SHANGHAI, April 24, 2023 /PRNewswire/ -- Zhongchao Inc.
(NASDAQ: ZCMD) ("Zhongchao" or the "Company"), a platform-based
internet technology company offering services to patients with
cancer and other major diseases, today announced that Shanghai
Zhongxin Medical Technology Co., Ltd. ("Zhongxin"), of which
Zhongchao consolidates the operations and financial results through
a series of contractual arrangements, has entered into a service
agreement (the "Agreement") with Beijing Public Health Foundation
("BPHF"), a non-profit organization dedicated to enhancing Chinese
citizens' health through public welfare initiatives and aid
programs, to work together to develop a patient aid project (the
"Project")..
This Project will donate Trilaciclib Hydrochloride, which is
used for protecting bone marrow during chemotherapy, to low-income
cancer patients undergoing chemotherapy based on the patient's
needs. It aims to provide drug aids for bone marrow protection to
mitigate chemotherapy-related adverse reactions and improve the
safety of chemotherapy. The parties intend to leverage their
respective resources and capabilities to jointly promote the
treatment progress, provide medication to improve life quality, and
alleviate financial burdens on low-income cancer patients
undergoing chemotherapy. Pursuant to the Agreement, the two parties
will establish a Project office as the executional organization
under the supervision and guidance of BPHF. Zhongxin, leveraging
its self-developed patient assistance program technical service
platform, is responsible for developing the information system for
the Project, verifying patients' medical and economic conditions,
recruiting qualified patients, managing drug circulation,
addressing patients' related questions, and providing other
supports. BPHF is responsible for the supervision, overall
management and final approval of the Project, donated medications,
and assistance plans. .
According to Cancer Statistics in China and United
States, 2022: Profiles, Trends and Determinants from Chinese
Medical Journal, in 2022, there would be approximately 4.82 million
new cancer cases in China, a vast
population in need of chemotherapy. Chemotherapy-induced toxic side
effects have an exceptionally high incidence rate. According to an
article Consensus of Experts in Integrative Medicine of
Traditional Chinese and Western Medicine for Diagnosis and
Treatment of Bone Marrow Suppression Caused by Antitumor Drugs
from Chinese Clinical Oncology in November
2021, 80% of patients experience bone marrow suppression
during tumor radiotherapy and chemotherapy, leading to a decrease
in the numbers of red and white blood cells, platelets, and other
blood components. This can result in anemia, bleeding, and weakened
immune mechanisms, which may also be caused by novel anticancer
drugs such as targeted and immunotherapies. Chemotherapy-induced
bone marrow suppression not only significantly diminishes patients'
quality of life but may also lead to chemotherapy dose reduction or
delay, directly impacting the antitumor efficacy of chemotherapy
and increasing patients' financial burden. Zhongchao believes that
this cooperation and the Project will address chemotherapy-related
bone marrow suppression for target patients and alleviate their
financial burden. Zhongchao remains committed to leveraging its
service capabilities and experience in enhancing the quality of
life and treatment efficiency for cancer patients.
About Zhongchao Inc.
Zhongchao Inc. is an offshore holding company incorporated in
the Cayman Islands. It
consolidates the financial results of a variable interest entity,
Zhongchao Medical Technology (Shanghai) Limited, and its subsidiaries (the
"PRC operating entities") through a series of contractual
arrangements. Zhongchao Inc. is a platform-based internet
technology company offering services to patients with oncology and
other major diseases. The PRC operating entities provide online
healthcare information, professional training and educational
services to healthcare professionals under their "MDMOOC" platform
(www.mdmooc.org), offer patient management services in the
professional field of tumor and rare diseases through Zhongxin,
offer internet healthcare services through Zhixun Internet
Hospital, and pharmaceutical services through Xinjiang Medical and
operate an online information platform, Sunshine Health Forums, to
general public. More information about the Company can be found at
its investor relations website at http://izcmd.com.
Safe Harbor Statement
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may," "will," "intend," "should," "believe," "expect,"
"anticipate," "project," "estimate" or similar expressions that do
not relate solely to historical matters, it is making
forward-looking statements. Forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties that may cause the actual results to differ
materially from the Company's expectations discussed in the
forward-looking statements. These statements are subject to
uncertainties and risks including, but not limited to, the
following: the Company's goals and strategies; the Company's future
business development; product and service demand and acceptance;
changes in technology; economic conditions; the growth of the
professional training and educational services market in
China and the other international
markets the Company plans to serve; reputation and brand; the
impact of competition and pricing; government regulations;
fluctuations in general economic and business conditions in
China and the international
markets the Company plans to serve and assumptions underlying or
related to any of the foregoing and other risks contained in
reports filed by the Company with the SEC, the length and severity
of the recent coronavirus outbreak, including its impacts across
our business and operations. For these reasons, among others,
investors are cautioned not to place undue reliance upon any
forward-looking statements in this press release. Additional
factors are discussed in the Company's filings with the SEC, which
are available for review at www.sec.gov. The Company undertakes no
obligation to publicly revise these forward–looking statements to
reflect events or circumstances that arise after the date
hereof.
For more information, please contact:
At the Company: Pei Xu, CFO
Email: xupei@mdmooc.org
Phone: +86 13901629242
Investor Relations: Sherry Zheng
Weitian Group LLC
Email: shunyu.zheng@weitian-ir.com
Phone: +1 718-213-7386
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SOURCE Zhongchao Inc.