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News - 2016

Uscom Awarded Euro Grant for Lung Cancer Diagnostic

November 28th, 2016

Uscom today notified the market that Uscom was a member of a consortium awarded 2.2m Euro (AU$3.1m) over 3 years to develop a new Exhaled Breath Condensate (EBC) device and system for early diagnosis of lung cancer. The grant was made by the Hungarian National Research, Development and Innovation Office to a consortium which included Uscom Europe, the Material Sciences Department of the Hungarian Academy of Sciences, and the Medical School of the Semmelweis University in Budapest, Hungary. The total value of the project is 2.7m Euro (AU$3.8m) and Uscom will receive 300k Euro (AU$427k) in the first stage of the project.

The project is titled “Material research and development for the implementation of extracellular vesicular based medical diagnostics”, and Uscom’s contribution involves the development of a novel EBC device, using advanced technology derived from experience in developing and manufacturing digital ultrasonic spirometers and respiratory monitoring devices. The EBC device is conceived to extract condensate from the exhaled breath from which exosomes can be isolated. The Exosomes, which contain RNA, lipids, proteins and metabolites which reflect the type of cell from which they originate, can then be analysed to identify a wide variety of diseases. The application of these exosomes as biomarkers has proven particularly promising for the early detection of lung and other cancers, and cystic fibrosis. The field is complex and rapidly evolving and an improved method of isolating exosomes for analysis has many potential diagnostic, therapeutic commercial opportunities.

The project also depends on the development of novel polymers for lining the EBC device so extraction of the samples from the expired breath can be made efficient. This will be researched by the Hungarian Academy of Science team, while the clinical testing of the device and methods will be overseen by the team from Semmelweis University Medical Faculty. This project will result in Uscom owned IP and a right of first refusal for any other IP developed in the project over the 3 years.

Executive Chairman of Uscom, Associate Professor Rob Phillips, a co-author of the project, said “Development of efficient methods for early and accurate detection of lung cancer and a wide range of viral, microbial, neoplastic (cancer) and genetic diseases from a simple breath test may lead to widespread population screening. Exosome study is a rapidly growing focus of medical science, and this grant from the Hungarian Government is recognition of the quality of science within Uscom, and its proven expertise in technology development. This research may also generate a new generation of medical devices with potentially life saving applications and global commercial application and may result in a pipeline of new devices for Uscom just as we bring our new BP+ and SpiroSonic devices to market. This collaboration also establishes a relationship between Uscom Europe and two of the most respected medical and science research centres in Europe.“

Uscom is the manufacturer of the USCOM 1A, the Uscom BP+, and Uscom SpiroSonic digital ultrasonic spirometry technologies and distributes and sells these devices worldwide. These premium digital devices are changing the way clinician diagnose and treat cardiovascular and pulmonary diseases, including hypertension, heart failure, asthma, COPD and sleep disorders. The products are integral for optimising management of sepsis, guidance of fluid, inotropes and vasoactive therapies in critical care monitoring, for advanced monitoring of hypertension and pre-eclampsia, and in clinical and home care asthma and COPD monitoring.

Uscom CEO Appointed to Govt China Initiative

November 7th, 2016

Uscom Engaged in Development of NSW Health China Strategy

Uscom has announced to market the appointment of Uscom CEO Assoc. Professor Rob Phillips to the NSW Health China Advisory Group. The Advisory Group includes a number of leading Australian academics and entrepreneurs with high level China experience, and is the initiative of the NSW Health Minister, the Hon Jillian Skinner.

The Group will act to develop and guide NSW Health in an active strategy of engagement and exchange with Chinese academics and entrepreneurs and to lead commercial and educational opportunities between Australia and China.

Uscom is a Sydney based developer and manufacturer of advanced medical technologies specialising in cardiovascular and pulmonary monitoring and improved circulatory management, with regional offices in Shanghai, Budapest, London and Los Angeles.
Prof Rob Phillips has been visiting China for over 15 years and has high level commercial relationships in China having recently signed a $65m partnership with Chinese State owned enterprise CIIC Shanghai, Science and Technology, for importation and wholesale of the Uscom range of advanced monitoring devices over the next 5 years.

Prof Phillips frequently visits China for educational exchanges at Chinese Hospitals, and delivers in the order of 40 lectures annually in Chinese Universities and Hospitals to China’s leading critical care clinicians on the subject of circulation and cardiovascular medicine. Prof Phillips has an appointment with the Critical Care Research Group In the Department of Medicine at the University of Queensland and delivers remote lectures and clinical demonstrations via digital media into various Chinese centres from Australia, and the presentation are syndicated into remote tertiary medical teaching centres throughout China.

Uscom CEO Associate Professor Rob Phillips said, “China is a huge and growing market with increasing complexity, and Uscom has many good relationships there established over many years. The Chinese people expect the best standards of clinical care, and the Chinese Government are committed to providing that, and a substantial portion of Uscom’s global revenues are derived from this market. This initiative by Minister Skinner and NSW Health is particularly prescient, as global politics becomes less predictable making regional commercial and academic relationships vital for Australia’s commercial growth and stability. Uscom technology is world leading with proven life saving capabilities and so the education of clinicians on advanced circulatory monitoring and management is integral to the adoption of our devices and the delivery of their life saving benefits. The USCOM 1A continues to grow in importance for management of fluid, heart failure and hypertension, while our new SpiroSonic and BP+ devices will shift the clinical management of asthma, COPD, occupational lung disease, hypertension and vascular health. China is important for Uscom’s growth, and is targeted to deliver revenue and profit for shareholders for the years ahead.”

Uscom manufactures and markets the USCOM 1A advanced haemodynamic monitor, the Uscom BP+ central blood pressure monitor, and the Uscom SpiroSonic digital ultrasonic spirometry devices. These premium digital devices are changing the way we diagnose and treat cardiovascular and pulmonary diseases, including hypertension, heart failure, asthma, COPD and sleep disorders. These products are integral for optimising management of sepsis, guidance of fluid, inotropes and vasoactive therapies in critical care monitoring, and in clinical and home care asthma and COPD monitoring.

CE Mark for New Uscom Asthma and COPD Devices

October 31st, 2016

New Uscom SpiroSonic Pulmonary Digital Monitoring Technologies Approved for European Sale

Uscom has announced to market receipt of CE Mark for Uscom SpiroSonic digital ultrasonic technologies allowing sale of the devices into Europe, one of the 3 major medical device markets of the world. The CE Mark, while mandatory for European sales, is also often a predicate for regulatory approval in smaller regional markets.

The Uscom SpiroSonic devices are patent protected, multi-path, digital ultrasonic, pulmonary testing devices and compliment the USCOM 1A advanced haemodynamic monitor and BP+ central blood pressure monitoring technologies owned by Uscom. The Uscom SpiroSonic Flo, Smart, Mobile and Pro devices and the proprietory SpiroReporter archiving, analysis and reporting software will be manufactured at Uscom Budapest, Hungary, and the first devices were received at Uscom, Sydney last week. Uscom Budapest was acquired as a strategic acquisition for entry into the global pulmonary care market in September 2015, and is a wholly owned subsidiary of Uscom Limited employing approximately 20 people in R&D and manufacturing, with CE and FDA manufacturing accreditation.

The Uscom SpiroSonic devices are state of the art and can be wirelessly connected to a mobile device loaded with the proprietary SpiroSonic application, and can also connect to the proprietary Uscom SpiroReporter software in the cloud or on a clinic based server for central patient register, archiving, analysis and reporting. This allows for high fidelity remote tele-monitoring of asthma and chronic obstructive pulmonary disease (COPD) and replaces simple adherence monitoring and diagnostic alarm systems with research quality SpiroSonic spirometers. The Uscom devices are already being sold into the US home care market through Cohero Health, based in New York, using mobile phone connectivity to provide guidance for clinicians to choose appropriate therapy, and follow up response monitoring. Cohero have partnered with the large US Blue Cross, Blue Shield Association (BCBSA) to develop a home care asthma and COPD monitoring platform that incudes the Uscom mobile spirometers. The BCBSA covers more than 106 million members in the USA, while 96% of US Hospitals and 93% of professional providers contract directly with BCBSA companies.

