Parallax Health Sciences develops the Compass-ASD Version 2.0, its data driven mobile app

Parallax Health Sciences Inc (OTCQB:PRLX) said Monday that the company has approved the design and development of Compass-ASD Version 2.0, its data-driven mobile app for autism sufferers and their parents and caregivers.

The company earlier said it hopes to launch the patented Compass mobile app for autism in the second half of 2019.

The app functions like a “provider in your pocket” for parents and caregivers of children with Autism Spectrum Disorder (ASD). The app allows parents to assess their child on five key metrics: physical, adaptive, cognitive, communication, and social-emotional development and, based on the results, receive education and training on evidence-based training practices to increase their child’s functional autonomy. The company said this reduces “the gap between the child’s chronological age and his/her developmental age on the five areas of functioning.”

READ: Parallax Health Sciences seeks to expand remote patient-monitoring platform

The app can be used as a standalone technology or be paired with the Parallax Care provider interface when receiving ASD-related services to increase parent engagement in shared decision-making. The collaboration between the parent and provider is strengthened as the parent becomes more knowledgeable about the child’s developmental needs and the incremental steps needed for skill development.

The company said the Compass-ASD 2.0 Parallax Care provider platform and Reliable Evidenced Based Outcome Optimization Technology (REBOOT) web-based software were developed, tested and commercially deployed at a cost of $4 million at the Grafton Integrated Health Network.

The Grafton Network is a 61-year-old multistate behavioral health care organization serving children and adults since 1958.

“After more than five years of use by children and adolescents afflicted with autism spectrum disorder at the Grafton schools, with strong outcome efficacy results, expanding the focus of Compass-ASD was inevitable,” said Parallax Health Sciences CTO Nathaniel Bradley in a statement.

ASD is a condition related to brain development that impacts how a person perceives and socializes with others, causing problems in social interaction and communication. The disorder also includes limited and repetitive patterns of behavior.

“Those individuals affected by ASD are considerably heterogeneous and we decided to expand the stratification of our content,” said Bradley. “By expanding the targeted user for the Compass-ASD 2.0 app we fulfill our belief that a patient-centric approach to treatment is always preferable to putting everyone in a single basket.”

The Marketdata research firm pegged the ASD treatment market size at $1.87 billion in 2017 in the US and forecast a 3.9% average yearly growth to $2.23 billion by 2022.

“Timing is everything in business and ASD has finally been attracting the resources necessary for treatment,” said Parallax Health Sciences CEO Paul Arena. “We believe at a foundational level, that the time for a larger discussion about ASD is now and that until there is a cure for ASD, helping those afflicted, their families and caregivers is a valuable objective.” 

Arena said that even though the Compass-ASD 2.0 will have “expanded content,” the company will maintain its $14.95 per month pricing, per user as a way of “affirming its commitment” to delivering solutions, that make a positive impact on the lives of those afflicted with ASD.

Large market size

According to the Center for Disease Control, there are over 1.68 million children living with ASD in the US, with over 1.1 million parents or guardians who could potentially use Compass-ASD 2.0.

“With a stated goal of achieving a 15% market penetration, I am confident that if we achieved a 10% penetration of the US market, we would not only make an impact in the lives of those afflicted with ASD at an average gross margin of 85%, we would also deliver significant value to our shareholders,” said Arena.

The company offers a proprietary platform called Parallax Care under which the vital signs of patients afflicted with asthma, heart disease, diabetes, autism or an addiction can be monitored to check adherence to their medical and drug regimens.

Parallax’s platform also can help doctors determine ways to improve patients’ conditions and accomplish those goals while reducing costs for both parties.

Contact Uttara Choudhury at [email protected]

Follow her on Twitter: @UttaraProactive 

Story by ProactiveInvestors