ALM.L Share News (ALM)

(ShareCast News) - US science and technology developer Allied Minds is to form a new subsidiary, Signature Medical, to work with Boston University to develop a wearable device to monitor heart failure. Signature Medical has secured a worldwide option to license patent rights from the university for its cardiac technology.It plans to develop technology that was researched in the university's electrical and computer engineering department for a wearable device which could allow healthcare providers to diagnose and monitor patients with heart failure when they have been discharged from hospital, as well as for use in hospital therapy.London-listed Allied Minds claims that heart failure is the number one cause of hospitalisation for adults over the age of 65 in the US and consumes between 1-2% of healthcare expenditures in developed countries.The company's goal for the monitoring system is to improve outcomes for patients while saving costs, in part, by minimising re-admissions.Omar Amirana, chief executive of Signature Medical and senior vice president of, Allied Minds, said: "Today's heart failure treatments could be significantly improved through the use of wearable devices to improve diagnostics and monitoring to reduce hospitalisations and readmissions."