Based in Fort Worth, Texas, Sanara MedTech Inc. ("Sanara" or the "Company") (OTCQB:SMTI), a provider of wound and skin care products and solutions dedicated to improving patient outcomes, announced today an expansion of its comprehensive wound and skin care strategy. Sanara is acquiring the capability to provide telehealth services for diagnosis and treatments to wound and skin care patients. This entails the development of electronic imagery and data sharing technology that allows clinical information for virtual consultation and diagnosis to be provided remotely to care providers of patients in long-term care and home health settings.
As part of this expansion, Sanara has formed a wholly-owned subsidiary named United Wound and Skin Solutions LLC ("UWSS"). UWSS will hold Sanara's investments and operations in wound and skin care services.
Ron Nixon, Sanara's Executive Chairman stated, "Today's announcement represents a major milestone for the Company as we initiate our entry into telehealth-related services. As we move forward, Sanara, through UWSS will provide virtual wound and skin consultation services. The benefits of these services to the post-acute healthcare settings have been magnified due to the COVID-19 pandemic."
Sanara has entered into an agreement to make a minority investment in Woundyne Medical LLC ("Woundyne"). Woundyne is a software company that is developing a software system that will combine the documentation functionality of wound care and dermatology electronic medical records ("EMR") with a HIPAA-secure online platform for provider and caregiver collaboration. The company's software will include a complete specialty specific skin and wound care collaboration platform that allows for interoperability with client facing EMRs, reduces the burden of duplicate documentation, and improves the accuracy of assessments and treatment plans. Additionally, the collaboration platform will have the ability to import images from any third party "wound tool" application or EMR, as well as gather images and clinical information through an Apple or Android mobile app. The proprietary software will allow for correction of improper initial measurements performed by caregivers, as well as adjustments for light and photo quality. Sanara plans to have this technology commercially available by the end of the year.
Sanara's investment in Woundyne will fund Woundyne's further development of its imagery and data sharing platform designed to meet Sanara's specifications to create a virtual environment where clinical support providers may participate in viewing clinical imagery and data to provide virtual medical consultations. Sanara will have exclusive rights to utilize Woundyne's current and improved platform technology. At the end of this development period, estimated to be six months, Sanara will have the option to purchase 100% of Woundyne.
In July 2020, Sanara became a minority shareholder in Direct Dermatology Inc. ("DirectDerm") and received exclusive rights to utilize DirectDerm's technology in all acute and post-acute care settings such as skilled nursing facilities, home health, and wound clinics.
DirectDerm is a telemedicine company based in Palo Alto, California, co-founded by David Wong, MD, PhD, a Stanford-trained dermatologist. DirectDerm has an exclusive network of dermatologists licensed across 23 states who have trained and/or teach at top U.S. medical institutions, and whose service is covered by many of the major health plans in the United States. UWSS will integrate into its collaboration platform DirectDerm's platform to provide virtual consultations through DirectDerm's network of board-certified dermatologists to patients in all of UWSS's healthcare markets. We believe that the generally shorter wait times afforded by virtual consultation compared to in-office visits for diagnostic appointments by dermatologists will lead to better patient outcomes and lower cost of care.
SanaraMedTech.com." data-reactid="27" type="text">With a focus on improving patient outcomes through evidence-based healing solutions, Sanara MedTech Inc. markets and distributes wound and skin care products and services to physicians, hospitals, clinics, and all post-acute care settings. We are constantly seeking long-term strategic partnerships with a focus on products that produce efficacious outcomes at a lower overall cost. Our products are primarily sold in the North American advanced wound care and surgical tissue repair markets. Sanara MedTech markets and distributes CellerateRX® Surgical Activated Collagen® to the surgical markets as well as the following products to the wound care market: BIAKŌS™ Antimicrobial Skin and Wound Cleanser, HYCOL™ Hydrolyzed Collagen, and PULSAR II™ Advanced Wound Irrigation™ (AWI). In addition, Sanara is actively seeking to expand within its six focus areas of wound and skin care for the acute, post-acute, and surgical markets. The focus areas are debridement, biofilm removal, hydrolyzed collagen, advanced biologics, negative pressure wound therapy adjunct products, and the oxygen delivery system segment of the healthcare industry. For more information, visit SanaraMedTech.com.
The statements in the press release that relate to the Company's expectations with regard to the future impact on the Company's results from new products in development and any other statements not constituting historical facts are "forward-looking statements," within the meaning of and subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. Since this information may contain statements that involve risk and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results. This document may contain forward-looking statements concerning the Company's operations, current and future performance and financial condition. These items involve risks, contingencies and uncertainties such as product demand, market and customer acceptance, the effect of economic conditions, competition, pricing, the ability to consummate and integrate acquisitions, and other risks, contingencies and uncertainties detailed in the Company's SEC filings, which could cause the Company's actual operating results, performance or business plans or prospects to differ materially from those expressed in, or implied by these statements. The Company undertakes no obligation to revise any of these statements to reflect the future circumstances or the occurrence of unanticipated events.
Callon Nichols, Director of Investor Relations