The updated CE mark allows Uscom to advance a number of distribution agreements in Europe. Current Uscom revenues are predominantly from USCOM 1A sales, however with the CE Mark for the 4 new SpiroSonic devices, and with impending distribution agreements, Uscom revenue opportunities are increased substantially.
Uscom is currently preparing to submit the SpiroSonic devices for FDA (USA) and CFDA (China) regulatory approval, and are talking with major monitoring companies for distribution of the Uscom SpiroSonic suite of products into the global market.

Mr Ferenczi, Uscom Global Head of Pulmonary Devices said, “The acquisition of Thor by Uscom Australian has improved our credibility and visibility in the market and increased interest in our products. This will continue as we bring the new SpiroSonic devices to market. We previously only sold into small markets in middle Europe, while this restructure and rebranding will deliver our SpiroSonic technology to China, the US and the large distributors covering the European markets of Germany, France and Italy”

Uscom CEO Associate Professor Rob Phillips said, “This technology is world leading and the CE approval allows us to sell our SpiroSonic devices into the 740m strong European market. There is a growing global focus on improving asthma and COPD diagnosis, monitoring and therapy, and this will rapidly convert into sales of our high fidelity digital ultrasonic spirometers and connected software platforms. It will be an exciting time for Uscom over the next two years as our SpiroSonic and BP+ devices are delivered to market and our distribution grows to accommodate the new global opportunities generating revenue and profit for shareholders.”

Uscom manufactures and markets the USCOM 1A advanced haemodynamic monitor, the Uscom BP+ central blood pressure monitor, and the Uscom SpiroSonic digital ultrasonic spirometry devices. These premium digital devices are changing the way we diagnose and treat cardiovascular and pulmonary diseases, including hypertension, heart failure, asthma, COPD and sleep disorders. These products are integral for optimising management of sepsis, guidance of fluid, inotropes and vasoactive therapies in critical care monitoring, and in clinical and home care asthma and COPD monitoring.

Quarterly Report to 30 September 2016

October 28th, 2016

Uscom today released its Appendix 4C – Quarterly cash flow report for the period ended 30 September 2016 (the Quarter). The results disclosed in the attached Appendix 4C are in Australian dollars.

Highlights

During the Quarter, we note the following:
• Receipts from customers for Q1 FY 2017 $0.54M
• Cash outflow (including one off expenses $0.17M) $0.67M
• Cash on hand $2.1M
• New BP+ and SpiroSonic devices prepared for regulatory, marketing and revenue in FY 2017

The Uscom 4C results for Q1 FY 2017 demonstrate cash receipts of $0.54M and down 11% from the record levels of the equivalent period in FY 2016. Total cash consumption of $0.67M included one off payments valued at $0.17M related to the Thor purchase and outstanding accounts, leaving operational cash outflow for the quarter of $0.5M. Operating costs were also increased due to payments to consultants for product R&D and regulatory preparation for the two new Uscom product series, BP+ and SpiroSonic, for market early in 2017. Cash on hand at the end of the period was $2.1M, with an additional $1.2M in options outstanding at an exercise price of 25c.

Business Review

Business activity for Q1 FY 2017 has been centred on Finalising the Uscom BP+ and BP+Reporter devices and the Uscom SpiroSonic devices – Flo, Smart, Mobile and Pro, and the SpiroReporter proprietary pulmonary function monitoring software platform. This has involved documentation and testing of the devices and the engagement of a new international testing and certification provider, the global TUV-SUD organisation, to which we will migrate most of our product audits. The SpiroSonic devices have been lodged for CE mark (Europe), and prepared for FDA (USA) and CFDA (China), approvals. This will allow us to sell our new products into each of the jurisdictions, while internally developing marketing collateral and engaging in distributor discussions
We have also been in China preparing for a new distribution model with CIIC in Shanghai and have established a new China office and Uscom service centre from which we will support our growing Chinese instal base.

Uscom CEO Associate Professor Rob Phillips said, “It is an incredibly exciting time for Uscom as we transition from a single product company to having three suites of practice leading cardiovascular and pulmonary monitoring devices with regulatory approval across global jurisdictions, and prepare for the accompanying growth in operations, distribution, partnerships, revenue and profitability.”

Paediatric Sepsis Outcomes Improved With USCOM

October 26th, 2016

Uscom today announced to market publication of a new research paper by some of the worlds most influential sepsis research clinicians demonstrating improved outcomes by using American Society of Critical Care Medicine (ACCM) guidelines and USCOM 1A guided advanced haemodynamics during early administration of nor-epinephrine.
The study found that early nor-epinephrine and USCOM 1A guided advanced haemodynamics when added to current best practice for treating persistent vasodilatory septic shock in children found a 75% reduction in invasive ventilation, a 33% reduction in intensive care (PICU) days and a 58% reduction in fluid use, when added to current ACCM guidelines and Echo monitoring. The reduction in PICU days from 6 to 4 reduces cost of care for each case by an estimated US$9,032 ($4,516 per day).

The USCOM 1A was used as an accurate monitor of cardiovascular function, which is often impaired in sepsis and septic shock, and was used to guide the implementation of appropriate cardiovascular therapy, including nor-epinephrine, fluids, inotropes and vaso-actives.

The research, in children 1 month old to 16 years, was performed at the Apollo Hospital in Chennai and was authored by some of the world’s leading clinical researchers on critical care medicine and septic shock. These include Professor Paul Marik, from the Department of Pulmonary and Critical Care Medicine, at the Eastern Virginia Medical School, in the USA, Professor Suchitra Ranjit from the Apollo Children’s Hospital, Chennai, India, and Professor Tex Kissoon, from the Department of Pediatrics, BC Children’s Hospital, Vancouver, Canada and the most recent past president of the World Federation of Paediatric Intensive and Critical Care Societies.

Uscom CEO Associate Professor Rob Phillips said, “Leadership in science is our Uscom mission, and improved outcomes, particularly in children, the measure of our success. Sepsis is one of the dominant diseases of our time and increasing in incidence as infections become more common and antibiotic resistant. Ultimately death in sepsis is from circulatory failure so management of cardiovascular function is vital, and USCOM 1A is the most simple, most accurate and rapid method we have, and its increased use is proving to significantly improve outcomes and will reduce the use of invasive catheterisation.”

This outcomes study by global key opinion leaders demonstrates that USCOM 1A use is associated with improved outcomes in paediatric sepsis, a disease responsible for approximately 70% of all childhood deaths worldwide. These results provide further evidence of the effectiveness of our technology, which is becoming standard of care in the world’s best paediatric Hospitals; the first three authors on the ACCM Pediatric Sepsis Guidelines use USCOM 1A for the management of sepsis. This publication is important evidence for our global distributors and suggests that USCOM 1A should be included in global guidelines for treatment of paediatric sepsis in healthcare systems worldwide.”

Sepsis is a life threatening condition caused by an uncontrolled infection progressing to affect the circulatory system and organs. Sever sepsis accounts for approximately 8% of PICU admissions, and 33% of all PICU deaths in the USA, a figure likely to be much higher in developing nations. The incidence and severity is similar in adults with sepsis killing more adults than cardiovascular disease and cancer.

The BUSH protocol, developed by Australian Professor Brendan Smith, applied USCOM 1A advanced haemodynamics to treatment of adult septic shock patients in an Australia rural setting and demonstrated significant mortality and cost savings. The BUSH protocol is progressively being adopted worldwide as standard of care for adult sepsis treatment.

Uscom manufactures and markets the USCOM 1A, the Uscom BP+ central blood pressure and pulse pressure wave monitor, and the Uscom SpiroSonic digital ultrasonic spirometry technologies. These premium digital devices are changing the way we diagnose and treat cardiovascular and pulmonary diseases, including hypertension, heart failure, asthma, COPD and sleep disorders. The products are integral for optimising management of sepsis, guidance of fluid, inotropes and vasoactive therapies in critical care monitoring, and in clinical and home care asthma and COPD monitoring.

