MyDx Seeks Medical Device Designation For CannaDx And The ECOSmartPen
Making MyDx Smart Devices More Affordable & Accessible for Canadian Cannabis Users
SAN DIEGO, Dec. 14, 2017 /CNW/ -- MyDx, Inc. (OTC: MYDX), a science and technology company and creator of MyDx® (My Diagnostic), the first multi-use handheld chemical analyzer designed for Cannabis professionals and retail consumers to correlate the chemical profile of cannabis with how it makes them feel and which ailments it alleviates, today announced it submitted an application and is seeking medical device designation in Canada for its CannaDxTM Handheld Tester and its ECOSmartPenTM in order to make its products more accessible to medicinal users seeking to track and manage their consumption habits and prevent abuse.
According to the Institute of Health Economics, under the Food and Drugs Act, medical devices have a broad definition that includes any item sold to diagnose, treat, mitigate, or prevent a disease, disorder or abnormal physical state, or any of their symptoms.
MyDx products will be used to track crowdsourced herbal medicine by our customers to treat various ailments as well as monitor and track consumption habits (a feature shared by both the ECOSmartPen and the CannaDx Handheld Tester) to promote public safety and accountability. It's easy to see how MyDx products can fit within the confines of that description and the company is confident in its ability to gain approval. Still, there can be no assurance that it will gain or be granted such certifications.
Increases Affordability & Accessibility to MyDx Products Country-wide
Recently, Loblaws, a large Canadian supermarket chain, extended coverage for medical marijuana to its ~45,000 employees under policies managed by Manulife and Great-West Life. With a medical device classification, medicinal users would be able to seek reimbursement from their insurance providers for their MyDx devices, significantly lowering the overall cost to patients.
With the advent of new Health Canada Regulations in 2015, following the Supreme Court's ruling that users of medical marijuana should be permitted to consume the product in more varied forms than smoking dried buds, the demand for insurers to cover medical marijuana under benefit plans has increased exponentially according to a report done by Miller Thompson LLP. As a result, the country is beginning to see a shift in its healthcare landscape, which is becoming more marijuana friendly.
"Our goal is enable a more personalized medical experience for every patient by ensuring everyone has access to our smart devices and crowdsourced formulations," said Daniel Yazbeck, CEO of MyDx. "Our products are used all over the world today to help people Trust & Verify® their cannabis and to monitor and track their consumption habits."
Entry level MyDx Handheld Testers currently retail for $699 (plus tax & shipping). The EcoSmartPen is projected to be shipped in the first quarter of next year and the company is currently taking pre-orders on its website at www.mydxlife.com/ecosmartpen.
To learn more about the industry and MyDx, please visit www.meetmydx.com.
About MyDx, Inc.
MyDx, Inc. (OTC:MYDX) is a chemical detection and sensor technology company based in San Diego, California whose mission is to help people Trust & Verify® what they put into their minds and bodies. The Company's first product, MyDx®, also known as "My Diagnostic", is a patented multiuse hand-held chemical analyzer designed to help consumers and professional test for pesticides in food, chemicals in water, toxins in the air, and the safety and potency of cannabis samples, which is the initial focus of through the CannaDxTM application. CannaDx users have submitted over 40,000 crowdsourced datapoints revealing the chemical profile of the cannabis they are consuming and how its making them feel which feeds a data analytics platform, a SaaS business, as well as the biopharmaceutical division of MyDx. The company is committed to addressing areas of critical national need to promote public safety, transparency and regulation in the various markets we serve and hence its more immediate mission is to continue to develop smart devices as part of an ecosystem that crowdsources consumer generated preclinical data to drive innovation in the cannabis industry. For more information, please visit www.mydxlife.com.
Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27(a) of the Securities Act of 1933, as amended, and Section 21(e) of the Securities Exchange Act of 1934, as amended. Statements may contain certain forward-looking statements pertaining to future anticipated or projected plans, performance and developments, as well as other statements relating to future operations and results. Any statements in this press release that are not statements of historical fact may be considered to be forward-looking statements. Words such as "may," "will," "expect," "believe," "anticipate," "estimate," "intends," "goal," "objective," "seek," "attempt," or variations of these or similar words, identify forward-looking statements. These forward-looking statements by their nature are estimates of future results only and involve substantial risks and uncertainties, including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, our ability to complete our product testing and launch our product commercially, the acceptance of our product in the marketplace, the uncertainty of the laws and regulations relating to cannabis, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed from time to time in our reports filed with the Securities and Exchange Commission, available at http://ir.mydxlife.com/all-sec-filings or www.sec.gov.
Investor Contact:
MyDx Shareholder Communications
800.814.4550 ext. 4
[email protected]
SOURCE MyDx, Inc.
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