CardieX subsidiary enters strategic collaboration agreement with LifeQ for CONNEQT wearable

CardieX Ltd (ASX:CDX) subsidiary CONNEQT, Inc has entered into a collaboration agreement with LifeQ, a world leading provider of biometrics and health information metrics from wearable devices. Under the agreement, CONNEQT will develop and own the CONNEQT Band (CB), an AI-powered, FDA cleared, clinical-grade smart health band featuring dual-PPG sensing - and offering a unique combination of clinical and general health management solutions for both consumers and enterprise customers. Importantly, the agreement allows for both companies to leverage their respective expertise in PPG-based biometrics to enable the CONNEQT Band with continuous monitoring of general health parameters as well as spot-checking capabilities for medical purposes and actionable health insights. “Development of an innovative new health wearable” CardieX group CEO and managing director Craig Cooper said: “The significance of this agreement for our future product development cannot be underestimated. “It’s a testament to our technology, team, and vision that LifeQ has agreed to partner with us in the development of what we firmly believe will be a disruptive and innovative new health wearable with the CONNEQT Band. “This agreement goes beyond collaboration and firmly establishes the foundation of a ‘partnership in innovation’ - whereby both parties will be working together to build and innovate solutions for the USD$500B+ health wearable market." Under the CONNEQT brand, CardieX is on track to launch multiple new devices and digital products to the market over the next twelve months, including the CONNEQT Band and the CONNEQT ‘Pulse’ – a dual blood pressure monitor anticipated to be the first consumer vital signs monitor to include central blood pressure and the company's patented SphygmoCor® technology. Agreement terms The CONNEQT Band will feature the company’s patent-pending PPG-based finger sensor technology as well as a second PPG sensor on the wrist for continuous monitoring of general health related biometrics. LifeQ will be responsible for powering the delivery of biometric information obtained by way of the wrist-based PPG sensor. CONNEQT will be responsible for building the CB device, obtaining 510K clearance from US FDA and commercializing and marketing the device. LifeQ will be responsible for integrating its on-device software for data analytics and synchronisation to CONNEQT and LifeQ cloud-based networking infrastructure. LifeQ will be paid a consulting service fee to cover their cost of developing the integration, with payments staggered over the course of the development and 75% of the fee subject to successful completion by LifeQ of its obligations under the agreement. Device sales will accrue 100% to CardieX/CONNEQT and revenue share opportunities exist between the Parties for the subscription-based portion of revenues generated from the device from the sale of premium features by way of the CONNEQT App. Creating a close working relationship The agreement is intended to create a close working relationship whereby LQ and CardieX can work together to innovate and create unique offerings for select, agreed market opportunities. LifeQ CEO Laurie Olivier said: “The clinical grade heart health features to be generated though the CONNEQT Band PPG-based finger sensor technology combined with LifeQ suite of disease screening and health management solutions will provide a powerful and unique wearable offering with deep clinical insights for consumers and clinicians. “We are excited about this collaboration and the opportunities ahead for both companies.” Although this agreement is binding between the Parties, CONNEQT and LifeQ intend to execute a further detailed agreement to elucidate the collaboration terms over the coming thirty days.