References:

1. Ranjit S, Natraj R, Kandath SK, Kissoon N, Ramakrishnan B, Marik P. Early nor-epinephrine decreased fluid and ventilatory requirements in paediatric septic shock. Indian J Crit Care Med 2016;20:561-9.
2. Brierley J, Carcillo JA, Choong K, et al. Clinical practice parameters for haemodynamic support of pediatric and neonatal septic shock: 2007 update from the American Society of Critical Care Medicine. Crit Care Med 2009;37:666-88.
3. Weiss,SL, Fitzgerald,JC, Pappachan,J, Wheeler,D, Jaramillo-Bustamante,JC, Salloo,A, Singhi,SC, Erickson,S, Roy,JA, Bush,JL, Nadkarni,VN, Thomas NJ, for the Sepsis Prevalence, Outcomes, and Therapies (SPROUT) Study Investigators and the Pediatric Acute Lung Injury and Sepsis Investigators (PALISI) Network. Global Epidemiology of Pediatric Severe Sepsis: The Sepsis Prevalence, Outcomes, and Therapies Study. Am J Respir Crit Care Med. 2015 May 15; 191(10): 1147–1157. doi: 10.1164/rccm.201412-2323OC.
4. Ruth A, McCracken CE, Fortenberry JD, Hall M, Simon HK, Hebbar KB. Pediatric severe sepsis: current trends and outcomes from the Pediatric Health Information Systems database. Pediatr Crit Care Med. 2014 Nov;15(9):828-38. doi: 10.1097/PCC.0000000000000254.
5. Smith BE, Phillips RA, Madigan V, West MJ. Decreased Mortality, Morbidity and Emergency Transport in Septic Shock; A New Protocol Based on Advanced Noinvasive Haemodynamics (USCOM) and Early Antibiotics. Crit Care Med 2012; 40(12):1023. doi: 10.1097/01.ccm.0000424114.76434.7a

Uscom AGM Scheduled to 30th November

October 13th, 2016

Uscom today notified the market that the Annual General Meeting (AGM) of the Company is to be rescheduled from the 9th of November 2016 to Wednesday the 30th November 2016. The AGM will be held at 10:30am at the Uscom Sydney office – Level 7, 10-12 Loftus St, Sydney, 2000.

The meeting was rescheduled to accommodate sales and distribution meetings with international executives at the Medica convention in Dusseldorf, Germany. Medica is the world’s largest medical products trade fair with an anticipated 135,000 visitors and 4,500 medical device manufacturers exhibiting. Uscom is an exhibitor and has satellite meetings booked to potential new global distributors. With the impending release of the Uscom BP+ central blood pressure and vascular health monitor, and the accompanying BP+Reporter archiving and analysis software, and the Uscom SpiroSonic series of high fidelity digital ultrasonic spirometers and accompanying SpiroReporter software, these meetings are vital to establish early paths to market.

Executive Chairman of Uscom, Associate Professor Rob Phillips said “Nothing is more important in terms of achieving revenue targets for the next few years than sales. As our two new product series are brought to manufacture and global markets this is our best opportunity to meet and appoint high quality distributors. Uscom executives are scheduled for distributor meetings at Medica and at satellite meetings in Europe over the time of the scheduled AGM, and rather than abandon these commercially vital meetings we have rescheduled the AGM. The meetings are with senior executives from global distribution companies with scale and reach, and we anticipate successful outcomes from a number of these meetings. Our BP+ and SpiroSonic devices are being prepared for sale in the major global medical device jurisdictions of China, Europe and the USA. Our sample runs are almost complete and regulatory submissions are in preparation for all jurisdictions. Appointment of high-level distributors in advance of these approvals will ensure an early and seamless transition to revenue.“

Uscom is the manufacturer of the USCOM 1A, the Uscom BP+, and Uscom SpiroSonic digital ultrasonic spirometry technologies and distributes and sells these devices worldwide. These premium digital devices are changing the way clinician diagnose and treat cardiovascular and pulmonary diseases, including hypertension, heart failure, asthma, COPD and sleep disorders. The products are integral for optimising management of sepsis, guidance of fluid, inotropes and vasoactive therapies in critical care monitoring, for advanced monitoring of hypertensiona and pre-eclampsia, and in clinical and home care asthma and COPD monitoring.

Uscom Budapest Revenue up 48% pa

October 10th, 2016

Uscom today announced to the market that the total revenue booked by Uscom Budapest, previously Thor Laboratories, rose by 48% in the first 12 months since acquisition by Uscom Limited.

For the first full 12 months since acquisition on 1st September 2015, Uscom Budapest, a wholly owned subsidiary of Uscom Limited, booked total revenues of AU$739k. The entity reported a net loss before income tax of AU$3k despite non-recurring costs associated with the acquisition, increased compliance, the cost of rebranding and preparation of the devices for updated regulatory approval, and the disruption to sales activities related to the acquisition.

Uscom acquired Thor Laboratories as a strategic move into the pulmonary care market which compliments the current Uscom cardiac and vascular products, and to provide cost effective volume manufacturing in Europe. Uscom acquired Thor Laboratories for AU$879k in cash and scrip. The company manufactures approximately 10 practice leading pulmonary devices and consumables, has CE and FDA accreditation for manufacture, and was acquired with assets of AU$248k and a total revenue of AU$500k in 2015.

The rebranded Thor devices will be sold under the proprietary Uscom SpiroSonic brand and involves updating current CE and FDA approvals and applying for CFDA approval, all of which is anticipated to be complete in the next three to six months.
Uscom is already talking with major monitoring companies for the integration and sale of the Uscom SpiroSonic spirometers in the ICU. The devices are currently being sold into the US home care market where they are designed to provide research quality pulmonary testing in the clinic and home via mobile phone apps and cloud based proprietary software.

Mr Ferenczi, Uscom global head of pulmonary markets and founder of Thor Laboratories said, “The globalization of our operations supported by the association with the Uscom brand has improved our credibility and increased our visibility in the market and increases sales. This trend will continue as we begin to sell the new SpiroSonic devices following regulatory approval in the European, US and Chinese markets. While we previously only sold into small markets in middle Europe, this restructure and rebranding will deliver our technology in volume to China, the US and the large European markets.”

Uscom CEO Associate Professor Rob Phillips said, “These digital ultrasonic spirometers are practice leading and compliment our USCOM 1A and BP+ technologies. There is a growing global focus on improving pulmonary disease monitoring, and this will rapidly convert into sales and revenue for Uscom via our new SpiroSonic devices. It is an exciting time for Uscom as we prepare our SpiroSonic and BP+ devices for delivery to market in the next few months, and our revenue grows as our distributors sell into an expanding global demand.”

Uscom manufactures and markets the USCOM 1A, the Uscom BP+, and Uscom SpiroSonic digital ultrasonic spirometry technologies. These premium digital devices are changing the way we diagnose and treat cardiovascular and pulmonary diseases, including hypertension, heart failure, asthma, COPD and sleep disorders. The products are integral for optimising management of sepsis, guidance of fluid, inotropes and vasoactive therapies in critical care monitoring, and in clinical and home care asthma and COPD monitoring.

Reference

Quarterly Report to 30 June 2016

July 21st, 2016

Uscom today released its Appendix 4C – Quarterly Cashflow report for the quarter ended 30 June 2016 (the Quarter). The results disclosed in the attached Appendix 4C are in Australian dollars.

Highlights

During the Quarter, we note the following:

Business Review

Following consolidation of the Thor operations the quarterly results for Q4 FY 2016 demonstrate a continued growth in annual cash receipts, up 94% to $2.56m from $1.32m in 2015, this follows a 60% YOY CAGR growth in customer receipts since 2013. Net operating cash inflow for the quarter was $2.31m, while the cash on hand at the end of the period was up 440% YOY to $2.84m following a private placement for $2.32m. Net operating cash outflow was $1.3m for the year reflecting both nonrecurring costs associated with the Thor acquisition and increased operating costs associated with international auditing and compliance, and increased staff and R&D costs to prepare the two new Uscom product suites, BP+ and SpiroSonic series, for market early in FY 2017.
The development of world leading devices takes time and money. Uscom’s development program has resulted in it now owning three separate cardiovascular pulmonary device series. The increase in sales revenue in 2016 reflects the increase in sales of the Company’s first cardiovascular pulmonary device, USCOM 1A. Sales of USCOM 1A are continuing to grow. Uscom’s two other cardiovascular pulmonary device series, the BP+ and SpiroSonic devices, will be marketed and distributed globally are expected to deliver two totally new revenue streams commencing in the current income year.

