Benzinga | Jun 4, 2021 09:18AM EDT

Sanara MedTech Announces Exclusive Partnership With Pixalere Healthcare To Advance Comprehensive Wound And Skin Care Strategy

Based in Fort Worth, Texas, Sanara MedTech Inc. ("Sanara," the "Company," "we," "our" or "us") (NASDAQ:SMTI), a provider of surgical and chronic wound care products dedicated to improving patient outcomes, announced today that it has closed an exclusive partnership with Pixalere Healthcare Inc. ("Pixalere").

Ron Nixon, Sanara's Executive Chairman, stated, "Our goal at Sanara MedTech is to offer comprehensive wound and skin care solutions across all care settings. Our partnership with Pixalere is key to furthering that goal by combining Pixalere's technology, including decision support, documentation, and wound tracking analytics, with complementary Sanara solutions that offer virtual access to expert wound and skin physicians/clinicians, advanced diagnostics, and wound care product order fulfillment."

Investment and Partnership Overview

Sanara purchased Class A Preferred Shares of Pixalere convertible into 27.3% of the outstanding equity of Pixalere. Sanara will report its investment in Pixalere using the using the equity method of accounting. Sanara's 27.3% share of Pixalere's operations will be included in Sanara's Statement of Operations as Other income (or expense).

In conjunction with this investment, Sanara has established Pixalere Healthcare USA, LLC ("Pixalere USA") as a subsidiary of Sanara. Pixalere granted Pixalere USA a royalty-free exclusive license to use the Pixalere software and platform in the United States. In exchange for the exclusive license, Pixalere USA issued a 27.3% equity ownership interest to Pixalere.

Pixalere Overview

Pixalere is a cloud-based wound care software tool that empowers nurses, specialists, and administrators to deliver better care from the patient bedside. Currently, Pixalere serves and supports 8,000+ daily clinical users as they treat 40,000+ patients with wounds annually in Canada and other non-U.S. markets. Pixalere currently provides the following solutions to its customers:

* A collaboration tool for nurses and wound care specialists

* Wound tracking analytics

* Recommended treatment plans/decision support

* Automated referrals.

These capabilities are currently being integrated with Sanara's WounDerm platform to better serve the U.S. wound care market.

Pixalere/WounDerm Integration

Sanara's partnership with Pixalere advances the Company's comprehensive wound and skin care strategy by integrating key solutions that have been developed by WounDerm with Pixalere's current capabilities. This is expected to allow Sanara's technology to be paired with a proven scalable model that arms bedside caregivers who do not specialize in wound care with more information and guidance than the current standard of care.

The WounDerm features currently being integrated with Pixalere include:

* The WounDerm mobile app

* Wound care plan algorithms

* Efficient revenue cycle workflows

* Automated and editable progress note development

* Wound assessment forms that interface with corresponding wound assessment data in providers' electronic health records systems and practice management systems.

The partnership will utilize Pixalere's experienced IT team to support the maintenance and customization requests that Pixalere USA will require.

Sanara and Pixalere plan to explore the use of the Precision Healing smart pad and imager, Sanara's proprietary product portfolio, and Sanara's telehealth services in Pixalere's current non-U.S. markets which include Canada, South Africa, Australia and New Zealand.