Ginger root.io transforms from mental health management tech for hospitals to doctor

mental health, face, human

Previously few years, Ginger root.io has transformed itself from the mental health management technology business which used people’s smartphone behavior to recognize patterns and gather insights on their own mental health for hospitals to some doctor that gives use of licensed therapists through its application, according to an announcement from the organization now.

Ginger root.io offers the application through UnitedHealthcare, Optum and most 25 self-insured employers, the organization release stated.

“We think that a persons-to-human experience is important for mental and emotional health support. By integrating significant data and machine learning in to the process, we built the very first modern, nationwide behavior health system that is dependant on measurement-based care,” stated Karan Singh, Ginger root.io cofounder within the release.

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Ginger root.io Cofounder and Chief executive officer Dr. Anmol Madan told MobiHealthNews that the organization altered its approach because its model would take too lengthy for that medical industry to consider.

I was making lots of progress there we’d 40 different hospitals which were using our technology. However it only agreed to be a sluggish process so we felt that … by getting to deal with the clinical components and mixing it using the technology, we’re able to work directly with those who are having to pay for healthcare — i.e. the employers, the typical consumer, the plans — so we could provide the complete.Inches

Their revised approach involves an account balance between cognitive behavior therapy quite happy with information about how to higher deal with conditions for example depression and supplying video visits with licensed therapists and board-certified psychiatrists, who could prescribe medication with respect to the condition.

Karan also described that the organization requires a page from Lyft for the reason that it encourages patients to rate the caliber of these interactions as a means of improving its service.

Ginger root.io’s technology was initially produced for behavior health researchers in, but experienced multiple iterations to reply to a growing users list.

In 2015, Ginger root.io elevated $20 million from Kaiser Permanente Ventures, Khosla Ventures and True Ventures to deepen and expand its core mental health platform.

Although Ginger root.io has altered its model, there are a handful of firms that see the need for using smartphones like a vehicle for collecting data to evaluate emotion, cognition, and behavior.

Mindstrong describes this as digital phenotyping. Cofounder and president Thomas Insel labored as director from the National Institute of Mental Health for 13 years before joining Google’s healthcare arm Verily and subsequently, Mindstrong.

In June, Mindstrong raised $14 million inside a Series A round brought by Foresite Capital and ARCH Venture Partners. Optum Ventures, Berggruen Holdings and also the One Mind Brain Health Impact Fund also required part within the funding round to assist support product and also the development of Mindstrong’s clinical operations team.

HealthRhythms is comparable but different for the reason that it aggregates data from the wider selection of devices. Additionally to smartphones, additionally, it taps wearables and connected devices, examines data on exercise and usage, rates of speech and appears for patterns that could indicat changes in behavioral health.

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DelMar Presents Positive Interim Is a result of VAL-083 Study in MGMT-unmethylated Recurrent GBM in the Society for NeuroOncology Annual Meeting

VANCOUVER, Bc and MENLO PARK, Calif., November. 21, 2017 /PRNewswire/ — DelMar Pharmaceuticals, Corporation. (NASDAQ: DMPI) (“DelMar” or even the “Company”), a biopharmaceutical company centered on the introduction of new cancer therapies, today provided an introduction to three scientific posters presented in the 22nd Annual Meeting and Education Day’s the Society for Neuro-Oncology (SNO) held on November 16-19, 2017 in Bay Area, CA.

DelMar reported that 96% of patients enrolled were alive during the time of case study and 40% of patients enrolled were reported to possess achieved stable disease as assessed by MRI following treatment with VAL-083 like a single agent.  “Even though it is too soon to interpret overall survival is a result of this research, the substantial disease control observed up to now within the treatment recurrent GBM, ‎an aggressive tumor that may double in dimensions within 6-8 days, is a vital and positive observation at this time,Inch stated Mr. Saiid Zarrabian, DelMar’s Interim Ceo.  

“The promising early observations from your ongoing Phase 2 medical trial of VAL-083 like a potential new treatment choice for MGMT-unmethylated GBM will also be based on extensive preclinical research into VAL-083’s unique mechanism of action,” added Mr. Zarrabian.  “According to these recent data, we feel VAL-083 represents a possible solution for probably the most important unmet medical needs in treating GBM along with other nervous system tumors.”

DelMar provided an update around the company’s ongoing Phase 2 studies inside a poster titled “Numerous Studies with dianhydrogalactitol (VAL-083) in MGMT-unmethylated Glioblastoma,” which is happening together with The College of Texas MD Anderson Cancer Center. This trial is made to enroll as much as 48 patients to find out if VAL-083 treatment improves overall survival when compared with historic reference control. 

  • DelMar reported that 27 subjects happen to be screened and 15 happen to be enrolled because the opening of recruitment in Feb 2017. Up to now, the trial has enrolled for a price in front of initial projections.
  • All patients signed up for the research have recurrent MGMT-unmethylated GBM with radiographic proof of progression and weren’t surgically resected during the time of enrollment.
  • DelMar reported that 96% of patients enrolled were alive during the time of case study and 40% of patients enrolled were reported to possess achieved stable disease following treatment with VAL-083 like a single agent, as assessed by MRI.
  • Enrollment is ongoing and median survival hasn’t yet been arrived at within the trial.
  • Generally, VAL-083 treatment was well tolerated by patients with observed negative effects (myelosuppression) much like prior clinical experience.

The Organization also provided an introduction to the look another Phase 2 medical trial of VAL-083 for recently diagnosed MGMT-unmethylated GBM patients about this poster. In this trial, that was lately initiated at Sun Yat-Sen College Cancer Center, patients is going to be given VAL-083 plus radiotherapy instead of standard-of-care temozolomide plus radiation right in front-line setting. The trial is made to enroll as much as 30 volunteers with MGMT-unmethylated GBM to find out if VAL-083 treatment improves progression free survival (PFS) over a historic reference control. This trial has been supported though DelMar’s collaboration with Guangxi Wuzhou Pharmaceutical (Group) Co., Limited. 

Additionally, DelMar also presented two additional pre-clinical posters throughout the conference: 

  • The Distinct Cytotoxic Mechanism of Dianhydrogalactitol (VAL-083) Overcomes Chemoresistance and offers New Possibilities for Combination Therapy in treating Glioblastoma.