The creation of the CIIC Shanghai relationship (announced 16 June 2016) is transformational for Uscom. The relationship targets sales of $65m of Uscom devices into China over the next 5 years. Management are continuing discussions with potential partners of scale across the European and US market for the marketing of USCOM 1A, the BP+ and SpiroSonic devices. The Company maintains its strategy of increasing distribution to drive sales and revenue, and currently manages 44 distributor agreements for Uscom products worldwide.

Executive Chairman of Uscom, Associate Professor Rob Phillips said “Uscom continues to exceed its financial milestones and is now at an operational inflection point as we target sustainable profitability; reporting a compound average growth rate in sales receipts of approximately 63% for the last three consecutive years. We have cash on hand and are debt free despite having met the non recurring costs associated with the successful acquisition and integration of two international medical device companies over the last 3 years, both of which bring sector leading technologies to Uscom and are poised to generate significant and lasting additional revenue and profit for Uscom in FY 2017.
The growth of our Budapest based manufacturing centre provides us with a solution for the transition to cost effective volume manufacturing to meet the anticipated demand from the Chinese, European and USA markets.
Our next steps are to deliver these new devices to market, grow sales volumes, rationalise global operations and manufacturing, and optimise profitability.
Uscom management is focused on becoming a multi-technology, rapid growth, milestone driven, international medical device company selling a sophisticated and profitable suite of non-invasive, sector leading technologies into world medical markets. Uscom management continues to focus on active growth strategies and optimising shareholder value, with a view to wider global expansion.”

Additional Uscom BP+ US Patent

July 18th, 2016

New method patent approved for heart failure, hypertension and vascular health

Uscom today notified the market of the receipt of a Notice of Allowance from the United States Patent and Trademarks Office for a patent covering the method and apparatus for producing central pressure waveforms in an oscillometric blood pressure system. The patent covers the technology in the Uscom BP+ suprasystolic central blood pressure monitor, and has a priority date of 12th July 2009.

This patent, covering the method and apparatus of the BP+, combined with the recently allowed patent for the central pressure calculations to measure the blood pressure wave forms generated at the heart, will commercially protect the BP+ device from competitors attempting to copy the Uscom BP+ technology. These US patents are supported by significant financial penalties for such practices and provide commercial protection for the increasing shareholder value associated with the BP+ as it comes to market. The patented technologies within Uscom BP+ improve the measurement of blood pressure, a fundamental clinical measurement, and represent some of the most advanced and innovative of cardiovascular technologies. The central pulse pressure wave measurements generated by the BP+ have application in the diagnosis and management of hypertension and heart failure and have only previously been available using cardiac catheters.

Central blood pressure is an emerging standard of care for hypertension, and many manufacturers are rushing to implement simple transfer functions to convert subsystolic blood pressure measures from the arm, in an attempt to match the benefits of the patent protected BP+ suprasystolic device which has been in development since 2008. However the recent Uscom patents ensure a dominant commercial position of the Uscom BP+ device. Central blood pressure measurement is currently re-imbursed in the USA, and the Uscom BP+ device is being prepared for released into the USA market, and is expected to retail at approximately US$3,000, significantly lower than most of its competitors which range as high as US$20,000.

Executive Chairman of Uscom, Associate Professor Rob Phillips said “This is further recognition of the strength and novelty of our Uscom BP+ suprasystolic oscillometric central blood pressure monitoring science. The BP+ is world leading technology and will change the way we diagnose, manage and monitor hypertension and heart failure. However as BP+ sales revenues begin to grow it is possible that less innovative competitors may attempt to shift from subsystolic methods to simulate our suprasystolic technologies, and these new patents impose strict limits on the design of such devices and provide commercial penalties in the event of infringement. Our company is built on scientific excellence and corporate leadership, and a high quality IP portfolio is a vital shareholder asset which protects future earnings. The Uscom BP+ is on the International Space Station, in multiple research and pharmaceutical trials and providing novel insights in cardiovascular function and disease in adults and children, and it Is off the back of these partnerships that we anticipate widespread clinical adoption and significant revenue as the BP+ is brought to global markets.”

The Uscom BP+ is currently in clinical research environments world wide, and being prepared for global marketing and mass manufacture. The global addressable market is estimated to be approximately US$2.1b (Select Equities 2nd May 2016).

References:

1. Stoner L, Lambrick DM, Westrupp N, Young J, Faulkner J. Validation of Oscillometric Pulse Wave Analysis Measurements in Children. American Journal of Hypertension 2014, doi:10.1093/ajh/hpt243.

2.. McEniery CM, Cockcroft JR, Roman MJ, Franklin SS, Wilkinson IB. Central blood pressure: current evidence and clinical importance. Euro Heart J 2014; doi:10.1093/eurheartj/eht565.

3. Avolio A. Central aortic blood pressure and management of hypertension: confirmation of a paradigm shift? Hypertension Editorial 2013; Sept 23.

4. Climie RED, Picone DS, Keske MA, Sharman JE. Brachial-to-radial systolic blood pressure amplification in patients with type 2 diabetes mellitus. J Human Hypert 2015 doi:10.1038/jhh.2015.101

New US Uscom BP+ Patent

July 11th, 2016

New methods approved for heart failure, hypertension and vascular health

Uscom today notified the market of the receipt of a Notice of Allowance from the United States Patent and Trademarks Office for the patent covering the central algorithms in the Uscom BP+ suprasystolic oscillometric central blood pressure monitor. The Patent has a priority date of 13th May 2009.

The patent covers the key central pressure calculations made by the suprasystolic Uscom BP+ to measure the blood pressure wave forms generated at the heart. This provides for more direct measures than simple blood pressure measures made at the arm, as is common in most current technologies. The Uscom BP+ represents some of the most advanced and innovative cardiovascular technology generating pressure wave-form measures only previously available using cardiac catheters, and improving the diagnosis and management of hypertension and heart failure.
Central blood pressure measurements and wave form analysis are an emerging standard of care for the evaluation of cardioavascular physiology and disease, and the current Uscom patent combined with the prior suprasystolic patents ensures that the Uscom BP+ innovation is commercially protected. Central blood pressure measurement is currently re-imbursed in the USA, and the Uscom BP+ device is being prepared for released into the USA market, and is expected to retail at approximately US$3,000, significantly lower than most of its competitors which range as high as US$20,000.

Monitoring the effectiveness of drug treatments in hypertension and heart failure is a major application of the Uscom BP+ and a number of major pharmaceutical companies are currently investigating the Uscom BP+ technology. A leading European drug company is currently using the devices in a trial of hypertensive drugs with results expected mid next year. Ten BP+ units are currently being used by a leading UK research team studying the effects of altitude on hypertension on Mount Everest. The Uscom BP+ is also currently in use on the International Space Station.

Executive Chairman of Uscom, Associate Professor Rob Phillips said “Our company is built on scientific excellence, and our strategy is to produce the most advanced blood pressure monitor available at a much reduced price to our competitors. We are targeting the US market and the pharmaceutical companies which are in need of novel and reliable technologies to significantly improve measurement, monitoring and treatment of hypertension and heart failure. It’s a very exciting time for us as we prepare the Uscom BP+ for China, European and USA release. The Uscom BP+ device will transform the revenue base of our company and will be imported into China by our new CIIC partners.

Uscom management is focused on becoming a multi-technology, fast growth. international medical device company selling a sophisticated and profitable suite of non-invasive, sector leading technologies into world medical markets. Uscom management continues to focus on active growth strategies and optimising long term shareholder value.”

