Hey, everyone. Welcome back to Investor Scene. I’m Jeremy Szafron. Now I’m excited to have the CEO of a company called Medivolve. That company trades on the NEO exchange under MEDV. Now Doug Sommerville is the CEO, and he’s been a veteran in the pharmaceutical industry. And this company is very interesting because it’s an investment company that is entirely focused on climate, technology, and health care, and during COVID, kind of pivoted quite a bit. So we’re excited to welcome the CEO, Doug, right now. Doug, thanks for joining us.
– Thank you. Pleasure to be here.
– Yeah. Let’s talk a little bit. Let’s give a lay of the land, if you will, a little bit of context as to what the company was and then how COVID really has culminated and adapted the model here.
– Yeah. I mean, to tell you a little bit of the history of the company, the company was part of a RTO or reverse takeover on the Toronto-based Canadian Securities Exchange. It was an investment issuer called QuestCap. As you mentioned, it was focused in three areas– climate, technology, and medical, along comes March 2020, and we all know what happened.
We got hit with a very serious pandemic. So there was a lot of opportunities for us to look how we could assist with the whole rollout and promoting of the testing in the marketplace, mainly in the United States. We were finding that the vast majority of our time and energy was being spent on testing.
In the middle of last year, we acquired a company called Collection Sites which is a network of testing centers that we’ve rolled out through the US. And that really changed our focus to be very much on being able to provide testing and testing services. So we made the decision to change the company to a single purpose medical service provider, medical technology company. And we moved to a senior exchange in Toronto called the NEO and renamed ourselves Medivolve to really sort of focus on that change in direction.
– Now let’s talk about this focus because I really want the audience to understand. You have these collection of COVID sites. And it’s so efficient, this model of being able to plug and play, if you will. So bring it up a little bit. Let’s talk a little bit about these sites and the evolution. You’re deploying them across the country down in the US right now.
– That’s correct. And these are mobile sites. They’re basically– the original 20 we first had were purpose built for us in 10 by 10 cubes with windows that we implemented in California. Since that time, we have gone to a partnership with a group that can provide us with an 8 by 20 mobile office location.
We then wrap them and outfit them and get them ready for we install the full electrical HVAC everything to those. And those can then allow patients to be tested both outside depending on the weather and also inside, should the weather be a little less inclement or a little more inclement, which we’ve seen certainly in some of the month of February. We saw the US get hit with a lot of really either cold or snowy weather, which we were glad to have the ability to test inside.
– Right. Absolutely. And you think about it and this is kind of– you go down there. You see one of these units in a parking lot of a mall or maybe some type of a commercial space. You’re getting people in and out. So let’s talk about how this has evolved for you. I know that there’s been a new partnership planned as well it announced. So what’s the future here with these sites?
– I mean, we continue to look to expand our sites, but there is one of the questions I always get is what’s the future beyond COVID. Unfortunately, I don’t think we’re anywhere out of the woods yet. we’re pleased to hear that the vaccination plans are rolling out. We’re also trying to become part of those distribution plans if possible. So we are having some government discussions on how we can play a role.
But secondly, the new variants are coming in quicker than the vaccinations are able to avoid. Most of the cases that were happening globally have now leveled– the new cases have actually been declining, but now it’s leveled off. And there’s a little bit of an uptake. There is a feeling that there could be another, unfortunately, another third wave based on these new variants.
But beyond COVID, what we’re really planning is how can we now take a network of sites that we have in the US but more importantly, a database of close to 200,000 patients that we have acquired at almost no cost as they came seeking us out. So we had a very low cost of customer acquisition. And how can we begin to give them similar type of services in a convenient and accessible way. And that’s where we’re making a move into what I call telediagnostics and telehealth.
– Yeah. Well, this is the fascinating part. You mentioned the new variants. You mentioned COVID. It’s not going anywhere. We know this is just the normal people sitting here watching what’s going on around us. And, you know, to think about this acquisition of patients, it’s pretty incredible. So let’s get into telehealth here. What’s the focus? And paint over, if you will, the next three to six months.
– We’re heavily moving in this direction. We believe it is going to be a very effective and somewhat disruptive model to the way medical services are traditionally delivered. If you can imagine coming to your local shopping center where you’ve come to do some shopping and you want to have any type of ailment looked at. You can have a sore throat. You can have an ear infection, whatever you want. We would be able to have you consult with a physician remotely.
We would be able to have diagnosis done using a number of instrumentation that will be available at the sites, and that doctor would be able to see all of the similar type of results that they would see in a examination. We would have technicians there that would be able to assist with that examination. And then we would even– we’re looking at the ability to then be able to prescribe and send prescription to the home, if they so choose, for arrival the next day. So we can offer a very accessible convenient difference going and sitting in a clinic or sitting in a doctor’s office and having that done while you’re on your way to your local shopping mall.
– What an incredible time I’m really excited to hear more about this telehealth as the time goes on. Doug Sommerville, CEO of Medivolve joining us now. Thanks for taking the time today.
– Thank you very much. Appreciate it.