albumin creatinine chip (uACR-Chip). The Company also continues to
advance its work done on its blood based eGFR detection chip
(eGFR-Chip), especially on its signal optimization to provide a
more complete proof-of-concept eGFR-Chip.
The Company's United States Food and Drug Administration
("FDA") pre-submission meeting (the "Pre-Submission
Meeting") that was anticipated to occur in September has been
postponed by the FDA due to the FDA's necessity to allocate
resources to COVID-19 related activities. It is expected that the
Pre-Submission Meeting will be delayed until early in the 2022
calendar year.
The Company will continue with its current plan to complete the
product development of MATLOC 1, conduct analytical validation of
the product, and evaluate the product's status with the Company's
FDA regulatory consultants in January
2022. At that time, Health Logic expects to either submit a
pre-submission plan to the FDA or move forward with a formal FDA
510(k) application.
Update on Marizyme Transaction
The pending transaction with Marizyme to sell the Company's
wholly owned operating subsidiary, My Health Logic Inc., continues
to move forward as both teams finalize the deal structure, review
due diligence materials, and work towards a definitive
agreement.
"These are exciting developments, especially completing the
first phase of product development for MATLOC 1. This is a
milestone that highlights our progress and brings us closer to a
functional prototype, the same functional prototype we expect to
use in our clinical trials in Q1 of 2022. We continue to advance
toward a complete FDA 510(k) application and look forward to
updating our stakeholders again soon," stated David Barthel, CEO of Health Logic.
About the Company
Health Logic Interactive, through its wholly owned operating
subsidiary My Health Logic, is developing and commercializing
consumer focused handheld point-of-care diagnostic devices that
connect to patient's smartphones and digital continued care
platforms. The Company plans to use its patent pending lab-on-chip
technology to provide rapid results and facilitate the transfer of
that data from the diagnostic device to the patient's smartphone.
The Company expects this data collection will allow it to better
assess patient risk profiles and provide better patient outcomes.
Our mission is to empower people with the ability to get early
detection anytime, anywhere with actionable digital management for
chronic kidney disease. For more information visit us
at: www.healthlogicinteractive.com
Further information regarding Health Logic Interactive Inc. and
its disclosure documents are available on SEDAR at
www.sedar.com.
Neither the TSX Venture Exchange nor its regulation services
provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Notes
Certain statements contained in this press release constitute
"forward-looking statements". All statements other than statements
of historical fact contained in this press release, including,
without limitation, those regarding the Company's development of a
functional prototype in Phase 2 and the use of the prototype in
clinical trials, the expected timing for commencement of clinical
trials, the anticipated timing of the delay of the Company's
Pre-Submission Meeting, the expected submission and timing of such
submission to the FDA for MATLOC 1, the execution of a definitive
agreement for the transaction with Marizyme, the completion of the
transaction with Marizyme, and the Company's strategy, plans,
objectives, goals and targets, and any statements preceded by,
followed by or that include the words "believe", "expect", "aim",
"intend", "plan", "continue", "will", "may", "would", "anticipate",
"estimate", "forecast", "predict", "project", "seek", "should" or
similar expressions or the negative thereof, are forward-looking
statements. These statements are not historical facts but instead
represent only the Company's expectations, estimates and
projections regarding future events. These statements are not
guarantees of future performance and involve assumptions, risks and
uncertainties that are difficult to predict. Therefore, actual
results may differ materially from what is expressed, implied or
forecasted in such forward-looking statements. Additional factors
that could cause actual results, performance or achievements to
differ materially include, but are not limited to the risk factors
discussed in the Company's Management's Discussion and Analysis for
the year ended December 31, 2020. Management provides
forward-looking statements because it believes they provide useful
information to investors when considering their investment
objectives and cautions investors not to place undue reliance on
forward-looking information. Consequently, all of the
forward-looking statements made in this press release are qualified
by these cautionary statements and other cautionary statements or
factors contained herein, and there can be no assurance that the
actual results or developments will be realized or, even if
substantially realized, that they will have the expected
consequences to, or effects on, the Company. These forward-looking
statements are made as of the date of this press release and the
Company assumes no obligation to update or revise them to reflect
subsequent information, events or circumstances or otherwise,
except as required by law.
SOURCE Health Logic Interactive Inc.