References:
1. Stoner L, Lambrick DM, Westrupp N, Young J, Faulkner J. Validation of Oscillometric Pulse Wave Analysis Measurements in Children. American Journal of Hypertension 2014, doi:10.1093/ajh/hpt243.
2. Lydakis C, Stefanaki E, Stefanaki S, Thalassinos E, Kavousanaki M, Lydaki D. Correlation of Blood Pressure, Obesity, and Adherence to the Mediterranean Diet with Indices of arterial Stiffness in Children. Eur J Pediatr (2012) 171:1373–1382 DOI 10.1007/s00431-012-1735-3.
3. McEniery CM, Cockcroft JR, Roman MJ, Franklin SS, Wilkinson IB. Central blood pressure: current evidence and clinical importance. Euro Heart J 2014; doi:10.1093/eurheartj/eht565.
4. Avolio A. Central aortic blood pressure and management of hypertension: confirmation of a paradigm shift? Hypertension Editorial 2013; Sept 23

Uscom agreement with CIIC Shanghai

June 16th, 2016

Uscom has executed an agreement with China International Intellectech Corporation (CIIC) which is targeted to generate USD$48.2m (≈A$65m) in sales from China over the next five years.

Shanghai CIIC Science and Technology Development Company specialises in importing high quality medical devices into China and will assist with the China CFDA registration and distribution of the new Uscom BP+ and SpiroSonic devices.

The importation and wholesale agreement with (CIIC) Science and Technology Development Company of Shanghai is designed to accelerate the path to the Chinese market for the Uscom BP+ and SpiroSonic series of devices and will include the establishment of an Uscom office in Shanghai. The contracted sales targets are for US$48.2m over 5 years, following CFDA approval, with first revenues expected in Q1 FY17. Total Uscom revenue for 2015 was A$2.0m, however unaudited figures for the current year published in the March 4C demonstrate a cumulative receipt from customers for the first 9 months of 2016 of A$1.87m.

CIIC is a state-owned enterprise managed by the Chinese Central Government generating annual revenue estimated to be 7.5b USD (≈A$10.5b). The company is headquartered in Beijing, with126 subsidiaries and branches focusing on international cooperation in the fields of economy, technology and talent in China and 76 countries. Shanghai CIIC is the most profitable of the CIIC subsidiaries contributing approximately 65% of total revenues and ranked as number 30 on the 2015 top 100 Shanghai enterprise list with profit growth of more than 20% pa for the last 10 years. The Shanghai based CIIC Science and Technology Development division of the company, specializing in medical device distribution, has previously partnered with Medtronic, Philips, Zoll and Covidean for distribution of medical devices into China, and last year generated revenues in excess of A$340m USD.

Uscom develops and manufactures high accuracy disruptive cardiovascular and pulmonary devices, and addressing diseases which are responsible for approximately 75% of the 55.3m Chinese deaths per year. Uscom’s noninvasive devices all generate digital outputs that can be adapted to eHealth and home care applications, a sector that is rapidly gaining focus in China.

The NSW Health Minister, The Honorable Jillian Skinner said: “High quality, globally recognized Australian innovations, with export partnerships into high value international markets are a platform for success and the economic transformation of Australia. China is a market of the future for Australian business, and remains largely untapped. This partnership in health and technology confirms the feasibility and value of investing in China, something our Government actively advocates.”

Mr Wenan Zhu, General Manager for Shanghai CIIC Science and Technology Development said: “CIIC Science and Technology Development are the leaders in medical device distribution in China and are rapidly growing, while cardiovascular disease, asthma and COPD are becoming increasingly common health care challenges. Our focus is on distributing practice leading technologies to improve medical care of these diseases in China and the Uscom products fit our needs and growth strategy well. Uscom is an established brand with a reputation for scientific leadership and with this agreement we are planning to improve medical care and make Uscom a brand leader in China.”

Uscom CEO Associate Professor Rob Phillips said: “This agreement is transformational for Uscom and is a platform from which we can deliver profitability and reliable revenue growth to investors for the coming decade. China is a massive and rapidly growing market, but complex for foreigners. A relationship with a Chinese Government owned distributor with scale and credibility will ensure we achieve the market penetration and revenues our products deserve. We will now proceed to register and market the new Uscom BP+ central blood pressure monitor and the SpiroSonic series of pulmonary testing devices with CIIC. We will continue to support and grow our current successful USCOM 1A distribution channels, as we expand our China operations. We believe the CIIC agreement is the key to long term business development and revenue growth, and our joint business plans are based on access to the rapidly growing, and increasingly health care conscious Chinese market. We currently derive approximately $1m revenue from China and believe we can rapidly increase this ten-fold with our new China strategy and two new product lines.”

With the population of China now more than 1.35b, coupled with its Government planning to increase its health spend by approximately 33% in the next five years (from approximately 6% to 8% of GDP), businesses addressing healthcare needs are presented with an outstanding opportunity in the region. The projected growth will increase healthcare spending from an estimated $720b to $1.23t USD over the next 5 years.

Uscom manufactures and markets the USCOM 1A, the Uscom BP+, and Uscom SpiroSonic digital ultrasonic spirometry technologies. These premium digital devices are changing the way we diagnose and treat cardiovascular and pulmonary diseases, including hypertension, heart failure, asthma, COPD and sleep disorders. The products are integral for optimising management of sepsis, guidance of fluid, inotropes and vasoactive therapies in critical care monitoring, and in clinical and home care delivered asthma and COPD medications.

New Uscom BP+ Distributor in Vietnam

June 14th, 2016

Uscom is pleased to announce the appointment of Pozitronics of Hanoi as distributor of the Uscom BP+ and BP+ Reporter for Vietnam.

This appointment follows a state visit by the Vietnamese Minister for Health, the Head of the Department of Health, and a trade delegation of Vietnamese Health officials to the Uscom head office in Sydney six weeks ago. During the visit the delegation reviewed all the Uscom devices including the USCOM 1A, the BP+ and the SpiroSonic devices, and toured the Sydney manufacturing operations. The sale of BP+ and BP+Reporter into Vietnam will begin following the approval by the Vietnamese health regulatory authority.
During the visit the Ministers discussed with Uscom staff the opportunities for Uscom technologies to contribute to the health of Vietnam, and in particular the application of the USCOM 1A in the fight against Dengue and sepsis in adults and children. Pozitronics currently distribute the USCOM 1A through Pacific Medical Systems in Hong Kong.

Uscom CEO Associate Professor Rob Phillips said, “Vietnam is a rapidly growing, developing nation with an increasing focus on health and health care. The relationships we developed during the Health Minister’s visit have resulted in this new distribution appointment. Uscom has been selling USCOM 1As into Vietnam for a number of years through Pacific Medical Systems from Hong Kong. With Pozitronic now also distributing the BP+ we see a real opportunity to be a part of this rapidly expanding market. We anticipate the SpiroSonic range of devices will also be distributed into Vietnam when released later in the year.”
Vietnam has a population of 94m, and a GDP of $186b USD with a growth rate of approximately 6.5%, and a health spend of 7.1% of GDP pa ($13b USD) with more than 50% of its population covered by health insurance, and an ambition to grow this to more than 80% by 2020.

Uscom manufactures and markets the USCOM 1A, the Uscom BP+, and Uscom SpiroSonic digital ultrasonic spirometry technologies. These premium digital devices are changing the way we diagnose and treat cardiovascular and pulmonary diseases, including hypertension, heart failure, asthma, COPD and sleep disorders. The products are integral for optimising management of sepsis, guidance of fluid, inotropes and vasoactive therapies in critical care monitoring, and in clinical and home care delivered asthma and COPD medications.

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Uscom Oversubscribed PP for Strategic Investment

June 8th, 2016

Uscom today announced to market the completion of a Private Placement (PP) which raised in excess of $2.2m from the sale of 11,072,125 FPO UCM shares at a price of $0.20.

The $2m oversubscribed offer was to accommodate strategic international investment and grow the corporate register, and was priced at a discount to the monthly volume weighted average market price of $0.224.

The funds will be used to complete the Thor Laboratories acquisition, and prepare and file for updating of current registration and regulatory approvals in China, Europe and the USA, and launch the Uscom BP+, the Uscom BP+ Reporter, the Uscom SpiroSonic series of devices and the Uscom SpiroReporter. The funds will also be used to support Uscom’s transition to volume manufacturing to meet the anticipated demand for devices as new distributors are appointed.

Uscom CEO Associate Professor Rob Phillips said, “This raising continues to optimise our revenue opportunities going forward, and is vital to ensure our continued commercial momentum, and meet the anticipated demand for our new devices. Managing growth in multiple jurisdictions with multiple products coming to market in a short time is challenging and this raising will allow us to prepare our products for market and manufacture devices for sale. This PP has also allowed us to introduce new Australian and international strategic partners to the register.”

