Adelaide, SA August 18, 2015 – Alcidion Corporation, a leading health informatics company based in Adelaide has entered into a binding agreement with Naracoota Resources Ltd (ASX:NRR) to list Alcidion on the ASX via a Reverse Takeover (Transaction). The Transaction will see Alcidion valued at $12m with a healthy $7.00m in cash post listing.
The Transaction is being backed by Allure Capital, the private investment vehicle of technology entrepreneur Mr. Nathan Buzza, BlueSky Private Equity (ASX:BLA) and Patersons Securities Limited. Mr Buzza’s was previously the second largest shareholder of Clinical Middleware Provider, Azure Healthcare, which catapulted into the spotlight after the stock rocketed from 3.3c to 34c over his two and a half year tenure.
Mr. Buzza commented “I have been privileged to be involved in a number of medical technology companies and without a doubt, Alcidion is the most exciting business I have seen to date. I am extremely excited to be coming on board as an investor with Alcidion. After spending the last two decades in the clinical middleware space, I have had the opportunity to review countless software platforms and the Alcidion platform represents one of the most significant innovations in Clinical Decision Support that I have seen over this time. The entire team at Alcidion should be commended on developing a world class solution and I am looking forward to commercializing the platform.”
Over the past decade, under the stewardship of Professor Malcolm Pradhan and Mr. Ray Blight, the former Chief Executive of the SA Health Commission, Alcidion has invested in excess of $14m in the Research & Development of the cutting edge Clinical Decision Support System (CDSS) that is embedded in the Miya Platform suite. Beginning in 2016, The US Federal Government will progressively reduce funding to hospitals that have not adopted and deployed this technology. As a result, IndustryARC estimates that the CDSS market will grow at a CAGR of 21.5% from $USD1.18b to $USD4.65b by the end of the decade.
Hospitals are built upon an eco-system of disparate Clinical Information Systems (CIS), workflows are inherently complex and fluctuate based on each patient’s differential diagnosis and modality. Alcidion’s Miya Platform integrates disparate CIS, to mitigate emerging clinical risk and present this clinical intelligence across a continuum of devices, from large format televisions through to mobile devices.
Miya is the brainchild of Malcolm Pradhan, an adjunct professor in health informatics at the University of South Australia, and Ray Blight, former CEO and Chairman of the South Australian Health Commission.
Professor Malcolm Pradhan holds a PhD from Stanford University in Medical Informatics and was recently a clinical lead for the National e-Health Transition Authority as is considered a global authority on Clinical Decision Support. Professor Pradhan commented “Health care will be unsustainable due to generational changes with a three to four times increase in complex patients – the only viable solution to develop a sustainable health care environment requires that health informatics play an integral role in health care delivery.
Alcidion’s Chief Executive and former Chair of the SA Health Commission, Mr Ray Blight commented “Health care is primarily about risk management: Detection, monitoring and mitigation. An informatics platform should play a more active role in assisting clinicians. “
Mr Blight, who co-founded Alcidion with Professor Pradhan in 2000, said Miya has been designed as a health informatics platform that is able to extract information about a particular patient and highlight their clinical risk factors in order to provide real-time clinical decision support – what many in the health IT sector consider the nirvana of healthcare technology. “The Miya Platform is about helping the clinician understand a patient’s clinical risk so they can make the best possible decisions,” Mr Blight said. “We are able to gather expert knowledge about a particular condition and present that in the context of a specific patient, thereby assisting the clinician in making the best possible care decisions.”.
Alcidion has used a Victorian government innovation grant to develop the intelligent patient journey system (iPJS) that is being used by Western Health at Footscray, Sunshine and Williamstown hospitals. The system is now deployed in every ward in Western Health’s three acute hospitals, with three modes of clinician dashboard being available to clinicians and care teams.
“We have a desktop view, which is most commonly used at the nurse work station or ward work station, and there is also a very large digital display option which is excellent for clinical handover where you might have half a dozen members of the care team standing around, reviewing patients one by one,” Mr Blight said.
“It can also be accessed directly from iPad Minis so that any clinician can go to the bedside, review the patient at the bedside, record their actions, record their decisions, etc – and by early next year they will be able to place best practice orders for pathology over those mobile devices, direct from the bedside.”
For further information, please contact:
Nathan Buzza, Executive Director
Tel: 08 8208 4600
Ray Blight, Chief Executive Officer
Tel: 08 8208 4600
Ashleigh Wilby, Digital Marketing Manager
Tel: 08 8208 4620
Josh Puckridge, Director
Tel: +61 (0) 452 440 100