- WELL Health has made a $250,000
investment in Phelix.ai, a Toronto
based digital health company.
- Phelix.ai is a technology service provider that has developed
an AI or artificial intelligence powered clinical assistant.
Phelix.ai's software allows health care clinics to automate key
workflows and administration tasks so that non-medical staff can
focus on higher value tasks.
- WELL Health has also entered into a strategic alliance
agreement with Phelix.ai which grants WELL broad rights to use and
sublicense Phelix.ai's clinical assistant automation software in
all aspects of its business including its OSCAR EMR network.
- WELL and Phelix.ai have already created an integration between
Phelix.ai and OSCAR Professional, and launched it in WELL's brand
new state of the art "Derm Lab" dermatology clinic in North Vancouver, BC.
VANCOUVER, May 27, 2020 /CNW/ - WELL Health
Technologies Corp. (TSX: WELL) ("WELL" or the
"Company") announces a strategic investment in Phelix AI
Inc. ("Phelix.ai"), a technology service provider that has
developed artificial intelligence ("AI") powered automation
software for health care clinics. WELL has invested
$250,000 in exchange for a secured,
convertible promissory note (the "Convertible Note"). In
addition, WELL has entered into a strategic alliance agreement (the
"Strategic Alliance") with Phelix.ai whereby WELL is granted rights
to use and sublicense Phelix.ai's clinical assistant automation
software to the community of OSCAR(1) users.
"We are very pleased to invest in and partner with Phelix.ai,"
said Hamed Shahbazi, Chairman and
CEO of WELL. "Phelix.ai is an innovative leader in bringing
artificial intelligence application to the healthcare market, whom
we feel can add value to our EMR network of clinics across
Canada."
The Convertible Note has a 3-year maturity date and
automatically converts into common shares of Phelix.ai in the event
of a qualified equity financing or a liquidation of Phelix.ai.
The Convertible Note may be repaid by Phelix.ai at any time
with WELL's consent. In connection with the Convertible Note,
WELL has also received share purchase warrants to purchase common
shares of Phelix.ai.
"We have already successfully integrated Phelix.ai's software
with OSCAR Professional and deployed it in one of WELL's own
clinics," said Amir Javidan, COO of
WELL. "We believe this is the kind of innovation that will
help transform and modernize healthcare clinics across North America."
Under the terms of the Strategic Alliance, WELL has been granted
broad rights to use and sublicense Phelix.ai's clinical assistant
automation software in all aspects of its business including to the
community of OSCAR users. Both parties have agreed to a
specific revenue share in connection with any revenue generated by
WELL through Phelix.ai's software.
"We're thrilled to receive an investment from WELL and are
thoroughly impressed with WELL's vision and commitment to digital
health in Canada," said
Hassaan Ahmed, CEO of
Phelix.ai. "We look forward to being a part of WELL's
expanding portfolio of OSCAR compatible apps that are designed to
better connect and make doctors' practices more efficient."
Phelix.ai is a Toronto, Ontario
based AI powered clinical assistant for individual clinics, high
volume hospital departments, or scalable public health &
employer health responses. Phelix.ai provides automation
tools to augment cognitive and repetitive workflow tasks,
integrating alongside or within the EMR. The intake assistant
combines fax automation, call centre automation, booking
automation, as well as 2-way SMS patient messaging and robust
workflow analytics. Phelix.ai's conversational AI engine
leverages natural language understanding to triage and action admin
and clinical requests, by phone, SMS, or a virtual website agent.
Phelix.ai is also able to schedule, connect, and auto-bill
for secure phone visits, alongside in-person or video-based virtual
care. No integration is required, and the entire service can
be handled through a single phone line for each physician.
1.
|
OSCAR, an acronym for
"Open Source Clinical Application Resource", is an open-source EMR
or "Electronic Medical Records" system developed by McMaster
University's Department of Family Medicine to inspire
collaboration between the wide spectrum of health professionals
with the goal to drive downstream benefits to patient
care
|
WELL HEALTH TECHNOLOGIES CORP.
Per: "Hamed
Shahbazi"
Hamed Shahbazi
Chief Executive Officer, Chairman and Director
About WELL
WELL is an omni-channel digital health company that operates
Primary Healthcare Facilities, is the third largest digital
Electronic Medical Records (EMR) supplier in Canada and is a national provider of
telehealth services. WELL owns and operates 21 medical
clinics, provides digital EMR software and services to over 1,500
medical clinics across Canada and
is a majority owner of SleepWorks Medical. WELL's overarching
objective is to empower doctors to provide the best and most
advanced care possible while leveraging the latest trends in
digital health. WELL is an acquisitive company that has
completed ten acquisitions and two equity investments. WELL
is publicly traded on the Toronto Stock Exchange under the symbol
"WELL". WELL was recognized as a TSX Venture 50 Company three
years in a row in 2018, 2019 and 2020. To access the Company's
telehealth service, visit: virtualclinics.ca and for corporate
information, visit: www.WELL.company.
Forward-Looking Statements
This news release may contain "forward-looking statements"
within the meaning of applicable Canadian securities laws,
including, without limitation: the belief that the AI application
can add value to WELL's EMR network and the belief that the
integration with Phelix's software will help transform and
modernize healthcare clinics across North
America. Forward-looking statements are necessarily
based upon a number of estimates and assumptions that, while
considered reasonable by management, are inherently subject to
significant business, economic and competitive uncertainties, and
contingencies. These statements generally can be identified
by the use of forward-looking words such as "may", "should",
"will", "could", "intend", "estimate", "plan", "anticipate",
"expect", "believe" or "continue", or the negative thereof or
similar variations. Forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause
future results, performance or achievements to be materially
different from the estimated future results, performance or
achievements expressed or implied by those forward-looking
statements and the forward-looking statements are not guarantees of
future performance. The Company's statements expressed or
implied by these forward-looking statements are subject to a number
of risks, uncertainties, and conditions, many of which are outside
of the Company's control, and undue reliance should not be placed
on such statements. Forward-looking statements are qualified
in their entirety by inherent risks and uncertainties including:
adverse regulatory, financial and operational market
conditions; risks inherent in the primary healthcare sector in
general; COVID-19 related risks; that future results may vary from
historical results; and that market competition may adversely
affect the Company's business, growth and financial condition.
Except as required by securities law, the Company does not
assume any obligation to update or revise any forward-looking
statements, whether as a result of new information, events or
otherwise.
The Toronto Stock Exchange has neither approved nor
disapproved the information contained herein.
SOURCE WELL Health Technologies Corp.