Uscom manufactures and markets the USCOM 1A, the Uscom BP+, and Uscom SpiroSonic digital ultrasonic spirometry technologies. These premium digital devices are changing the way we diagnose and treat cardiovascular and pulmonary diseases, including hypertension, heart failure, asthma, COPD and sleep disorders. The products are integral for optimising management of sepsis, guidance of fluid, inotropes and vasoactive therapies in critical care monitoring, and in clinical and home care delivered asthma and COPD medications.

Uscom appoints new Company Secretary

May 24th, 2016

Uscom is pleased to announce the appointment of Mr Brett Crowley as Company Secretary.

Mr Crowley is a practicing solicitor and a former Partner of Ernst & Young in Hong Kong and Australia, and of KPMG in Hong Kong, and has worked in China establishing and managing JV companies there. Mr Crowley is an experienced chairman, finance director and company secretary of ASX-listed companies, and is a former Senior Legal Member of the NSW Civil and Administrative Tribunal.

Mr Crowley has over 30 years’ experience in advising companies on taxation, corporate strategy, international structuring, capital raising and commercial negotiations.

Mr Crowley replaces Ms Catherine Officer who has resigned as Uscom Company Secretary after 3 years, to take up a new role with an NFP organisation.

Uscom CEO Associate Professor Rob Phillips said, “Brett’s appointment is another step in the globalization of Uscom. His experience and understanding of corporate law in China will be particularly valuable as we expand our reach and distribution there. His understanding of cross-border corporate structures will also guide our next steps as we plan to bring two new product suites to global markets in FY 2017. Increasingly we are in discussion with large multinationals and Brett’s experience will be vital to ensure that we maximize value from negotiations to distribute, sell and license our practice leading technologies. We thank Catherine for her support and service over the last 3 years and wish her well in her new role.”

Uscom manufactures and markets the USCOM 1A, the Uscom BP+, and Uscom SpiroSonic digital ultrasonic spirometry technologies. These premium digital devices are changing the way we diagnose and treat cardiovascular and pulmonary diseases, including hypertension, heart failure, asthma, COPD and sleep disorders. The products are integral for optimising management of sepsis, guidance of fluid, inotropes and vasoactive therapies in critical care monitoring, and in clinical and home care delivered asthma and COPD medications.

Uscom may improve outcomes and reduce cost in surgery

May 3rd, 2016

Uscom today released to market the results of research from 524 US Hospitals demonstrating the opportunity for use of the USCOM 1A to reduce medical complications and cost of care associated with routine surgery.

The authors reviewed the Premier Healthcare Research Database over 4 years and examined the records of 655,426 patients undergoing routine surgery in 524 Premier Hospitals throughout the USA to evaluate the use and effectiveness of fluid infusions during the peri-operative period.

The study found that poor fluid management was associated with an approximately 20% increase in complications, length of hospital stay, and cost of treatment for patients undergoing routine surgery. They also reported that fluid management was highly variable between clinicians, and that at least 50% of patients received poor fluid management. The average total cost per patient admission was approximately $16,397 USD, making the estimated combined patient management cost for the 4 year study $10.7b USD. The study concluded by recommending continued focus on improving fluid management and the implementation of “Goal Directed Fluid Therapy” to standardise clinical practice.

The USCOM 1A was designed to simplify and improve implementation of “Goal Directed Fluid Therapy” and has been demonstrated to be 90% effective, even in the most difficult of cases, at the leading US Barnes Jewish Hospital in St Louis, and for elective surgery in the UK. If USCOM was adopted as standard of care by Premier hospitals and similar results achieved, approximately $1b USD in cost would have been saved and surgical complications substantially reduced.

Uscom CEO Associate Professor Rob Phillips said, “Every Hospital in the world, including those in Australia, the UK and the US, should review their fluid management practices in response to this paper. More than 50% of all patients having routine surgery have increased complications and cost associated with poor treatment with fluids in the peri-operative period. These are complications and costs USCOM use could reduce. This study demonstrates the need for the USCOM 1A in routine surgery, and we will now be pressing our case to hospital administrators worldwide, particularly in Australia, UK and in the US.”

The USCOM 1A has also been associated with significant cost and life saving benefits in the treatment of sepsis management in Australia and in the UK, and this has been partially attributed to the improved management of fluids, which is central to the care of patients with sepsis.

Uscom manufactures and markets the USCOM 1A, the Uscom BP+, and Uscom SpiroSonic digital ultrasonic spirometry technologies. These premium digital devices are changing the way we diagnose and treat cardiovascular and pulmonary diseases, including hypertension, heart failure, asthma, COPD and sleep disorders. The products are integral for optimising management of sepsis, guidance of fluid, inotropes and vasoactive therapies in critical care monitoring, and in clinical and home care delivered asthma and COPD medications.

References:

  1. Thacker JKM, Mountford WK, Krukas MR, Mythen MG. Perioperative Fluid Utilization Variability and Association With Outcomes Considerations for Enhanced Recovery Efforts in Sample US Surgical Populations. Annals of Surgery 2016;263(3):502-510. doi: 10.1097/SLA.0000000000001402
  2. Thiel SW, Kollef MH, Isakow W. Non-invasive stroke volume measurement and passive leg raising predict volume responsiveness in medical ICU patients: an observational cohort study. Critical Care 2009;39:666-688
  3. Hodgson L., Samuels T., Jenkins C., Wakeling H. Stroke volume optimisation in elective abdominal surgery. A comparison between a non-invasive Doppler device (USCOM) and the oesophageal Doppler (CardioQ). European Journal of Anaesthesiology 2014;31(52):3 AP5-1
  4. Pearse RM, Harrison DA, MacDonald N, et al. Effect of a perioperative, cardiac output-guided hemodynamic therapy algorithm on outcomes following major gastrointestinal surgery: a randomized clinical trial and systematic review. JAMA. 2014;311:2181–2190.
  5. Spanjersberg WR, Reurings J, Keus F, et al. Fast track surgery versus conventional recovery strategies for colorectal surgery. Cochrane Database Syst Rev. 2011;2:CD007635.

The Australian Business Review: Uscom on the cusp of a billion dollar transformation

April 5th, 2016

Uscom CEO, Associate Rob Phillips interviewed by Sarah-Jane Tasker, The Australian Business Review.

Australian medical device company Uscom has pushed through a domestic start-up environment that is littered with more death stories than tales of survival, and is on the verge of what founder Rob Phillips says is a “major transformation”.

Mr Phillips, executive chairman of the developer of cardiac, vascular and pulmonary monitoring devices, has plans to turn the $20 million company — it counts the International Space Station as a customer — into a $1 billion stock.

“We started in cardiovascular pulmonary because that is what I know. I’ve spent my whole life developing concepts, ideas and mathematics around physiology. That’s my love and life.”

He said when he started Uscom people told him it was a great idea but would never work.

Fast forward to today and Mr Phillips says the company, which has made two acquisitions and is rapidly expanding its global reach, is on the cusp of a major transformation.

“Things are changing quickly for us. There was about 15 years of clinical and research work that was followed by 15 years of direct work in the company. These things don’t just happen, you invest in them, understand them and grow them.

“We are now starting to have substantial international conversations that will transform the company. But it has taken a long time to get to that point of credibility.”

Mr Phillips, also chief scientist and chief executive of Uscom, said the company’s mission is to produce non-invasive technologies that replace inaccurate, invasive technologies. The International Space Station and the Russian space program both use Uscom products — developed out of research Mr Phillips started at the University of Queensland — to measure vascular and cardiac performance.

Its leading product, the Uscom 1A, is the standard of care at London’s Great Ormond Street Hospital for Children, the Kings College in London and the Pediatrics Department at the Pittsburgh University Medical Centre in the US. That device uses ultrasound technology to measure cardiac output — the volume and rate at which blood is pumped out of the heart and into the vessels. The alternative to the device is the use of painful catheters.

“We are interesting as we have partnered a lot overseas,” Mr Phillip said. “We are international. That is our strategy, to go to the best places in the world and work with the best people in the world.”

