Melbourne, Australia, June 11, 2024 — HeraMED Limited (ASX: HMD), an innovative medical data and technology company leading the digital transformation of maternity care, today announced the immediate termination of its strategic partnership with US-based Fembridge. The decision comes after both parties were unable to reach an agreement on revised commercial terms that align with HeraMED’s new strategic objectives.
The partnership, originally established on March 13, 2024, aimed to develop innovative maternity care solutions for the US market. HeraMED had granted Fembridge broad market exclusivity and had agreed on a monthly retainer fee of US$40,000 for business development, sales, and marketing services. However, following HeraMED’s announcement of a comprehensive Four-Point Strategic Plan and corporate restructuring on May 10, 2024, it became necessary to revise the partnership terms to include more stringent performance measures and to adjust the market exclusivity terms to better meet the strategic goals of HeraMED.
Anoushka Gungadin, MD & CEO of HeraMED said, “HeraMED remains committed to delivering innovative healthcare solutions that improve patient outcomes and enhance the quality of care. While the termination of the partnership with Fembridge is disappointing, the Company is determined to continue to execute is commercialisation strategy with strategic partners who share its vision and can provide the necessary support to drive the adoption of HeraCARE. We need to ensure we execute commercial agreements that align with the strategic objectives of HeraMED and can provide maximum value to shareholders.”
Anoushka added, ”HeraMED remains committed to expanding its footprint in the US market and will continue to engage with hospital networks and private clinics. As announced to the ASX on 28 February, the successful deployment of HeraCARE within one of the 10 largest public healthcare systems in the United States, is a key step in establishing and validating the model, solution and benefits of HeraCARE in large hospital systems. We HeraMED will also continue to support partnerships such as eLovu Health who are targeting private clinics on the West coast.’’
Despite the termination of the Fembridge partnership, HeraMED is making significant progress in its commercialization efforts. The company recently celebrated a major milestone with the deployment of its HeraCARE platform within one of the top ten largest public healthcare systems in the U.S., further establishing and validating the effectiveness of its integrated healthcare solutions.
HeraMED will continue to work closely with other strategic partners, such as eLovu Health on the West Coast, and remains dedicated to expanding its presence not only in the U.S. but also across its target markets in Australia and Europe. The company is nearing critical milestones with several key customers, which will soon allow for further updates to shareholders.
About us:
HeraMED is an innovative medical data and technology company leading the digital transformation of maternity care by revolutionising the prenatal and postpartum experience with its hybrid maternity care platform. HeraMED offers a proprietary platform that utilises hardware and software to reshape the Doctor/Patient relationship using its clinically validated in-home foetal and maternal heart rate monitor, HeraBEAT, cloud computing, artificial intelligence, and big data.
