Ann: Mental Healthcare Advocate Patrick Kennedy appointed to Boar, page-6

TECHNOLOGY

http://www.theaustralian.com.au/bus...d/news-story/cf950743b8b232895f234e9223d0f41f

Biotech Medibio appoints Patrick Kennedy to its board


HBF’s Sasha Pendal displays a Medibio heart monitor.

• The Australian
• 10:52AM July 4, 2017
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• SARAH-JANE TASKER
  
  Reporter
  Sydney
  @SarahJaneTasker
  

Australian-listed biotech Medibio continues its high profile appointments with former US congressman Patrick Kennedy joining its board.
Mr Kennedy is the younger son of senator Ted Kennedy, who died in 2009, and a nephew of former president John F Kennedy.
His appointment follows the mental health-focused company revealing last month that American swim star Michael Phelps had been appointed to its board.
Mr Kennedy was a chief sponsor of the Mental Health Parity Act while a member of the US House of Representatives. It was a bill that required most group health plans to provide coverage for the treatment of mental illness that is comparable to what they provide for physical illness
“Medibio’s technology is truly groundbreaking and has the potential to fundamentally change the mental health system for the better,” Mr Kennedy said.
“This is a company that is truly on the cutting edge and their diagnostic and analytic tools will give clinicians the power to treat patients more effectively, using better data and with a focus on better outcomes.”

Patrick Kennedy.
Medibio (MEB) has developed a test to diagnose depression, chronic stress and other mental health disorders.
Jack Cosentino, managing director of Medibio, said Mr Kennedy’s history as a US congressman and his advocacy for mental health would open doors and heighten awareness for Medibio’s technology.
“”His knowledge, both through personal experience and legislative accomplishments, will help guide us in laying the strategic foundations for large-scale operations and the necessary payment and reimbursement coverage of our technology,” he said.
Mr Kennedy and Olympic champion Michael Phelps joining its board boosts Medibio’s plans to push into the US mental health management market, which is estimated to be valued at $US200 billion annually.

Swimming star Michael Phelps.
With a market capitalisation of $45 million, Medibio’s technology is based on research conducted over 15 years at the University of Western Australia. The test uses circadian, sleep and autonomic system biomarkers to objectively quantify and characterise mental illness.
The technology consists of a wearable heart monitor that sends recordings wirelessly to the internet, where a proprietary algorithm analyses and delivers a diagnosis.
Market research, previously commissioned by Medibio, determined there was a $US16bn worldwide revenue opportunity in the medical field for depression alone.
For workplace stress in the US, Australia and New Zealand, the market opportunity is $US2.8bn.