VAL-083 induces potent anti-cancer activity against treatment-resistant cells from glioblastoma, lung, prostate and ovarian tumors via a distinct mechanism of action.  Cancer cells given VAL-083 exhibit persistent DNA double-strand breaks and activation from the homologous DNA repair (HR) system. Activation from the HR product is an indication of VAL-083’s unique anti-tumor activity.

When coupled with topoisomerase or PARP inhibitors, the therapy aftereffect of VAL-083 is elevated inside a synergistic or super-additive manner. Taken together, these data offer the broad potential of VAL-083 like a new treatment against an array of cancers both like a single agent and in conjunction with other established cancer therapies.

  • Dianhydrogalactitol (VAL-083) Overcomes Chemoresistance in Pediatric Malignant Brain Tumors and Displays Synergy with Topoisomerase Inhibitors

Pediatric high-grade glioma (HGG) and medulloblastoma are aggressive childhood brain tumors having a high incidence of recurrence and incredibly couple of patients achieve lengthy-term survival.  VAL-083 demostrates potent activity like a single agent against both chemotherapy-resistant pediatric HGG and medulloblastoma separate from p53 status. DelMar also reported that VAL-083 potentiates radiotherapy and exhibits synergy when in combination with topoisomerase inhibitors, two regimens generally utilized in treating childhood brain tumors. 

“We continue being highly passionate about the potential for VAL-083 like a novel strategy to cancer patients who’ve limited or no treatments,Inch added Mr. Zarrabian. “The superb work done by the world class academic research collaborators and our in-house team presented in the SNO meeting showcases VAL-083’s potential both like a single agent so that as a part of combination therapeutic regimens.” 

DelMar’s poster presentations can be seen within their whole on DelMar’s website at http://world wide web.delmarpharma.com/scientific-publications.html

About VAL-083

VAL-083 (dianhydrogalactitol) is really a “first-in-class”, DNA-targeting agent that introduces interstrand DNA mix-links in the N7-position of guanine resulting in DNA double-strand breaks and cancer cell dying. VAL-083 has shown clinical activity against a variety of cancers including GBM and ovarian cancer in historic numerous studies backed through the U.S. National Cancer Institute (NCI).  DelMar has shown that VAL-083’s anti-tumor activity is unaffected by common mechanisms of chemoresistance in vitro. Further details regarding these studies are available at http://world wide web.delmarpharma.com/scientific-publications.html.

VAL-083 continues to be granted an orphan drug designation through the U.S. Food and drug administration Office of Orphan Products to treat glioma, medulloblastoma and ovarian cancer, as well as in Europe to treat malignant gliomas.

About DelMar Pharmaceuticals, Corporation.

DelMar Pharmaceuticals is centered on the event and commercialization of recent therapies for cancer patients who’ve limited or no treatments.  By concentrating on understanding tumor biology and mechanisms of treatment resistance, the organization identifies biomarkers to personalize new therapies in indications where people are failing, and have become resistant against modern targeted or biologic treatments.

The Business’s current pipeline relies around VAL-083, a “first-in-class,” small-molecule chemotherapeutic having a novel mechanism of action which has shown clinical activity against a variety of cancers including nervous system, ovarian along with other solid tumors (e.g. NSCLC, bladder cancer, mind & neck) in numerous studies backed through the NCI. Based on DelMar’s internal research programs which prior NCI-backed studies, the organization is performing numerous studies to aid the event and commercialization of VAL-083 across multiple oncology indications to resolve significant unmet medical needs.

VAL-083 may also be studied in 2 collaborator-supported, biomarker driven, Phase 2 numerous studies for MGMT-unmethylated GBM. Overcoming MGMT-mediated resistance represents a substantial unmet medical need in treating GBM.  DelMar also lately announced the allowance of the separate IND for VAL-083 like a potential strategy to platinum-resistant ovarian cancer.

More information on DelMar’s numerous studies are available on clinicaltrials.gov:  https://world wide web.clinicaltrials.gov/ct2/results?cond=&term=val-083&cntry1=&state1=&recrs

For more information, check out http://delmarpharma.com/ or contact DelMar Pharmaceuticals Investor Relations: [email protected] / (604) 629-5989.

Interact with the organization on Twitter, LinkedIn, Facebook, and Google+.

Safe Harbor Statement

Any statements found in this pr release that don’t describe historic details may constitute forward-searching statements as that term is determined within the Private Securities Litigation Reform Act of 1995. Any forward-searching statements contained herein derive from current expectations, but they are susceptible to numerous risks and uncertainties. The standards that may cause actual future leads to differ materially from current expectations include, but aren’t restricted to, risks and uncertainties concerning the Company’s capability to develop, market then sell products according to its technology the expected benefits and effectiveness from the Company’s products and technology the supply of considerable additional funding for the organization to carry on its operations and also to conduct development and research, studies and future product commercialization and, the business’s business, research, product, regulatory approval, marketing and distribution plans and techniques. These along with other factors are identified and described in greater detail within our filings using the SEC, including, our current reports on Form 8-K.

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SOURCE DelMar Pharmaceuticals, Corporation.

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Texas Clinic joins an increasing listing of health systems with venture funds

dollar, money, funds, cash

Texas Medical Center’s launch of the $25 million TMC Venture Fund adds the business to some growing listing of institutions which have renedered purchasing initial phase healthcare startups a part of their technique for cultivating innovation across their systems. TMC has connected the venture fund to the 3-year-old accelerator along with other causes of entrepreneurship in the community.

In the outlook during Bill McKeon, Texas Clinic Chief executive officer, the venture fund is a means of helping fulfill a wider vision of cultivating innovation over the health system. Inside a phone interview, he that even though the TMC Accelerator is a supply of the startups the fund invested in, other investment targets can come from TMC’s Biodesign program in addition to [email protected] The venture fund is supposed to address a few of the funding and technical gaps initial phase companies must traverse if they’re to get effective companies within the longterm.

An investment committee for that fund includes representatives from TMC, MD Anderson Cancer Center, Baylor College of drugs, Texas Children’s Hospital, JLABS @ TMC, Versalius Ventures and Houston Angel Network.

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“The investment capital fund happens to be area of the plan it had been the final piece,” stated McKeon. “We have to help these early stage companies through operational and clinical milestones to encourage them to series A funding.”

