Apogee to Develop Elder Care MonitoringAugust 29, 2007
Apogee initiates strategic development of advanced monitoring systems for the elderly, using wireless sensor modules to continuously monitor health and automatically notify responders when necessary.
NORWOOD, MA--(Marketwire) - Apogee Technology, Inc. (AMEX: ATA) announced that it has initiated the development of IntellaPAL, an innovative monitoring system designed to improve the security, independence and quality of life for the elderly and their families.
The company believes that its Intelligent Personal Assist Link (IntellaPAL) will surpass existing emergency response systems, which require the user to initiate alerts and do not monitor health characteristics. IntellaPAL will use wireless sensor modules to continuously measure a range of health characteristics and will incorporate advanced software algorithms to automatically notify responders when specified conditions are detected. In addition, the system will store monitored data online so that approved caregivers will be able to assist in the early identification of certain health characteristics.
Herbert Stein, Apogee's Chairman and CEO, said, "According to the U.S. Census Bureau, the number of adults age 65 to 84 in the U.S. is expected to double from 35 million to nearly 70 million by 2025. The burden for family members has also increased, as one third of U.S. adults are currently caregivers with the largest percentage providing care to the elderly. Health care costs are expected to continue to increase from $2 trillion or 16 percent of America's GDP today, to $4 trillion or 20 percent of GDP within a decade. We believe this growing elderly population will provide a significant market opportunity for us to apply our experience in MEMS sensor technology, electronics, embedded software and wireless communications towards the development of a system that we believe will reduce care cost as well as the concerns of caregivers."
David Meyers, Apogee's Chief Operating Officer, said, "We believe that IntellaPAL will provide significant advantages over existing personal emergency response systems currently in the marketplace. Our proposed system adds sensors and intelligent software to automatically notify emergency responders and family members when a specific condition occurs, even when the user is unconscious or otherwise unable to initiate a call for help. IntellaPAL also adds continuous health monitoring and a secure online information service. Thus, concerned family members will be able to check the status of their loved ones without disturbing them. This information may also be used to better understand health status, treatment compliance and detect changes in health before they become serious and require costly emergency care.
"We believe that our design concepts can be protected and are working towards filing patent applications. We plan to perform prototype testing by the end of 2007 and introduce our first monitoring products at the end of the second quarter of 2008. Our business strategy includes both product sales and services that we believe will provide stable long-term revenue growth, as well as, establish a channel for the introduction of additional products and services."
About Apogee Technology, Inc.
Apogee Technology, Inc. is a biotechnology company developing proprietary systems for the delivery of pharmaceutical agents into the skin for the treatment and prevention of local and systemic conditions. The company's PyraDerm delivery system incorporates structured solid-state formulations designed to penetrate the outer layer of the skin and then release the agent in a controlled manner. The company is also developing and commercializing sensors and sensor systems with a specialized focus on health monitoring. For more information please visit our Web site.
PyraDerm, Sensilica, and IntellaPAL are trademarks of Apogee Technology, Inc. All other product names noted herein may be trademarks of their respective holders.
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