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- Body scanning tech company MyFiziq (MYQ) has signed a binding term sheet with behavioural change and technology company Biomorphik
- Biomorphik has developed a medical health and wellness platform which seeks to bridge the gap between the medical sector and the health and wellness industry
- At its core, it aims to reduce health costs across the individual, healthcare, insurance, and government levels
- This agreement will see MyFiziq and Biomorphik work together to combine MyFiziq’s body tracking app into Biomorphik’s platform
- The companies are aiming to deliver a combined platform by the first quarter of 2021, and under the terms of the agreement Biomorphik must deliver to a minimum of 100,000 active users within the first 12 months
- MyFiziq is up 2.75 per cent on the market and shares are currently trading for 28 cents each
Body scanning tech company MyFiziq (MYQ) has signed a binding term sheet with behavioural change and technology company Biomorphik.
Biomorphik has developed a medical health and wellness platform which seeks to bridge the gap between the medical sector and the health and wellness industry.
At its core, it aims to reduce health costs across the individual, healthcare, insurance, and government levels. Biomorphik also states that the platform can improve the user’s quality of life, reduce treatment spend, and minimise interactions with the medical system.
It’s hoped this will free up medical practitioner’s time — especially during the COVID-19 pandemic when the healthcare system is stretched.
This agreement will see MyFiziq and Biomorphik work together to combine MyFiziq’s body tracking app into Biomorphik’s platform.
“Through integrating MyFiziq’s technology into our platform, we now have the capability to more regularly and cost-effectively understand user and patient body composition information as well as their risks of chronic disease in real-time,” Biomorphik’s CEO Nathaniel Peek said.
“Body scanning is an instrumental part of our solution and assists Biomorphik in not only understanding our patient, but also allowing a patient to understand their own health on an individual basis,” he added.
The companies are aiming to deliver a combined platform by the first quarter of 2021, and under the terms of the agreement, Biomorphik must deliver to a minimum of 100,000 active users within the first 12 months of launch.
“I am pleased to be working with Nathaniel and the Biomorphik team to provide an urgently needed, unique behavioural based, pre-emptive health solution that focuses on reducing costs at all levels of the health, wellness and medical supply chain from the patient,” MyFiziq CEO Vlado Bosanac commented.
MyFiziq is up 2.75 per cent on the market and shares are trading for 28 cents each at 12:31 pm AEST.
