Stoic Venture Capital commits further to healthcare following Cardihab success
Stoic Venture Capital has committed to further bulking up its healthcare investments as the prevalence of chronic disease such as cardiovascular disease continues to rise.
Stoic Venture Capital Managing Partner Geoff Waring said Stoic was committed to increasing its healthcare and life science holdings while most other venture capital firms focused predominantly on software.
Stoic Venture Capital has 9 healthcare companies in its portfolio of 17 companies since establishing three years ago.
“Many investors prefer software to health and science-based technology, but in doing so they neglect lucrative opportunities to invest where Australia has a global competitive advantage in its medical research,” Dr Waring said.
Cardihab is a virtual program that patients complete remotely while under clinical supervision by qualified healthcare professionals. Supported by weekly phone or video consultations from their clinician, patients can benefit from the convenience of technology enabled care from their home.
“Cardihab is targeted at the world’s biggest killer – heart disease. The global cardiac rehab health market size is expected to be worth US$2.5B by 2025.”
Dr Waring said Stoic’s unique partnership with university-focused investment fund Uniseed gave investors access to the most promising health and science opportunities such as Cardihab, which was developed at the CSIRO.
Cardihab is a landmark Australian digital health platform that facilitates the virtual delivery of cardiac rehabilitation services for patients recovering from cardiac events and living with heart disease.
Cardihab has just announced a state-wide agreement with the Tasmanian Department of Health and Royal Flying Doctor Service Tasmania to provide digital cardiac rehabilitation services in public hospitals across the state.
“Cardihab provides a solution for patients living in regional and rural areas and will become increasingly important as our health care system strives to meet the needs of our ageing population,” Dr Waring said.
Cardihab Chief Executive Officer Helen Souris said Cardihab’s clinically validated platform provided an important solution to managing heart disease, the leading cause of death in Australia.
“Cardihab increases patient care delivery options, enables clinical professionals to deliver service efficiently and supports both patients and clinicians growing demand for proven digital health programs that are personalised, convenient and flexible,” Ms Souris said.
About Stoic Venture Capital
Stoic Venture Capital provides financing for early-stage companies, particularly those arising from university research. We are unconditionally registered as an Early Stage Venture Capital Limited Partnership (ESVCLP). We take a collaborative approach to investing in the highest potential companies. For more information, visit: www.stoicvc.com.au
About cardiovascular disease and cardiac rehabilitation
- According to research by the Royal Flying Doctor Service, cardiac rehabilitation services, if made available in the bush, could prevent as many as 80 per cent of premature deaths from cardiac disease. Remote Australians are 1.6 times more likely to be hospitalised for coronary heart disease than people in major cities, and 1.3 times more likely to die;
- Throughout Australia one in five emergency flights by the Royal Flying Doctor Service are for heart attack and stroke. An average of 112 patients per-week are retrieved by the RFDS from country areas for heart treatment.
- According to the Australian Bureau of Statistics cardiovascular disease remains Australia’s biggest killer, accounting for 44,000 deaths in 2017 and 1.1 million hospitalisations a year;
- The Australian Institute of Health and Welfare forecasts cardiovascular disease to remain the most expensive disease group, rising to more than $22 billion in 2032-33;
- A position paper from the Secondary Prevention and Rehabilitation Section of the European Association of Preventive Cardiology recently recognised cardiac rehabilitation as one of the most cost-effective interventions to ensure favourable patient outcomes across many cardiovascular diseases, reducing cardiovascular mortality, morbidity and disability, and increasing quality of life;
- A study in the Journal of the American College of Cardiology showed that cardiac rehabilitation achieved a 26 per cent reduction in mortality and an 18 per cent reduction in readmissions, as well as quality of life benefits.
About Cardihab Pty Ltd
Cardihab is a digital health company helping patients to reach optimal health when at risk of, or living with, heart disease.
Cardihab’s secure cloud-based SaaS platform enables clinical professionals to deliver tailored cardiac rehabilitation care plans for patients who have had a cardiac event, and chronic care plans for primary and/or secondary prevention.
Cardihab’s care model was originally developed by the CSIRO.
Clinical trials showed that Cardihab demonstrated significantly higher rates of uptake (80% vs 62%), adherence (94% vs 68%) and completion (80% vs 47%) compared to traditional hospital-based cardiac rehabilitation.
Cardihab was also shown to be just as effective as traditional hospital rehabilitation in improving physiological and psychological health outcomes and led to significantly improved health-related quality of life, and significant reduction in both depression and anxiety.
Cardihab is registered on the Australian Registry of Therapeutics Goods as a Class I Medical Device. ARTG Identifier: 340440.
Marianna Papadakis, 0414729006, email@example.com