MYQ and Biomorphik complete fast to market product
MyFiziq Limited (ASX: MYQ) and Biomorphik Pty Ltd have completed the initial fast to market product, which comprises a set of standalone iOS and Android applications, branded in Biomorphik colours.
The applications have now been registered on the Android Google Play store, and the Apple store pending approval for release.
The initial release will be available in Australia, with the companies working towards a multi-language support for key jurisdictions across South East Asia through 2021. The App will offer both month-to-month and yearly payment options to consumers and will be continuously upgraded over the next 12 months with the introduction of MyFiziq’s CompleteScan technology in early 2021.
Biomorphik has given an undertaking to deliver 100,000 active users onto the integrated platform in the first 12 months from launch.
Biomorphik is a behavioural change company, whose mission is to improve the health and wellness of people at a whole-of-society level through better creation, measurement, storage, analysis, and access to data, which clearly aligns with MyFiziq’s goals.
Both companies’ key goal is to use technology to aid in the prevention of disease and to facilitate better healthcare practices.
Biomorphik bridge the gap between the health and medical industries to give clinicians, care teams, patients, and caregivers better data, processed to help their specific needs. For everyday users and patients that means a digital platform aggregating all of their important health and fitness data. For the medical and care industry it means better data management.
Biomorphik will integrate MyFiziq’s new CompleteScan solution, which includes both a face and body scans, to provide blood pressure, heart rate, cardiac workload, and heart rate variability, along with several key health indicators including: Cardio Vascular Disease risk, heart attack risk, stroke risk, and Metabolic Syndrome risk.
MYQ CEO Vlado Bosanac said of today’s news, “It has been a pleasure working with Nathanial and the Biomorphik team to accelerate this release as Biomorphik have experienced a surge of new business interest in Asia due to the COVID-19 pandemic.
“The accelerated product has been simplified to address this increased demand and will initially only include MyFiziq technology offering whilst Biomorphik concludes the updated offer with the Biomorphik wellness and health advisory capabilities.”
For further reading about the Biomorphik app, the company has released the following article: Biomorphik App, the first product of many
A comprehensive B2C marketing strategy will be rolled out in line with the release to the Google and Apple platforms.
Marketing is aimed at drawing users to the new platform, with the first stage allowing people to monitor their bodies closely and pre-empt potential issues before they become prohibitive to the users health.
Under the terms of the commercial contracts Biomorphik has given an undertaking to deliver to MyFiziq 100,000 active monthly users. In the event this target is not achieved, MyFiziq has a right to terminate the agreement between the parties.
Biomorphik will offer both a monthly subscription at AU$22.99 per month for unlimited scans, as well as a yearly subscription payment option with a significant discount at AU$142.99 per year for unlimited scans to consumers.
A single Dexa body composition scan can cost up to AU$80.00, the monthly fee of AU$22.99 pointing a cost-effective option for health conscious users.
The user can scan as many times as they wish to track body composition changes whilst empowering the user to make better decisions in regards to their health and wellness.
Chief Executive Officer of Biomorphik Nathan Peek said: “A key focus of Biomorphik is to address the scourge of Type 2 Diabetes, an issue that is affecting more and more people daily with no end in sight. A combination of dietary issues and lack of understanding is fuelling the rise in cases and we want to stop it.
“MyFiziq’s technology provides Biomorphik users with more accurate information about their body composition, when we combine this key information with other data sources in the Biomorphik ecosphere such as a user’s diet, gut health, and genetic history, we hope to improve users understanding of their individual health, and help reduce the tsunami of new Type 2 Diabetes cases.
“This first iteration of the Biomorphik App combined with MyFiziq’s technology enables Biomorphik’s users to keep track of their body composition results over time, not only keeping them motivated, but also helping them remain accountable to the most important person, themselves. Our 12-month road map includes integrating MyFiziq’s new face scan technology and risk outputs to provide further valuable data points to end users, as well as insight dashboards for both users and B2B partners.”