The fund’s investments will span $250,000 to $a million, McKeon stated. To date, the TMC Venture Fund has committed to five companies:

Alleviant developed a minimally-invasive device to deal with congestive heart failure. The Houston-based business was among 18 medical device companies to formally finish TMC’s medtech accelerator now.

Briteseed is an item of Northwest College medical innovation program NUvention in Chicago. The organization develops smart surgical tools for example using near-infrared spectroscopy sensors to identify the presence and diameter of bloodstream vessels and embedding that technology into cutting devices. The aim would be to prevent excessive bleeding during surgery. It finished a TMC Accelerator cohort for medical device businesses last year.

CNSDose created a means to fast-track identifying and choosing the proper antidepressant and dose using advanced genetic technology.

Medable develops apps that capture patient-generated data. It really works across a couple of healthcare verticals. For pharma companies, for instance, it builds medication companion apps to aid data tracking for patients, based on Medable’s website.

Noninvasix created a patient monitor with the aim of precisely and noninvasively calculating brain oxygenation in premature babies within the neonatal intensive care unit.

Although several health system venture funds came about recently, some have experienced one for several years. Cleveland Clinic Innovations, Mayo Clinic Ventures, and Kaiser Permanente Ventures are fairly well-known but others might be less so.

Ascension Ventures, a subsidiary from the country’s largest nonprofit Catholic health system, likes its 4th fund and is among the old health system venture players — Ascension’s investment capital arm has been available since 2001. The audience has 15 hospital and health systems as limited partners and it has committed to a minimum of 60 companies. Most lately, it committed to VisitPay, a business that wishes to change medical billing.

Inova Proper Investments, the venture arm of Falls Church, Virginia-based Inova Health System, was created this past year simultaneously since it’s Inova Personalized Health accelerator program and are generally housed in Inova’s Center for Personalized Health.

Partners HealthCare System earlier this year elevated $171 million for any second innovation fund Partners Innovation Fund II targeting seed stage investments in existence science startups. Brigham and Women’s Hospital and Massachusetts General Hospital each committed $50 million towards the fund. An investment strategy involves dealing with co-investor syndicates to lessen risk and requires purchasing biomedical sectors for example therapeutics, diagnostics, health IT and medical devices.

Spectrum Health in Grand Rapids, Michigan created Spectrum Ventures, with a $100 million fund to purchase healthcare companies addressing prevention and wellness, care delivery transformation, consumer engagement, and genomics.

Summation Health Ventures is really a partnership of Cedars-Sinai and nonprofit integrated health system Memorial Care.  Among its portfolio information mill HealthLoop, Silversheet, Gauss Surgical and HYP3R. Although HYP3R  has produced recognition tables for that hospitality industry, in the healthcare industry it aspires to assist organizations determine new possibilities for personalized patient engagement.

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Xeltis raises &euro45m financing to succeed aortic and lung valve programs

Printed 16 November 2017

Clinical-stage medical device company Xeltis has completed an oversubscribed €45m in series C financing to succeed its programs on aortic and lung valves.

The funding round was brought with a global proper investor with participation from investment capital fund Ysios Capital and numerous large eco-friendly. Existing institutional investors (LSP, Kurma Partners and Mire Partners) and investors also took part in the financial lending.

The Series C financing will support continuation of clinical activities and acceleration of product and market development for that company’s novel aortic and lung valve programs. This is actually the largest investment round for any private medical device company in Europe in 2017.

“Xeltis is raring to supply patients who require heart valve substitute with a brand new option offered through our restorative technology, to ultimately enhance their lives and lower healthcare system costs,” stated Xeltis Ceo (Chief executive officer) Laurent Grandidier. “This robust financing gives us the sources essential to catapult our strategy forward – supporting quick growth of our aortic and lung valve programs and strengthening our mission to redefine heart valve substitute therapy.”

Xeltis’ heart valves let the patient’s own body to naturally restore a brand new heart valve via a therapeutic approach known as Endogenous Tissue Restoration (ETR). With ETR, a person’s healing system develops tissue that pervades Xeltis’ heart valve, developing a brand new, natural and completely functional valve there. As ETR occurs, Xeltis implants are progressively absorbed through the body. ETR is enabled by bioabsorbable polymers according to Nobel Prize awarded science.

Ongoing Trial Programs 

At TCT 2017, Xeltis announced the most recent study is a result of the Xeltis preclinical aortic valve program throughout a session focused on its innovative technology. The 12-month preliminary aortic valve data demonstrated promising results with higher hemodynamic performance and completely functional valves in vivo 12 several weeks after implantation.

The very first practicality medical trial for Xeltis’ lung valve, Xplore-I, is going ahead in Asia and europe. In The month of january, the U.S. Fda (Food and drug administration) approved an Investigational Device Exemption (IDE) for Early Practicality Study (EFS) to implant Xeltis’ lung valve in 10 patients. Four prominent U.S. centers are actually taking part in the medical trial known as Xplore-II.

Formerly, Xeltis shared as much as 31-month data from the pediatric practicality study of the vascular graft. The research demonstrated positive functionality results without any device-related adverse occasions, and significant improvement in patients’ general conditions.

Xeltis is presently investigating additional applying its innovative method of restore other heart valves and bloodstream vessels.

Source: Company Pr Release

EBR Systems safeguards funding to conduct heart failure study

MDBR Staff Author Printed 15 November 2017

EBR Systems has guaranteed $50m funding to handle pivotal medical trial, that will measure the safety and effectiveness of wireless stimulation endocardially (WiSE) technology.

The funding round was brought by Australian private equity investors M.H. Carnegie & Co and Brandon Capital Partners. Other investors include Split Rock Partners, Ascension Ventures and Dr. Thomas Fogarty’s Emergent Medical Partners.

EBR will conduct stimulation from the left ventricle endocardially (SOLVE-CRT) study to judge the security and effectiveness of WiSE technology.

The information collected in the global heart failure trial will be employed to secure approval for that technology in the US Fda.

WiSE technologies are claimed is the only wireless and endocardial pacing system which will stimulate left ventricle from the heart.

We’ve got the technology will enable cardiac pacing having a novel cardiac implant, which is one of the size of a big grain of grain.

