A more accurate assessment on skin cancer is the way MedX plans to save the planet
No one should ever die of skin cancer.
Wow – doesn’t that just wake you up a little bit? The deadliest cancers include lung and bronchial cancer, colon and rectal cancer, breast cancer, pancreatic cancer, prostate cancer, leukemia, Non-Hodgkin lymphoma, liver cancer, melanoma and ovarian cancer. According to the American Cancer Society in their July 2018 report, in the period from 2008 – 2014, overall cancer incidence rates decreased by 2.2% in men and remained stable in women. From 1999 – 2014, overall cancer deaths decreased by 1.8% per year among men and 1.4% per year among women.
Unfortunately, melanoma (skin cancer) still ranks in the “top ten” among both men and women – not a ranking that we really need to be ecstatic about.
Enter MedX Health Corp. (TSXV: MDX). Originally founded in 1999 with a focus on laser and phototherapy products, the company still maintains this highly reputable product line in a very competitive global marketplace. MedX first acquired their other product technology (SIAscope) in 2011 and through improvements, has positioned MedX as a leading medical device and software company.
Focused on the early detection of skin cancer, MedX’s SIAscope is a handheld Class IIA medical device. First, the SIAscope takes 5 images, including 4 spectrophotometric images 2 mm below the skin’s surface showing the disorganization of a suspicious mole or lesion. This allows dermatologists to make a more accurate assessment based on the underlying physiology of the skin. MedX is the only technology in the world that can present this additional critical imaging, taking remote medicine to a new and improved level for provision of timely, accurate diagnoses.
Second, SIAscopy on DermSecure™ captures the dermatological images from the SIAscope and forwards them for assessment by a dermatologist. SIAscopy is a fully integrated service that combines innovative, peer-reviewed technology with a secure, cloud-based patient management system. It’s the only tool that offers perfect image capture technology with clinical, dermascopic and spectrophotometric views of moles and other skin conditions. Designed by dermatologists and physicians, SIAscopy is being used in over 200 pharmacies in 3 countries with regulatory approvals in 35 countries including USA, Canada, Australia, Brazil and the EU.
Finally, the results are communicated back to healthcare providers and patients. In 72 hours or less – timely turnaround indeed! MedX stores patient’s information for 10 years, which means a patient can retrieve their patient file and take another scan of the same mole or lesion years later and compare it to previous images to see if there has been any change. MedX is the only company in the world that has made this commitment to the patient and their providers. Privacy policies comply with all regulations in jurisdictions in which the company operates including PIPEDA, HIPAA and GDPR. In addition, they deploy the latest in security measures, engage in rigorous third-party threat testing and real-time monitoring.
Wow – who knew that it could be that easy? It really isn’t, as the team at MedX has put decades of knowledge, expertise and technology into development of a world-leading suite of tools. In addition to a highly experienced leadership team and Board of Directors, the company has assembled a Medical Advisory Board with experts from Canada, the UK and the US, all specialists in their fields who bring a wealth of knowledge and expertise to MedX.
The company has a very small market capitalization compared to similar companies in the US – only about C$20 million. The technology is leading edge, although the market also cares about revenue which has been negatively impacted by the ongoing coronavirus pandemic.
The company has the longevity and the expertise in a competitive marketplace. Management is embarking on a program to raise global awareness to improve future revenues and cash flow and they have raised new equity capital of just over C$3.0 million in 2020, significantly reducing negative working capital. Apparently there will never be less cancer in the world and here is a technology company that can at the very least help in the goal that “cancer can be beaten”.
Frederick Kozak is a Professional Engineer with extensive oil and gas, and international business experience and has more than 25 years involved in capital markets ... <Read more about Frederick Kozak>