WESTERN Australia-based medical device developer Invatec has sold its wireless heart rate monitoring and analysis technology to BioProspect.
Invatec was founded in 1996 as a maker of medical products such as balloon catheters, stents, angioplasty ballons, etc. It is said to have started R&D on the Heart Rate Variability monitoring technology in 2003, before being acquired by Medtronic in 2010.
In 2012/2013, Invatec was granted $252,987 from Commercialisation Australia to test and develop a related system called the Stress Fit System, which monitored heart rates during sleep periods to identify harmful levels of prolonged stress.
The Heart Rate Variability (HRV) technology bought by BioProspect monitors and analyses the variations in the heart rate of a subject in order to test for and detect mental health issues, including depression.
The HRV technology will consist of a heart monitor that sends recordings wirelessly to the internet where a proprietary algorithm analyses and delivers a quantifiable score for depressive illness.
The deal also gives BioProspect a 35% share in Invatec, and a world-wide license to the Heart Rate Variability technology in return for funding the future development of the technology.
According to the companies, the HRV technology is the “first objective, evidence based approach to the diagnosis of depression and other affective disorders”.