SMARTR Health Limited (“the Company” or “Celsium”) was established in 2018 by Andrew Mahoney. It has developed the world’s first medical grade device for use in the formal healthcare sector, as well as the home, that continuously measures core temperature, both accurately and non-invasively.
Tracking core temperature changes as they occur can be a lifesaving indicator. It is these changes and variations – the hidden vital signs – that can give ‘early warnings’ which are currently being missed.
Measuring the body’s core temperature is difficult. The current medical gold standard is an invasive surgical procedure. The market is therefore dominated by legacy devices that provide inaccurate, spot measurements of skin temperature. These often result in a false positive (a fever is indicated when there is none) or a false negative (when no fever is indicated but is present). Such false readings can be life-threatening and mean the time for early medical intervention is missed.
The unprecedented circumstances of the Covid-19 crisis have dramatically changed how people and businesses view healthcare. Governments, healthcare organisations, systems and society were unprepared to monitor and treat it at scale.
Celsium’s technology is an approved Medical Device (CE Class 2A medical device in the EU and an FDA 510K medical device in the US) which combines a wearable sensor and smart platform. This makes it suitable for use in formal healthcare, but also gives it a key differentiator, with a unique selling point, for consumers’ home use. It has been proven in a clinical study, in collaboration with Boston Children’s Hospital and Cleveland Clinic, to accurately measure core body temperature to medical grade quality (tested against the medical gold standard +/- 0.1°C) and is 10-20 times more accurate than current devices.
Celsium has experienced a surge in demand due to Covid-19, where fever is a key symptom. The Company has new sales opportunities for consumer use at home, as well as the formal healthcare sector in terms of monitoring frontline staff and as a form of protective personal equipment.
The board believes that, in response to the virus, attitudes to monitoring temperature accurately, both at home and in formal healthcare, have permanently changed. This provides a unique environment for Celsium to accelerate its business plan.
The Company is seeking to raise £752,500 of equity (EIS-eligible) from Growthdeck investors. The Company has received HMRC Advance Assurance that the issue will qualify for the reliefs available under EIS.
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