Cloud Diagnostics Canada ULC (TSXV:CDX), NOI

Cloud Diagnostics Canada ULC (TSXV:CDX), a Vancouver, British Columbia-based technology company in the regulated field of remote patient monitoring (“RPM”), filed an NOI on June 5 listing approximately $19.7 million in liabilities.

The company developed a connected health platform to monitor patients at home by collecting biometric data and streaming it back to clinical teams to monitor health and provide early warning signs to clinicians of deterioration of the patient’s health.

Since its inception in 2014, the company has incurred net operating losses of approximately $54 million, primarily due to its inability to generate sufficient revenue or gross profits to cover operating expenses as it started up.

In the spring of 2024, the company determined it would need an additional $3 million in new funds to meet its liabilities. A private placement raised only $500,000, which was insufficient to meet the company’s needs.

The purpose of the NOI proceedings is to conduct a SISP.

Crowe MacKay is the proposal trustee.

Counsel is Owen Bird Law Corporation for the company.