BioTime, Inc. announced that its subsidiary LifeMap Sciences, Inc., a provider of online biomedical information, has created LifeMap Solutions, Inc., a medical technology startup focused on creating mobile health (mHealth) products and services powered by biomedical and other personal big data.
According to a release, the initial planned product is envisioned to provide information based on interpretations of one or more components of clinical data and other information of individuals, including genetic information if provided, relating to human disease, health or wellness.
LifeMap Solutions will collaborate with the Icahn School of Medicine at Mount Sinai to develop the new personal mHealth products. While detailed product plans were not revealed at this time, the company disclosed that the planned products are interactive mobile applications that will connect users with their complex personal health information and other big data. LifeMap Solutions will co-locate core members of its product development team within Mount Sinai to work alongside research and development personnel led by Dr. Eric Schadt, Director of the Icahn Institute for Genomics and Multiscale Biology at Mount Sinai. The primary focus of Mount Sinai in the product development collaboration will relate to the development of a software engine. LifeMap Solutions will be responsible for developing the entire technology platform, including server and client components. However, both parties will participate in the planning and development of all aspects of the integrated software system.
The initial financing tranche for LifeMap Solutions will be provided to LifeMap Sciences by BioTime through the purchase of additional shares of LifeMap Sciences common stock. BioTime may acquire additional LifeMap Sciences common stock for cash or in exchange for BioTime common shares when product development milestones are met and if funding is not provided through other sources. Additionally, Mount Sinai will defray a portion of the initial development cost of the project by providing services of its personnel and use of its facilities at a reduced cost.
"The creation of LifeMap Solutions represents a strategic step along BioTime's path towards extending LifeMap's leadership in online genomic and medical information," said Dr. Michael West, CEO of BioTime. "We share with Dr. Schadt a vision of new products and services designed to markedly enhance the public's access to big data and to improve quality of life."
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