The firm is promoting the patented and advanced technology to avoid using cardiac pacing leads, which create more complications and result in reliability issues in cardiac rhythm disease management.

Individually, EBR has guaranteed CE mark approval because of its second-generation wireless transmitter, that is half how big the very first-generation transmitter

EBR Systems chairman and Chief executive officer Allan Will stated: “We are content to achieve the support of these a good syndicate of investors and expect to for sure showing the clinical effectiveness of wireless pacing in SOLVE-CRT.”


Image: EBR’s WiSE technology will eliminate the requirement for coronary sinus results in stimulate the left ventricle. Photo: thanks to Business Wire.

Blackfynn will get $2.3M, adds partners for data integration tools to accelerate neuroscience research

artificial intelligence, ai, machine learning, deep learning, brain, circuit

Philadelphia-based existence sciences data analytics startup Blackfynn developed a method to aggregate data to aid translational research in neuroscience. It’s  received $2.3 million and added a brand new group of collaboration partners because it is constantly on the build and extend its data analytics tools for development and research to some wider users list.

New funding for Blackfynn comes through the National Institutes of Health’s Common Fund program — Stimulating Peripheral Activity to alleviate Conditions or SPARC— Other Transactions Award. Included in winning the funding award, Blackfynn will get the Data Core for the whole SPARC consortium. The organization is among three to get this funding.

The mission behind SPARC would be to further the peripheral neuromodulation field to precision medicine by looking into making the reasons of nerve-organ interactions simpler to know. The aim is to enable the introduction of a brand new generation of therapeutic devices, based on an announcement.

In another development, Blackfynn is poised to produce a platform to accelerate translational research in the approaching Society for Neurosciences meeting in Washington, D.C. in a few days. The woking platform will initially be accessible to some small group of investigators and foundations prior to it being folded to the educational community. Among early adopters are College of Pennsylvania’s  Center for Neuroengineering and Therapeutics, the College of Pittsburgh, the College of Utah, the Epilepsy Foundation and Massachusetts General Hospital, based on the news release.

Within an interview captured, Blackfynn Cofounder and President Dr. Amanda Christini noted that among the greatest obstacles facing everybody from Fortune 500 companies in pharma and medtech, hospitals right lower to healthcare startups may be the fragmented nature from the data they will use, making the task to do development and research tough.

“We listen to researchers they spend 90 % of time putting research data right into a format where they are able to utilize it and 10 percent of time really utilizing it. Whether they can take more time on [by using their data to] recognizing patterns …it might be transformative.”

Individually, Blackfynn has some medtech partners within the mix. It’s collaborating with Medtronic around the medical device giant’s bioelectronic device to record and understand neurosignals to assisted in the management of nerve conditions, particularly epilepsy. Mayo Clinic and College of Pennsylvania also have collaborated around the project. Blackfynn is developing an interactive event dashboard component for that device that may track the condition with time.

In another lindsey stirling, the organization works with medical device business Moberg ICU Solutions. They’ll develop and commercialize applications enlisting Blackfynn data platform and Moberg devices to complete realtime patient monitoring of EEG along with other physiological data. The concept is that clinical researchers can make use of this data to place patterns and generate insights on predicting outcomes or identifying biomarkers for disease progression.

Captured, Christini acknowledged the task of working out the easiest method to manage a lot data.

“As a health care provider myself, I realize the difficulties people face with managing all of this data. We’re concentrating on therapeutic product since the value and also the need are extremely great. One good reason we’re not jumping in to the clinical space is since it is not apparent how to achieve that.Inches

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VitalConnect raises $38m in series C equity financing round

Printed 02 November 2017

VitalConnect, an innovator in wearable biosensor technology for wireless monitoring in hospital and remote patient populations, has announced the 4th and final Series C closing, getting the entire series C round to $38m.

The round was brought by MVM and Baxter Ventures. This funding can help VitalConnect in launching the VitalConnect Platform and VitalPatch® wearable biosensor in hospitals and outpatient settings nationwide.

VitalConnect combines probably the most sophisticated biosensor – the VitalPatch – using its comprehensive software platform. The VitalPatch may be the tiniest and lightest Class 2 medical device authorized by the U.S. Fda (Food and drug administration) that measures eight different vital signs continuously and instantly, enabling unparalleled understanding of patient health. This guitar rock band-aid-like biosensor patch is single use and fully disposable.

“We picture a medical facility for the future where inpatient and outpatient care needs integrate more seamlessly to allow someone-centric type of care that’s truly preventative and real-time. Our close of $38 million as a whole financing this season can help drive our ongoing product and rollout,” stated Nersi Nazari, Chief executive officer and founder, VitalConnect.

VitalConnect launched this year and elevated Series A funding of $12 million that year, and subsequently closed a $22 million Series B round in 2016.

VitalConnect is really a leader in wearable biosensor technology for wireless patient monitoring both in hospital and remote patient populations.

VitalConnect leverages extensive knowledge of biomedical engineering, data analytics, nick design, and mobile and cloud software to produce technology that supports decision-making paradigms that achieve better health insurance and economic outcomes.

Source: Company Pr Release

Health2047 spins out healthcare data discussing business

Money bag icon on blackboard with hand

Health2047 has spun out a technology company to talk about health data between patients, physicians, healthcare facilities, payers, pharma along with other healthcare enterprises, based on a news release.

Health2047 closed a $ten million Series A round for Health2047 Switch, however the spinout also received another $12 million, the discharge stated.

The move follows adding Celgene like a collaboration partner recently. The pharma company was introduced aboard by Health 2047 to assist build the bandwith business. Doug Given, Health2047 Chief executive officer, described at that time there was an interest in developing a method to move data better between pharmacies, patients, and physicians.

The offer reflects the driving pressure behind Health2047. The audience is associated with the Ama. It seeks to enhance the way digital health tools are developed and commercialize them through partnerships with established companies and startups.

Inside a phone interview with Given, he stated the funding could be utilized in part to improve staff. They of 14 would expand to 60-80 quickly the following 12 to 18 several weeks. The brand new hires is going to be mostly software engineers dealing with pilot customers and driving for scale.

Given stated the motivation behind the Switch is to produce a common mechanism to talk about data between greater than 100 major healthcare systems. To that particular finish, Switch works with every of Health2047’s stakeholders. The information transmission network includes Health Information Exchanges and let personal health records to become transmitted.