Under a global strategy, the company bought Thor Laboratories in Budapest last September, followed by the establishment of British subsidiary. The Budapest facility will become the hub of manufacturing as Uscom up-scales.

The first of Uscom’s products were manufactured from its small office at Sydney’s Circular Quay but Mr Phillips said Australia did not have an attractive environment to expand its production locally. “Manufacturing in Australia is harder work than it would be anywhere else,” he said.

“The incentives from places like Singapore, Hungary and Britain are amazing.

“Businesses like ours don’t happen overnight. You need to develop the concepts and ideas to make it into a business. There’s a lot of depth behind them. You want to align where you know you have a stable, supportive ­environment.”

Mr Phillips added that while steps were being made in Australia to support manufacturing, it would be some time before the country caught up to the rest of the world, and then overtook other markets.

“I will have to go if things don’t change for manufacturing in Australia by the time we get profitable and that’s not a decision I should have to make,” he says.

The experienced Australian biotech advocate said there had been a large number of Australian companies that had left the country and a significant level of innovation has moved offshore in the past 10 years.

Malcolm Turnbull, who is now in election mode, has positioned himself as the innovation Prime Minister and launched a statement last year to cement his position on the space.

Mr Phillips said he was consulted by the government ahead of Turnbull’s innovation statement and while he said it’s a positive move, it would take a while to see it implemented. “It is quite a cautious step,” he said.

Despite the struggles to get off the ground in Australia, Mr Phillips said the company is now growing at 60 to 70 per cent a year, mostly out of China.

He added that China was starting to measure success in health metrics and its last five-year plan committed to a 20 per cent year-on-year growth in medical device spending.

“They are by far the fastest growing medical device market in the world,” he said.

The company this week added former Johnson and Johnson’s Asia executive, Chao Xian He, as a director to strengthen ties with the Chinese medical market.

Mr Phillips said about 60 to 70 per cent of Uscom’s sales were in China, in just one product.

“We could easily do 10 times what we do in China in a short period of time,” he said.

Talk of rapid expansion in China showed how far Uscom had come since it was founded in 2003. Just as it was getting off the ground, like most start-ups, it was hit by the global financial crisis as markets dried up.

“We struggled for three to four years … we just survived,” Mr Phillips said.

He had stepped back from the company he founded to bring in outside management, which he now says were “totally useless”, so he stepped back in 2011 and recapitalised Uscom.

“They didn’t understand the science or the market and weren’t able to see the vision for the company,” he said.

“In companies like ours, you need the vision and drive of someone who will work for a low price, for long hours, and be committed to the passion and driving the products.

“Once you have a big company, perhaps there is a place for professional management but I think in that early stage, professional management can do enormous damage to small companies.”

The chairman said the company is now in a vulnerable position if potential suitors wanted to circle.

“It’s dangerous for us at the moment because we have so much off balance sheet value,” he added.

“We have to pass that middle section … it’s a fairly tightly held company, the long-term vision is not a transaction, it’s to build a company.

“I started the company with a clear vision. I said I’d keep going until someone stops me and that is the mentality you need to adopt.”

Source: The Australian Business Review “Uscom on the cusp of a billion dollar transformation” Published April 5, 2016. Details.

Paediatric sepsis mortality reduced 46% with USCOM use: New Thai critical care study

March 31st, 2016

Uscom is pleased to announce the results of a study from the Chulalongkorn University Department of Paediatrics and the King Chulalongkorn Memorial Hospital (KCMH) demonstrating a reduction in mortality of 46% in paediatric fluid refractory septic shock patients using USCOM 1A.

 
Septic Shock Mortality in King Chulalongkorn Memorial Hospital – Uscom use began in 2013.

The study, of 6 month to 14 year olds with severe infections, found USCOM aided treatment in 71% of patients, reduced total fluid loading, and reduced mortality by a relative 46%, from 19% to 10.2%, since adopting the USCOM 1A and Australian Professor Brendan Smith’s approach to septic shock management.

Professor Brendan Smith presented similar findings at the Society of Critical Care Medicine Annual Scientific meeting in 2012, and was nominated for Australian of the Year in 2014 for his work on implementing improved septic shock management in regional Australia. Similar results were published by Kings College in London in 2013 where USCOM guided management has been implemented and reduced pediatric sepsis mortality by a relative 35% from 17% to 11%.

Professor Smith said “These results are consistent with our findings, and the findings of others worldwide. The early and accurate measurement of haemodynamics using USCOM allows us to non-invasively and rapidly initiate appropriate treatment, saving vital minutes and patients lives.”

The study was presented by Critical Care Doctors from Thailand’s King Chulalongkorn Memorial Hospital on 23rd of March at the Thai Paediatric Respiratory and Critical Care Society Annual Scientific Meeting.
Sepsis kills over 6 million children and neonates per year, while fluid refractory septic shock, associated with severe infections, is responsible for the death of approximately 70% of all children who die worldwide.

Executive Chairman of Uscom, Associate Professor Rob Phillips said, “If USCOM was adopted worldwide and achieved only a 35% reduction in mortality, this could save over 2 million children a year. Sepsis is a serious global health issue and USCOM is changing the balance; it is now the responsibility of public health providers to take notice of the evidence. As superbugs become more virulent, the significance of Uscom technology will become more critical. These results demonstrate that USCOM has the same impact in Thailand as it does in Australia, London and the US. The USCOM 1A technology is recommended in the Global Paediatric Sepsis Guidelines as a preferred method to manage children with sepsis.”

Uscom manufactures and markets the USCOM 1A, the Uscom BP+, and Uscom SpiroSonic digital ultrasonic spirometry technologies. These premium digital devices are changing the way we diagnose and treat cardiovascular and pulmonary diseases, including hypertension, heart failure, asthma, COPD and sleep disorders. The products are integral for optimising management of sepsis and guidance of fluid, inotropes and vasoactive therapies in critical care monitoring, and in clinical and home care delivered asthma and COPD medications.

References:

  1. Thongnual C, Hantragool S, Samransamriatkit R. Efficacy of non-invasive cardiac monitoring (Ultrasonic Cardiac Output Monitor) guide in management of fluid refractory pediatric septic shock. Pediatric Respiratory and Critical Care Medicine Association,, Annual Scientific Meeting. 2016; proceedings.
  2. Deep A, Goonasekera CDA, Wang Y, Brierley J. Evolution of haemodynamics and outcome of fluid refractory septic shock in children. Int Care Med 2013 DOI 10.1007/s00134-013-3003-z
  3. Smith BE, Phillips RA, Madigan V, West MJ. Decreased Mortality, Morbidity and Emergency Transport in Septic Shock; A New Protocol Based on Advanced Noinvasive Haemodynamics (USCOM) and Early Antibiotics. Crit Care Med 2012; 40(12):1023. doi: 10.1097/01.ccm.0000424114.76434.7a
  4. http://www.world-sepsis-day.org/?MET=SEPSISSTART&vPRIMNAVISELECT=3 (Accessed 30 Mar 2016)

Former J&J Asia Executive Appointed to Uscom Board

March 23rd, 2016

Uscom is pleased to announce the appointment of Mr Chao Xian (David) He as a Director of Uscom Limited.

Mr He was born in Shanghai and educated in Sydney. For the last 9 years He was based in Shanghai and Singapore as Vice President of Business Development APAC with Johnson & Johnson. Prior to that Mr He was an Associate at McKinsey & Company in Shanghai, then Director of Business Development and External Growth APAC and VP Finance China with AB InBev. based in Hong Kong and Shanghai.

Mr He’s achievements include developing market strategy and building the acquisition pipeline for J&J consumer products and leading a number of strategic business acquisitions in the APAC region for the Company. In his time with McKinsey David was involved in a number of M&A and strategy projects, and established his credentials as a deal maker having conceived and executed a number of acquisitions for AB InBev in China.
Mr He’s appointment is strategically conceived to strengthen the connections between Uscom Limited and the Chinese medical market, and utilize Mr He’s experience and local associations to enhance business opportunities for Uscom in China.

