Mental health medtech company Medibio (ASX: MEB) has continued its accelerated plans towards FDA approvals under new management with the company having lodged an FDA application overnight for their mental health screening software – MEBsleep.
Having collected the required clinical data MEBsleep (previously named STAGER) tested more than 1,000 individuals using Medibio’s sleep staging algorithm to identify sleep disorders, their onset and progression which are key depressive symptoms targeted by Medibio.
“I am pleased to announce today that Medibio has lodged its 510K application to the Food & Drug Administration (FDA) for our sleep staging software ‘MEBsleep’”, Medibio Chief Medical Officer, Dr Archie Defillo.
“I am particularly proud to inform shareholders that MEBsleep has been developed and submitted on time and below budget. This is a significant step in the path to our depressive burden medical software device for patients with primary and secondary sleep disturbance.”
“It is also important to note that MEBsleep has a commercial path in itself and we are actively seeking collaborations for commercialisation in the USA”.
Within the 510K application, Medibio’s final analysis showed superior results which had 85% alignment with a consensus panel of certified sleep technicians when compared to its chosen predicate device with 73% accuracy.
Whilst manual identification of sleep stage by certified sleep technicians is the industry gold standard, it remains time consuming and costly. This highlights the opportunity for MEBsleep’s deep learning algorithms which are driven by artificial intelligence to accurately identify sleep disorders.
The FDA application follows through with the roadmap introduced by new Managing Director Claude Solitario, an original founder of the company and its largest shareholder, who was appointed in December 2019 with the specific intent of advancing Medibio’s FDA pathway.
MEB shares responded well to news of the FDA application, reaching an intraday high of $0.008 in morning trade, a rise of 33% on their previous close of $0.006.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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