Adriaan Ligtenberg, a md with Health2047, will mind up Switch because the Chief executive officer. He formerly brought cardiovascular medical device monitoring business BMEYE BV, which Edwards Lifesciences acquired this year. Charles Aunger assists as CTO. He formerly offered as senior executive director from it at Stanford Healthcare.

“We is going to be at alpha and beta stage and also have a minimally viable product throughout the the coming year. Then we are moving beta users to general availability” in 2019, Given stated.

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Luminex Corporation Reports Third Quarter 2017 Financial Results

AUSTIN, Texas, Oct. 30, 2017 /PRNewswire/ — Luminex Corporation (Nasdaq: LMNX) today announced financial results for the third quarter of 2017.  Financial and operating highlights for the quarter include the following:

  • Consolidated revenue of $74.1 million, an increase of 4% compared to the third quarter 2016.
  • Assay revenue was $37.9 million for the quarter ended September 30, 2017, representing a 17% increase over assay revenue for the third quarter of 2016.
  • Total sample-to-answer molecular product revenue of $11.9 million; growth of 55% compared to $7.7 million in the third quarter of 2016.
  • Placed 60 sample-to-answer molecular systems under contract, bringing the total number of active customers to over 400.
  • 266 multiplexing analyzers were shipped during the quarter; a combination of MAGPIX® systems, LX systems, and FLEXMAP 3D® systems.
  • GAAP net income of $17.6 million, or $0.40 per diluted share. Non-GAAP net income of $10.7 million, or $0.25 per diluted share (see Non-GAAP reconciliation).
  • In September, Luminex agreed to continue to provide a major customer with our Cystic Fibrosis product portfolio through the end of 2019, with an option to extend beyond this time period.

“The tremendous momentum in our sample-to-answer molecular business drove the Company’s performance this quarter. Our VERIGENE and ARIES systems are experiencing excellent traction in the market resulting from a combination of factors, including their ease of use, a rapidly expanding FDA cleared test menu, differentiated pricing strategies, and a large, fully integrated sales and support team,” said Homi Shamir, President and Chief Executive Officer of Luminex.  “We remain enthusiastic about our diversified business model, our solid balance sheet, positive cash flow profile, and the significant future growth opportunities in both our Licensed Technologies Group and our molecular diagnostics business.”

REVENUE SUMMARY

(in thousands, except percentages) 

Three Months Ended

September 30,

Variance

2017

2016

($)

(%)

(unaudited)

System sales

$           9,903

$         10,494

$       (591)

-6%

Consumable sales

10,619

12,305

(1,686)

-14%

Royalty revenue

11,001

11,068

(67)

-1%

Assay revenue

37,917

32,443

5,474

17%

Service revenue

2,894

2,934

(40)

-1%

Other revenue

1,802

1,977

(175)

-9%

$         74,136

$         71,221

$     2,915

4%

Nine Months Ended

September 30,

Variance

2017

2016

($)

(%)

(unaudited)

System sales

$         28,309

$         27,805

$        504

2%

Consumable sales

39,314

37,489

1,825

5%

Royalty revenue

33,375

33,888

(513)

-2%

Assay revenue

113,077

85,367

27,710

32%

Service revenue

8,594

7,892

702

9%

Other revenue

5,703

5,927

(224)

-4%

$       228,372

$       198,368

$    30,004

15%

FINANCIAL OUTLOOK AND GUIDANCE

The Company reaffirms its guidance for the full year and expects fourth quarter 2017 revenue to be between $76 million to $78 million.

CONFERENCE CALL

Management will host a conference call at 3:30 p.m. CDT / 4:30 p.m. EDT, Monday, October 30, 2017 to discuss the operating highlights and financial results for the third quarter 2017 ended September 30, 2017. The conference call will be webcast live and may be accessed at Luminex Corporation’s website at http://www.luminexcorp.com.  Simply log on to the web at the address above, go to the Company section and access the Investor Relations link. Please go to the website at least 15 minutes prior to the call to register, download and install any necessary audio/video software. If you are unable to participate during the live webcast, the call will be archived for six months on the website using the ‘replay’ link.

Luminex develops, manufactures and markets proprietary biological testing technologies with applications throughout the life sciences industry. The Company’s xMAP® system is an open-architecture, multi-analyte technology platform that delivers fast, accurate and cost-effective bioassay results to markets as diverse as pharmaceutical drug discovery, clinical diagnostics and biomedical research, including the genomics and proteomics research markets. The Company’s xMAP technology is sold worldwide and is in use in leading research laboratories as well as major pharmaceutical, diagnostic and biotechnology companies.  Further information on Luminex or xMAP can be obtained on the Internet at http://www.luminexcorp.com.

