Wilmington, DE and Ashdod, Israel, February 18, 2021 (GLOBE NEWSWIRE) – Claims Integrity, Inc. (www.integrity-app.com) (IGAP), the inventor of GlucoTrack®, a noninvasive device for measuring glucose levels in people with Type 2 diabetes and prediabetes, wrote a letter to shareholders provide an update on their business.
Loving shareholders,
2020 was an important year of operation for the Company, even as a result of the far-reaching effects of COVID-19 pandemic. We hope you have all stayed healthy and safe in these difficult times. This pandemic has highlighted the need for the adoption of innovative digital health technologies for harmful diseases and we believe more than ever that the GlucoTrack platform we are building will be well-suited to address it. the real market need as it relates to those suffering from diabetes prediabetes.
Talent development, recruitment and organizational health have been a key focus of the Company over the past 12 months. We are delighted that we have attracted high caliber people to the Company, each with extensive experience in their respective fields. We have supported our Senior Management by hiring Erez Ben-Zvi, a highly experienced MedTech development professional who joined us last year as Vice President of Products, and recently took over additional positions as General Manager, and Shalom Shushan, a quarterly executive group that joined us as Chief Technology Officer. Paul V. Goode PhD, who has a decorated career developing innovative medical technologies, including at DexCom and MiniMed, joined our board of directors. A number of highly capable and capable officers have joined the Company as senior advisers to the Board. They include Yair Briman, former chief executive of Philips Healthcare Informatics, Daniel McCaffrey MBA MA, a world-renowned behavioral scientist and digital health expert at Samsung Health and formerly at Dexcom, and the Dr. Alexander Raykhman PhD, measurement expert and artificial intelligence. . We intend to continue to invest in our talent and to expand and strengthen all areas within the company.
We will continue to manage our burn rate and reduce pre-regulated debt. Coupled with the $ 15 million capital increase completed in 2020, the company has entered 2021 with a strong balance sheet and cash position.
The Company has carried out a top-down analysis of the current GlucoTrack model to identify areas of potential development, as it relates to the platform, integration, sensing technologies, additional precision on manufacturing costs. The result of this complete review is an accelerated development plan for the next generation GlucoTrack, which we will call GT 2.0. GT 2.0 will be a completely wireless and rechargeable headset to be fitted with a smartphone, with more capabilities and features, more precision, significantly greater margins for the Company and lower cost for the user final compared to the standard GlucoTrack model. Management is performing and GT 2.0 is now improving it.
As previously reported, we have made significant progress in obtaining insurance refunds in the Netherlands. With our new accelerated development plan for GT 2.0, with the expected benefits over the current GlucoTrack model, it has become clear to us that the introduction of GT 2.0 rather than the current version will serve the global market. -sugar and the Company in a more efficient manner. We are currently working with our European partners on the roadmap for the release of GT 2.0 when it is ready and ready for marketing.
In addition to the European markets, the Company is now targeting the U.S. market as well, including building out a U.S. exit-to-market strategy and planning FDA required clinical trials and field trials to support market entry. The Company is currently identifying clinical sites in the U.S., interviewing Contract Research Organizations (CROs), and creating its Scientific and Medical Advisory Boards. We plan to build a team to support U.S. activity, as we continue to develop technology in our R&D facility in Israel.
We are optimistic about the future and expect the next 12-18 months to be an exciting, event-based time for the Company and we look forward to continually updating you on our progress.
About GlucoTrack®
GlucoTrack® is a highly non-invasive monitoring tool that quickly measures and displays a person’s glucose level in about a minute without raising any fingers or pain. GlucoTrack® features an earmuff with sensors that tap into the earlobe and measure the user’s glucose level using innovative and patented sensing technologies. The measured signals are analyzed using a proprietary algorithm and then a glucose level is displayed on a small sized mobile device. The glucose results are stored in the device and used to estimate the HbA1c level using a proprietary algorithm. The device can also display glucose values graphically, allowing the user to monitor glucose levels over time. GlucoTrack® has received approval for CE Mark in Europe and from the Ministry of Food and Drug Safety in South Korea for type 2 diabetes and prediabetes and is currently available in selected markets in Europe and Asia.
About Integrity Claims, Inc.
Integrity Claims, Inc. (OTCQB: IGAP) was established in 2001 and focuses on the design, development, and commercialization of noninvasive glucose monitoring technologies for people with type 2 diabetes and prediabetes. The Company has developed GlucoTrack®, a proprietary non-invasive glucose monitoring device designed to obtain glucose level measurements in approximately minutes without the pain, increased cost, difficulty or discomfort of conventional aggressive finger stick devices. Integrity Claims Inc. is a Delaware corporate body, with headquarters in the United States and an R&D site in Ashdod, Israel. For more information, visit http://www.integrity-app.com/ and http://www.glucotrack.com.
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Forward-looking statements
This press release contains forward-looking statements within the meaning of the Private Security Literature Reform Act 1995. Statements contained in this press release which are not statements of historical fact may be construed as statements advanced. Without limiting the generality of the foregoing, words such as “expectation”, “plan” and “will” are intended to indicate forward-looking statements. Readers are warned that some significant factors may affect the actual results of Integrity Claims and that such results may differ materially from any forward-looking statements that may be made in the notice. this news. Factors that may affect the results of Integrity Claims include, but are not limited to, the ability of Integrity Claims to raise additional capital to fund its activities (whether through public or private access offers, finance debt, strategic or other collaborations); risks associated with obtaining (and timing) regulatory approvals (including FDA approval); risks associated with patient enrollment in, and conduct of, clinical trials; risks associated with current and future distribution agreements; risks associated with its ability to recruit and retain qualified employees, including vendors and distributors; and the additional risk factors outlined in the U.S. Securities and Exchange Commission (“SEC”) Integrity Claims films, including their Form 10-K Annual Report for the year to 31 December , 2019 as filed with the SEC on April 14th. , 2020.