RYAH Medtech Inc. Completes Initial Shipment for Major UK-based Clinical Trial
TORONTO, June 01, 2021 (GLOBE NEWSWIRE) -- via InvestorWire – RYAH Group, Inc. (CSE:RYAH) (“RYAH” or the “Company”) is pleased to announce that it has completed the first shipment of the RYAH Smart Dry Herb Inhalers which includes a delivery of approximately 10,000 RYAH Cartridges and QR Codes to an international clinic (the “Clinic”) undertaking one of the world’s largest and most comprehensive clinical trials in plant-based medicine. The initial shipment is designated to be used by the Clinic in a pilot run in preparation for the previously announced study, based out of the United Kingdom, on the safety and efficacy of cannabis and hemp for the treatment of patients suffering from chronic pain.
The 5-year study is expected to cover tens of thousands of patients suffering from chronic pain, which makes it one of the largest and most ambitious research projects to be conducted in the plant-based treatment arena. Given the size and scale of the study, RYAH has developed a custom software solution, using OAuth API-integration to protect the privacy of the participants in the study, with the goal of enabling a fully integrated, patient feedback and data collection capability. The combination of an IoT controlled device and direct API data integration with the Clinic’s Electronic Health Record (EHR) system is expected to enable scale and mitigate a number of variables associated with data collection and interpretation which are often performed manually for both dose measurement and patient feedback.
“We are pleased to bring RYAH’s IoT device and integrated data solutions to the United Kingdom, providing a new level of session accuracy, patient feedback consistency, and data integrity to the clinical framework in plant-based medicine research. We continue to evolve our product and software solutions to help clinicians and researchers unlock breakthroughs in clinical research and analytics,” said Gregory Wagner, CEO of RYAH Group, Inc.
The medicinal cannabis market within the United Kingdom keeps growing and by 2024 it is predicted to be worth nearly US$1.3 billion, servicing nearly 340,000 active patients. According to a report by the United Nation's International Narcotics Control Board, before legalization, the U.K. has emerged as the largest producer and exporter of legalized cannabis for medical and research applications.
About RYAH Group, Inc.
RYAH Group, Inc. (‘RYAH’) is a connected device and big data and technology company focused on valuable predictive analysis in the global medical plant and nutraceutical intake industry. Its robust artificial intelligence platform aggregates and correlates HIPAA-compliant patient data, which is intended to help doctors and patients personalize plant-based treatments to better predict treatment outcomes. The data collection is relevant for clinics, doctors, dispensaries and pharmaceutical companies and Licensed Processors (LPs) to monitor and manage formulation effects on patient and demographics. With a strong IP portfolio, RYAH gathers deep and insightful data on the complete patient session and formulation lifecycle.
Certain statements contained in this press release constitute “forward-looking information” as such term is defined in applicable Canadian securities legislation. The words “may,” “would,” “could,” “should,” “potential,” “will,” “seek,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect” and similar expressions (or the negative of these terms) are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Forward-looking statements in this press release include statements relating to (i) the Clinic's a pilot run and/or the previously announced study on the safety and efficacy of cannabis and hemp for the treatment of patients suffering from chronic pain, (ii) the projected size of the medicinal cannabis market within the United Kingdom, and (iii) RYAH's custom software solution, and in particular, its capacity to protect the privacy of the participants and to enable a fully-integrated, patient feedback and data collection capability. Readers are further cautioned that the assumptions used in the preparation of such forward-looking statements, including, but not limited to, the assumption that (i) the Company's financial condition and development plans do not change as a result of unforeseen events, (ii) there will continue to be a demand and market opportunity for the Company and its subsidiaries' product offerings, and (iii) current and future economic conditions will neither affect the business and operations of the Company nor its ability to capitalize on anticipated business opportunities, although considered reasonable by management of the Company at the time of preparation, may prove to be imprecise and result in actual results differing materially from those anticipated, and as such, readers are cautioned not to place undue reliance on forward-looking statements.
Forward-looking information reflect the Company’s current views and intentions with respect to future events, and current information available to the Company, and are subject to certain risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. These risks include, without limitation, risks associated with or inherent in (i) the general business and economic conditions in the regions in which the Company operates, (ii) the ability of the Company and its subsidiaries to execute on key priorities (including completion of acquisitions and strategic plans, and the retention of key executives), (iii) the ability of the Company to integrate newly acquired businesses, (iv) the expected benefits of RYAH’s user-generated, HIPAA-compliant data, and the anticipated results and experience of users may receive from using RYAH products, (v) the Company's ability to implement business strategies and pursue business opportunities, (vi) disruptions in or attacks (including cyber-attacks) on the Company’s information technology, internet, network access or other voice or data communications systems or services, (vii) the evolution of various types of fraud or other criminal behavior to which the Company is exposed, (viii) the failure of third parties to comply with their obligations to the Company or its affiliates, (ix) changes to, or the application of, laws and regulations legal and regulatory risks inherent in the cannabis industry, and (x) cannabis-related products manufactured for human consumption (including potential product recalls). Should any such factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. The forward-looking information included in this press release is made as of the date of this press release, and is expressly qualified in its entirety by this cautionary statement. The Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.
This press release includes market and industry data that has been obtained from third party sources, including industry publications. The Company believes that the industry data is accurate and that its estimates and assumptions are reasonable, but there is no assurance as to the accuracy or completeness of this data. Third party sources generally state that the information contained therein has been obtained from sources believed to be reliable, but there is no assurance as to the accuracy or completeness of included information. Although the data is believed to be reliable, the Company has not independently verified any of the data from third party sources referred to in this press release or ascertained the underlying economic assumptions relied upon by such sources.