Statements made in this release that express Luminex’s or management’s intentions, plans, beliefs, expectations or predictions of future events are forward-looking statements. Forward-looking statements in this release include statements regarding expected revenue and cost savings, projected 2017 performance, including revenue guidance, including the revenue contribution from our recently completed acquisition of Nanosphere, Inc. The words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “will,” “could,” “should” and similar expressions are intended to further identify such forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995.  It is important to note that the Company’s actual results or performance could differ materially from those anticipated or projected in such forward-looking statements.  Factors that could cause Luminex’s actual results or performance to differ materially include risks and uncertainties relating to, among others, market demand and acceptance of Luminex’s products and technology in development, including ARIES®, Verigene®and NxTAG®products; dependence on strategic partners for development, commercialization and distribution of products; concentration of Luminex’s revenue in a limited number of direct customers and strategic partners, some of which may be experiencing decreased demand for their products utilizing or incorporating Luminex’s technology; budget or finance constraints in the current economic environment, or periodic variability in their purchasing patterns or practices as a result of material resource planning challenges; the timing of and process for regulatory approvals; the impact of the ongoing uncertainty in global finance markets and changes in governmental funding, including its effects on the capital spending policies of Luminex’s partners and end users and their ability to finance purchases of Luminex’s products; fluctuations in quarterly results due to a lengthy and unpredictable sales cycle; fluctuations in bulk purchases of consumables; fluctuations in product mix, and the seasonal nature of some of Luminex’s assay products; Luminex’s ability to obtain and enforce intellectual property protections on Luminex’s products and technologies; risks and uncertainties associated with implementing Luminex’s acquisition strategy, including Luminex’s ability to obtain financing; Luminex’s ability to integrate acquired companies or selected assets into Luminex’s consolidated business operations, and the ability to recognize the benefits of Luminex’s acquisitions; reliance on third party distributors for distribution of specific Luminex-developed and manufactured assay products; Luminex’s ability to scale manufacturing operations and manage operating expenses, gross margins and inventory levels; changes in principal members of Luminex’s management staff; potential shortages, or increases in costs, of components or other disruptions to Luminex’s manufacturing operations; competition and competitive technologies utilized by Luminex’s competitors; Luminex’s ability to successfully launch new products in a timely manner; Luminex’s increasing dependency on information technology to improve the effectiveness of Luminex’s operations and to monitor financial accuracy and efficiency; the implementation, including any modification, of Luminex’s strategic operating plans; the uncertainty regarding the outcome or expense of any litigation brought against or initiated by Luminex, risks relating to Luminex’s foreign operations, including fluctuations in exchange rates, tariffs, customs and other barriers to importing/exporting materials and products in a cost effective and timely manner; difficulties in accounts receivable collections; the burden of monitoring and complying with foreign and international laws and treaties; and the burden of complying with and change in international taxation policies, as well as the risks discussed under the heading “Risk Factors” in Luminex’s Reports on Forms 10-K and 10-Q, as filed with the Securities and Exchange Commission.  The forward-looking statements, including the financial guidance and 2017 outlook, contained herein represent the judgment of Luminex as of the date of this press release, and Luminex expressly disclaims any intent, obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in Luminex’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.

LUMINEX CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

September 30,

December 31,

2017

2016

(unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$        110,911

$         93,452

Accounts receivable, net

36,432

32,365

Inventories, net

46,114

40,775

Prepaids and other

9,915

7,145

Total current assets

203,372

173,737

Property and equipment, net

57,686

57,375

Intangible assets, net

78,152

84,841

Deferred income taxes

45,943

42,497

Goodwill

85,481

85,481

Other

8,094

6,785

Total assets

$        478,728

$       450,716

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$            7,813

$         12,276

Accrued liabilities

21,175

22,804

Deferred revenue

5,123

5,120

Total current liabilities

34,111

40,200

Deferred revenue

1,609

1,875

Other

4,828

4,962

Total liabilities

40,548

47,037

Stockholders’ equity:

Common stock

43

43

Additional paid-in capital

345,663

336,430

Accumulated other comprehensive loss

(817)

(1,692)

Retained earnings

93,291

68,898

Total stockholders’ equity

438,180

403,679

Total liabilities and stockholders’ equity

$        478,728

$       450,716

LUMINEX CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

Three Months Ended

Nine Months Ended

September 30,

September 30,

2017

2016

2017

2016

(unaudited)

(unaudited)

Revenue

$     74,136

$     71,221

$    228,372

$    198,368

Cost of revenue

28,317

25,556

79,706

62,976

Gross profit

45,819

45,665

148,666

135,392

Operating expenses:

Research and development

10,670

12,762

35,350

35,324

Selling, general and administrative

26,454

26,393

78,604

70,942

Amortization of acquired intangible assets

2,166

2,482

6,689

5,797

Total operating expenses

39,290

41,637

120,643

112,063

Income from operations

6,529

4,028

28,023

23,329

Other income, net

(1)

30

(6)

(1,395)

Income before income taxes

6,528

4,058

28,017

21,934

Income tax benefit (expense)

11,085

(1,307)

4,371

(4,760)

Net income

$     17,613

$       2,751

$     32,388

$     17,174

Net income attributable to common stock holders

Basic

$     17,299

$       2,751

$     31,789

$     17,174

Diluted

$     17,299

$       2,751

$     31,789

$     17,174

Net income per share attributable to common stock holders

Basic

$         0.40

$         0.06

$         0.74

$         0.40

Diluted

$         0.40

$         0.06

$         0.74

$         0.40

Weighted-average shares used in computing net income per share

Basic

43,164

42,683

43,110

42,522

Diluted

43,266

43,136

43,216

42,929

Dividends declared per share

$         0.06

$         0.18

LUMINEX CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

Three Months Ended

Nine Months Ended

September 30,

September 30,

2017

2016

2017

2016

(unaudited)

(unaudited)

Cash flows from operating activities:

Net income

$     17,613

$       2,751

$     32,388

$     17,174

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

5,609

5,913

16,879

14,401

Stock-based compensation

3,829

3,526

8,577

8,181

Deferred income tax expense

(10,379)

1,540

(3,112)

4,471

Loss (gain) on sale or disposal of assets

417

87

417

128

Other

357

(799)

1,279

(870)

Changes in operating assets and liabilities:

Accounts receivable, net

(3,295)

(3,118)

(4,053)

3,555

Inventories, net

988

(2,125)

(5,316)

(6,165)

Other assets

(1,564)

(902)

(2,761)

(230)

Accounts payable

(2,163)

(1,674)

(4,532)

1,050

Accrued liabilities

2,273

(428)

(5,138)

(6,602)

Deferred revenue

81

112

(269)

733

Net cash provided by operating activities

13,766

4,883

34,359

35,826

Cash flows from investing activities:

Sales and maturities of available-for-sale securities

19,491

Purchase of property and equipment

(3,981)

(2,675)

(10,384)

(8,394)

Proceeds from sale of assets

1

42

1

45

Business acquisition consideration, net of cash acquired

(1,196)

(68,098)

Issuance of note receivable

(700)

(700)

Purchase of cost method investment

(500)

(1,000)

(500)

Acquired technology rights

(60)

(60)

(200)

Net cash used in investing activities

(4,740)

(4,329)

(12,143)

(57,656)

Cash flows from financing activities:

Payments on debt

(25,000)

Proceeds from issuance of common stock

1,005

1,799

3,234

3,561

Shares surrendered for tax withholding

(28)

(13)

(2,124)

(1,497)

Dividends

(2,645)

(5,281)

Net cash (used in) provided by financing activities

(1,668)

1,786

(4,171)

(22,936)

Effect of foreign currency exchange rate on cash

(152)

87

(586)

365

Change in cash and cash equivalents

7,206

2,427

17,459

(44,401)