Mr He said “Uscom is a recognized brand in China, but currently only reaches a small fraction of the Chinese market. My objective is to focus my experience and connections, acquired from 9 years with J&J China, to increase delivery of Uscom products to all of China. While the USCOM 1A device already has some presence in the market, the release of the Uscom BP+ and Uscom SpiroSonic devices later this year creates real opportunities for Uscom to engage in the lucrative, extensive and rapidly growing Chinese home care and consumer market, and I look forward to being instrumental in growing this opportunity.”

Executive Chairman of Uscom, Associate Professor Rob Phillips said, “This is a commercially progressive appointment for Uscom as China is rapidly assuming the role of the world’s fastest growing medical device market and demands the best of global technologies. Uscom has been in China and I have been involved at an academic, clinical and commercial level for over 10 years. The appointment of David He to the Board confirms our commitment to this rapidly expanding market and the development of our relationships there. With three practice leading suites of clinical medical devices there are great opportunities for David to use his J&J China skills to compliment and enhance our current effective distribution to grow the Uscom China business and strategy. We are delighted to have David join the Uscom Board at such an exciting time in the history of the Company.”

This appointment is part of an Uscom global strategy to appoint high level and experienced leaders in major regional markets and follows the appointment of Mr Stephen Wilson as the Uscom US VP of Business Development last year. Mr Wilson was a former long term VP of Corporate Development for Welch Allyn.

Uscom manufactures and markets the USCOM 1A, the Uscom BP+, and Uscom SpiroSonic digital ultrasonic spirometry technologies. These premium digital devices are changing the way we diagnose and treat cardiovascular and pulmonary diseases, including hypertension, heart failure, asthma, COPD and sleep disorders. The products are integral for optimising management of sepsis and guidance of fluid, inotropes and vasoactive therapies in critical care monitoring, and in clinical and home care delivered asthma and COPD medications.

Uscom BP+ Contracted Into UK NHS Supply Chain

March 14th, 2016

Uscom announces the awarding of a two year contract with a further two year option to the Uscom BP+ UK distributor, MediMax Global UK Ltd, for supply of Uscom BP+ central blood pressure devices into the UK NHS Supply Chain. The NHS Supply Chain provides cost-effective products into the UK NHS market including more than 1000 NHS trusts and Healthcare organization.

Following a review of central BP devices, contracts were awarded for two devices, the Uscom BP+ and the Welch Allyn 7100BP.
Central BP and pulse wave analysis is the new frontier in BP monitoring. Following invasive validation in adults, the Uscom BP+ was recently validated in children from 1 to 18 years old at The Great Ormond Street Hospital for Children, with results presented last month at the US Society for Critical Care Medicine in Orlando. The study demonstrated BP+ noninvasively provided equivalent results to cardiac catheters in children as young as 1 year old. This proof of effectiveness sets the BP+ device apart from its competitors and confirms the integrity of the science underlying the device and confirms its application in critical care and as a guide for advanced treatment of hypertension. This has led to the BP+ being used as a physiologic monitor on the International Space Station, and its inclusion as the preferred technology in an international hypertension drug trial currently being run by a European pharmaceutical leader.

The principle of MediMax, Mr Andrew Larwood, said “this provides us with direct access through the NHS to the UK market for the next 4 years, starting 1st June 2016. The NHS is very progressive and technologically aware, and this contract is the outcome of their investigation of a number of devices in the market proposing to measure central BP and to offer cost effective solutions to the NHS for the improved management of hypertension and vascular care.”


Executive Chairman of Uscom, Associate Professor Rob Phillips said, “This contract facilitates sales into over 1000 UK Hospital trusts and into GP practices, and is the foundation for the European marketing of the BP+. The BP+ has TGA (Australian), CE (European) and FDA (USA) approval, and we are mid CFDA (China) application now. BP+ is currently being prepared for global release to market, and we are negotiating world wide with partners in Pharma and clinical markets to deliver this sector leading technology rapidly and profitably, particularly in the USA, where we have both technology and price advantages over our competitors.”


Uscom manufactures and markets the USCOM 1A, the Uscom BP+, and Uscom SpiroSonic digital ultrasonic spirometry technologies. These premium digital devices are changing the way we diagnose and treat cardiovascular and pulmonary diseases, including hypertension, heart failure, asthma, COPD, occupational lung disease and sleep disorders. The products are integral for optimising management of sepsis and guidance of fluid, inotropes and vasoactive therapies in critical care monitoring, and in clinical and home care delivered asthma and COPD medications.

Uscom Customer Receipts Up 72% In First Half

February 1st, 2016

Uscom has published the Appendix 4C for the quarter ended 31 December 2015. From the report we note the following.

Quarterly Financials

View full ASX report

Non-invasive BP+ Equal to Catheters for Central Blood Pressure in Children

January 19th, 2016

We are pleased to announce the publication of a new independent study from the Great Ormond Street Hospital for Children (GOSH) demonstrating equivalence of catheter based measures of central blood pressure (cBP) with non-invasive Uscom BP+ cBP measurements. The study was published in Critical Care Medicine and will be presented at the Annual Scientific Meeting of the Society of Critical Care Medicine (SCCM) in Orlando, February 20-24th, 2016.

The study found that in 1 to 18 year old children there was no significant difference in measures of cBP directly from aortic catheters and those from the Uscom BP+. Following these unique findings, in children the GOSH study states “we will be able to target arterial BP non-invasively for monitoring and treatment and we believe this is going to change practice.” The study also states that following these promising findings GOSH will undertake further research on the Uscom BP+ and its application in advanced haemodynamics and cBP monitoring.

The Uscom BP+ uses patent protected and novel supra systolic oscillometry to measure cBP non-invasively, and has previously been invasively validated in adults. The BP+ is currently on board the International Space Station for critical monitoring of brachial BP and cBP in astronauts.

This validation in children and adolescents further expands the potential clinical utility and market for the Uscom BP+, and comes at a time when the CPT Code for re-imbursement of measurement of cBP comes into effect in the US.

Executive Chairman of Uscom, Associate Professor Rob Phillips said, “This invasive validation of cBP in children and adolescents is unique, and represents a significant step forward for the science of BP monitoring, confirming that BP+ can be used as a “noninvasive art line” in adults and now children. cBP is an emerging and competitive field, but most devices use simple generalised transfer functions of variable accuracy, estimated from cuff-based, sub systolic oscillometric measurements and are not validated in children. The Uscom BP+ uses patent protected supra systolic oscillometry which has theoretical physiologic advantages to other methods and which are now being recognised in clinical research. This independent endorsement of Uscom cBP technology is further evidence of the excellence, precision and leadership of Uscom science and confirms the commercial opportunity of our BP+ as we finalise its preparation for market.”

Uscom manufactures and markets the USCOM 1A, the Uscom BP+, and Uscom SpiroSonic digital ultrasonic spirometry technologies. These premium digital devices are changing the way we diagnose and treat cardiovascular and pulmonary diseases, including hypertension, heart failure, asthma, COPD and sleep disorders. The products are integral for optimising management of sepsis and guidance of fluid, inotropes and vasoactive therapies in critical care monitoring, and in clinical and home care delivered asthma and COPD medications.

References:

  1. Saikia B, Derrick G, Fordham T Brierley J. Validation of Uscom BP+ in children and adolescents: A preliminary report. Critical Care Medicine: December 2015 – Volume 43 – Issue 12 – p 30–31 doi: 10.1097/01.ccm.0000473945.15805.ee
  2. Lin ACW, Lowe A, Sidhu K, Harrison W, Ruygrok P, Stewart R. Evaluation of a novel sphygmomanometer, which estimates central aortic blood pressure from analysis of brachial artery suprasystolic pressure waves. J Hypertens 2012 30:000–000. DOI:10.1097/HJH.0b013e3283567b94
  3. Climie RED, Picone DS, Keske MA, Sharman JE. Brachial-to-radial systolic blood pressure amplification in patients with type 2 diabetes mellitus. J Human Hypertension 2015;33(9):1876-1883
  4. Costello BT, Schultz MG, Black JA, Sharman JE. Evaluation of a Brachial Cuff and Suprasystolic Waveform Algorithm Method to Noninvasively Derived Central Blood Pressure. Am J Hypertension 2015;28(4):480-486 doi:10.1093/ajh/hpu163.