Cross posted from iMedicalApps.com.
Toumaz has BIG day, announcing FDA approval & joint venture with physician billionaire Patrick Soon-Shiong
Toumaz Limited, developer of a new ultra-low power radio technology that competes with Bluetooth and Zigbee, announced this week that they have received FDA approval for its Sensium Digital Plaster technology.
Toumaz has also announced it will be entering into a new joint venture with California Capital Equity (CCE), the holding company of pharmaceutical billionaire Dr. Patrick Soon-Shiong, for the purpose of commercializing and distributing Sensium Digital Plaster. The new entity will be called Toumaz US and based in San Diego, CA.
This is a very big deal for the advancement of Body Area Network (BAN) technology, defined as a system of devices in close proximity to a person’s body that cooperate for the benefit of the user. Read after the break to find out why.
Sensium Digital Plaster is an ultra-small, ultra-low power wireless body-worn monitor that continuously and unobtrusively acquires high-quality vital signs data, including temperature, heart rate and respiration rate.
According to the company website, Toumaz will license its ultra-low power wireless sensor nodes to third party developers building “own brand” wireless monitoring systems. These systems can transmit data via the Sensium Base Station or a Smartphone app, though Toumaz shows no indications of a desire to become an app development company.
Dr. Soon-Shiong was quoted in the press release announcing the joint venture saying, “Without a doubt, wireless is the future of healthcare. Wireless technology is the key to bringing quality healthcare to everybody, wherever they may be, in real time. Toumaz’s ultra-low power technology is going to be a vital element in this, and our joint venture opens up exciting prospects.”
Under the terms of the new partnership, CCE will provide up to $25m of funding to the company over the next two years and will own 80% of the equity in Toumaz US. The remaining 20% will be held by Toumaz Limited and its CEO, Chris Toumazou, will join the board of Toumaz US as Vice Chairman while Dr. Soon-Shiong will serve as Chairman. Toumaz will also receive licensing and royalty revenues from the joint venture as it commercializes its Sensium Digital Plaster technology.
It was unclear in the press release if the joint venture is intended strictly for the commercialization of the Sensium Digital Plaster technology, but it seemed to indicate that Dr. Soon-Shiong also owns a small stake in Toumaz Limited. It seems reasonable to conclude that Toumaz US will be a one-product company, with Toumaz Limited maintaining ownership of its remaining intellectual property
Patrick Soon-Shiong is arguably the greatest physician entrepreneur to ever live. He has founded and exited two separate pharmaceutical companies, each time taking home a ten-figure paycheck, all in the last 10 years. He is now the wealthiest man and single largest landowner in Los Angeles, as well as 10% owner of the Lakers. However, Dr. Soon-Shiong is by no means ready to slow down, and he now has his sights squarely set on the mHealth sector.
Just last month his Institute for Advanced Health (IAH) announced it would be developing a $200m data center in Phoenix, AR, which is rumored to be the first of several data centers to come.
Below you can learn a bit more about Dr. Patrick Soon-Shiong, his contributions to medicine and his vision for the future of the connected health care system. He should be an inspiration to aspiring physician entrepreneurs everywhere!