Cash and cash equivalents, beginning of period

103,705

81,718

93,452

128,546

Cash and cash equivalents, end of period

$    110,911

$     84,145

$    110,911

$     84,145

LUMINEX CORPORATION

NON-GAAP RECONCILIATION

(in thousands)

Three Months Ended

Nine Months Ended

September 30,

September 30,

2017

2016

2017

2016

(unaudited)

(unaudited)

Income from operations

$       6,529

$       4,028

$     28,023

$     23,329

Stock-based compensation

3,829

3,526

8,577

8,181

Amortization of acquired intangible assets

2,166

2,482

6,689

5,797

Acquisition costs

479

2,487

Severance costs

243

126

901

940

Adjusted income from operations

$     12,767

$     10,641

$     44,190

$     40,734

Other income, net

(1)

30

(6)

(1,395)

Acquisition costs

1,500

Income tax expense

11,085

(1,307)

4,371

(4,760)

Income tax effect of above adjusting items

(761)

(305)

(2,053)

(721)

Income tax benefit from discrete tax items

(12,400)

(12,400)

Adjusted net income

$     10,690

$       9,059

$     34,102

$     35,358

Adjusted net income per share, basic

$         0.25

$         0.21

$         0.79

$         0.83

Shares used in computing adjusted net income per share, basic

43,164

42,683

43,110

42,522

Adjusted net income per share, diluted

$         0.25

$         0.21

$         0.79

$         0.82

Shares used in computing adjusted net income per share, diluted

43,266

43,136

43,216

42,929

The Company makes reference in this release to “non-GAAP net income” which excludes stock-based compensation expense, amortization of acquired intangible assets and the impact of costs associated with legal proceedings; some of which are unpredictable and can vary significantly from period to period; and certain other recurring and non-recurring expenses. The Company believes that excluding these items and their related tax effects from its financial results reflects operating results that are more indicative of the Company’s ongoing operating performance while improving comparability to prior periods, and, as such may provide investors with an enhanced understanding of the Company’s past financial performance and prospects for the future. In addition, the Company’s management uses such non-GAAP measures internally to evaluate and assess its core operations and to make ongoing operating decisions. This information is not intended to be considered in isolation or as a substitute for income from operations, net income, net income per share or expense information prepared in accordance with GAAP.

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SOURCE Luminex Corporation

Related Links

http://www.luminexcorp.com

Highlights from Mayo Clinic’s Transform 2017 Event

Transform 2017, held a couple of days ago, was the tenth annual healthcare innovation conference located through the Mayo Clinic Center for Innovation (CFI). Every year it includes stakeholders from around the globe to “challenge assumptions, collaborate, and share leads to create the way forward for healthcare.Inches This season the conference centered on Closing the space Between People and Health, and most 30 loudspeakers brought discussion on various topics, varying from policymaking and healthcare spending to social determinants of health. In the following paragraphs we aim to relate a few of the highlights.

The majority of us agree the current healthcare system within the U . s . States is damaged in many ways. The U.S. spends in regards to a fifth of their GDP on healthcare, way over every other industrial nation. However, the U.S. healthcare system has a tendency to rank low one of the industrial nations with regards to health efficiency, equity, and outcomes, an awkward statistic thinking about our prime expenditure. Transform 2017 aimed to go over and address the lengthy listing of problems facing the battling U.S. healthcare system.

The big event began having a welcome speech in the moderator from the event, Dr. Elisabeth Rosenthal. Dr. Rosenthal is really a trained physician disheartened through the pitfalls from the American healthcare system, who made the decision to pursue journalism to higher highlight these problems and become a pressure of change. Her latest book, “An American Sickness,” contains numerous types of how patients and physicians alike have become more and more frustrated and frustrated using the U.S. healthcare system. She states, “Patients feel angry – abandoned with a government along with a system that seems like it doesn’t care… They’re upset about having to pay greater premiums, drug prices, up front costs, and deductibles which are outpacing their salaries.”

The First Day

Throughout the first session from the conference, entitled “Mind the space,Inches various distinguished loudspeakers required towards the podium to go over the things they believe is wrong with this healthcare system.

First to talk was Andy Slavitt, who offered because the Acting Administrator for that Centers for Medicare & State medicaid programs Services under President Barack Obama. Mr. Slavitt reviewed the evolution of Medicare & State medicaid programs Services and highlighted a number of its turning points. He began to speak about the continuing debate in healthcare and also the switch-flopping occurring using the policy makers in government. He believes that to be able to develop a system that is constantly on the move ahead whatever the leading political party of times, the brand new healthcare system will include some policies that a minimum of 60-70 % of american citizens support. Also, he suggested these policies be tested in the condition level prior to being applied across the country.

Alongside speak was Dr. James Weinstein, former Chief executive officer and President of Dartmouth-Hitchcock. Dr. Weinstein expressed his concerns around the unsustainability of the present healthcare system. He stated that about 10,000 new individuals are signed up for Medicare every single day, while the amount of people really having to pay taxes is constantly on the decrease. Therefore, we’re facing both a brief-term along with a lengthy-term problem with regards to adequately funding a method we already can’t afford today. Dr. Weinstein shows that the American healthcare system is constantly on the spend billions every year on unnecessary procedures and interventions while ignoring the social determinants of health, for example food, education, and housing. Dr. Weinstein then brought a fascinating discussion about how one’s zipcode may be the most powerful predictor of one’s existence expectancy.

Dr. Rita Redberg, M.D., Editor-in-Chief of JAMA Internal Medicine, then required towards the podium. Dr. Redberg commented around the current attitude among patients that saying yes to a different medical test “can’t hurt.” She underlined the significance of correctly educating patients on their own treatments and suggestions. Providers have to spread the content “that health care should be the best make sure right treatment for the best patient in the right time… if your test or treatment doesn’t have benefit, then no recourse is suitable.Inches According to her years of experience like a physician working carefully using the government, Dr. Redberg believes that attempting to reform the healthcare system, wonderful its fixed, entrenched interests, is extremely difficult. Public consensus round the new health product is essential to achieve any major transformation.

Next to accept stage was David Mitchell, co-founder and President of Patients for reasonable Drugs, a nationwide patient group centered on promoting for polices that lower prescription medication prices to ensure they are less expensive. Mr. Mitchell states, “There is really a fundamental truth, drugs do not work if people can’t afford them.” Americans pay 2 to 3 occasions more for prescription medications than citizens of other civilized world. 60 to 70 percent of recent prescription medications are developed using citizen funding, and Mr. Mitchell and individuals at Patients for reasonable Drugs think that if prescription medications are developed using taxpayers’ money, “there is really a special obligation for drug companies to warrant the cost of individuals medications.”

Day Two

Day a couple of Transform 2017 opened up having a discussion on overcoming inertia by Dr. Rosenthal. She noted that, “What I came across within my time like a journalist and observer from the product is that individuals who attempt to change these very imbedded, hard-wired systems, end up facing lots of institutional resistance.”

Dr. Robert Gem, M.D., who offered because the Chief executive officer from the Permanente Medical Group within the last 18 years, highlighted the significance of leaving a charge-for-service reimbursement system perfectly into a more capitated model. He spoken concerning the fragmentation from the American healthcare system and also the crucial role technology should play to help keep it continuing to move forward. He stated, “The here we are at change has become. It must be capitated, integrated, and technologically enabled.”

Andrea Walsh, President and Chief executive officer for Minnesota-based HealthPartners, required to the level to go over the significance of providers embracing a far more holistic, broader look at health with regards to patient care. She described HealthPartners’ new summary measures of health and wellness, which assesses a patient’s current health status, sustainability of health, and existence satisfaction. “We know in the evidence that just about 20 % of morbidity and mortality pertains to what we should do within our clinics and hospitals. We all know that 80 % of health and wellness pertains to what’s going on within our schools as well as in our communities.”

Scott Wallace, the Md from the Value Institute for Health insurance and Care at Dell School Of Medicine in Austin, Texas, highlighted the significance of altering the way you train our next-gen of physicians to higher satisfy the demands of the new, more holistic healthcare system. The Dell School Of Medicine is exclusive for the reason that its curriculum was particularly made to meet this goal. He stated, “One from the greatest inertial forces in prescription medication is the way we train doctors. We train doctors in organ systems and expect these to provide holistic care. We train doctors to become solos and expect these to perform together. That can’t continue if we will dramatically change healthcare…we have to train doctors to consider not about illness, but about health. That’s the fundamental part of the experiment from the Dell School Of Medicine.Inches

Dr. Bon Ku, M.D., director of JeffDESIGN in the Sidney Kimmel Medical College at Thomas Jefferson College, ongoing around the subject of optimally training healthcare providers for the following generation of healthcare. JeffDESIGN is really a program that teaches future physicians how “to apply design thinking to resolve healthcare challenges.” This program engages medical students, residents, and faculty people in workshops to educate these to be innovative, empathetic, and attached to the community.

For the following session of Day Two, a multidisciplinary team in the Mayo Clinic Health System shared their knowledge about building CODE-X. CODE-X is really a system that collects real-existence data obtained from the electronic permanent medical record and turns it into something significant for providers. Treatment guidelines in line with the outcomes of tightly controlled studies help healthcare providers offer evidence-based treatments for their patients. However, physicians are occasionally confronted with situations where supporting literature isn’t available, and they’re playing uncertainty in what direction to go. This is when providers may use CODE-X to assist. Through the use of a credit card applicatoin entitled Patient Like Mine, a health care provider can choose a couple of, key patient characteristics to determine how similar patients have effectively been treated previously. Svetomir Markovic, M.D., within the division of medical oncology, reported, “CODE-X will collect our experimental data [on the subject], evaluate it inside a statistically valuable way, therefore we make a good decision on the very first time and provide the individual the very best care across our institution.” Additionally to guiding clinical care, CODE-X may also be useful for research. Dr. Markovic added, “Real existence data may potentially turn how clinical scientific studies are done on its mind.”

Day two concluded having a live debate moderated by Intelligence Squared, a non-partisan, non-profit organization that stages debates all over the world. The issue driving the controversy was: “Is the U.S. healthcare system terminally damaged?” The controversy was full of interesting perspectives from each side, but ultimately, attendees voted and made the decision the healthcare product is not terminally damaged: there’s still hope, but work must be done. The controversy in the whole can be obtained to look out for online for free at world wide web.intelligencesquaredus.org.

The Third Day

The 3rd and final day’s Transform 2017 focused regarding how to move ahead and implement a few of the ideas discussed during the period of the conference to narrow the space between people and health. Dr. Douglas Wood, M.D., Director for that Mayo Clinic Center for Innovation, shared his opinions regarding how to transform American healthcare and the significance of altering the expertise of health to higher meet peoples’ needs.

Dr. Gianrico Farrugia, M.D., Chief executive officer of Mayo Clinic in Florida and V . P . of Mayo Clinic, discussed the roles of the servant leader and alter agent in addition to maintaining the total amount between both of these roles. He described the way a servant leader emphasizes a group method of maximize trust and serve the requirements of the individual. A servant leader will need a obvious vision making the remainder of his team feel empowered to do this vision. “If you need to change healthcare you have to be a servant leader. Why? Because whenever you make change, it’s better with support. It’s more likely to occur. It is a lot more prone to advance and it is less inclined to be turned around.Inches

Clayton Christensen, a symbol in innovation, spoke throughout the final session of Transform 2017. Christensen discussed the idea of disruption and the way to bring innovation and technology together to disrupt healthcare. He mentioned, “I really believe deeply that the only method healthcare may become less expensive and accessible, greater in quality minimizing on price, is that if we disrupt it.” He described the significance of using technology to construct new venues of care from a real hospital to some more affordable atmosphere. He believes it’s time to stop building new hospitals and expanding existing ones, and rather, concentrate on creating a system that maintains the healthiness of the populace in most its aspects: from lifestyle and fitness to emotional relationships and community collaboration.

Following each one of the conference’s sessions, attendees had the chance to inquire about the panelists questions, take part in discussions, and meet face-to-face using the loudspeakers. Overall, Transform 2017 did a great job of fostering a wish to go over and address the numerous issues facing our current healthcare system. It stressed how altering our failing healthcare system won’t be always easy, but it’s crucial. Transform 2017 offered opinions and observations on how to pull off this necessary change prior to the American healthcare system does, actually, become terminally damaged.

Link: Transform 2017 homepage…