Safecodes Basic Imformation from 10-K
Business Summary
We were incorporated in Delaware on November 23, 2010 and are a development stage company. An Assignment agreement was signed between Mr. Uri Tagger (the inventor) and SafeCode Drug Technologies Corp., for a patent-pending technology for a voice-enabled protector for administering medicine on December 15, 2010. This agreement granted SafeCode Drug Technologies Corp. exclusive rights, title and interest in and to the invention. All Intellectual Property rights, free and clear of any lien, charge, claim, preemptive rights, etc. for the invention.
We purchased the patent-pending technology from the inventor, an individual with limited experience in the field of medicinal devices. The inventor is engaged in the business of web-based media applications, and due to a lack of funds and the risk that a product based on the patent application would not be commercially feasible, he has neither developed the technology that is the subject of the patent application nor attempted to commercialize the patent application prior to selling the technology to us. A prototype of our proposed product has not yet been manufactured to test the capabilities of the potential product, and no testing has yet been performed regarding the ability of the proposed product to perform as expected or regarding the reliability or cost-effectiveness of such a product. Except for having purchased the patent application from the inventor, we do not have any relationship with the inventor.
The SafeCode Drug Technologies technology has the potential to be adopted as a standard in all hospitals and care centers, for improving the safety of medication administration. Specifically, the invention is intended to match drug name voice templates as a threshold mechanism for unlocking a medication container such as a syringe or pill box. This invention is intended to help minimize accidentally administering the wrong medication to a patient by requiring a care-giver such as a doctor or a nurse, to verbally announce the name of the medication that should be administered. If the medicine does not match the verbal name the medicine cannot be administered.
The technology was transferred to SafeCode Drug Technologies Corp. by Mr. Uri Tagger (inventor), in exchange for 10% of future royalties on any income the company may derive from the patent.
The proposed product based on our invention will focus on the use of voice recognition technology to ensure the right drug / pill vial / box is being opened and administered to the patient. It will include both hardware and software components. It may include a barcode that identifies the patient for whom the medication is intended, a drug identifier, a computer readable medium containing a stored template that identifies the drug trade name, the compound name, etc. a processing unit capable of sending the stored voice templates to a computer, and a software application hosted on a computer system. The computer will have standard equipment such as a motherboard, keyboard, mouse, monitor etc. but will also have a microphone capable of receiving voice commands and recording the voice templates against which the voice commands area compared. The exact components of the final product will be determined by the manufacturer who licenses the invention from SafeCode. In the event the licensee determines it necessary or beneficial to use a barcode identification system for the patient matching safety feature in addition to the voice recognition component to ensure the right drug is being administered, that is integral to our technology offering, the manufacturer will need to license the rights to Patent # 7,347,841 from MediSafe1 Technology Corp.
The computer should have Internet capabilities including an internal modem or a connection to a modem and Internet access to enable the program to access a central repository of stored voice templates of drug brand names, generic brand names, or a combination of both. The audio recording program should include voice recognition software for interacting with the microphone and to record the voice templates.
We intend that the software will be developed by third party contractors. Other components will either be outsourced or purchased from suppliers of standard computer equipment and configured to work with our software.
Though not considered part of the actual product, we envision care centers and hospitals placing our product on a mobile cart that can be moved with the nurses or caregivers as they move from room to room. Similar to blood pressure machines, our device would be taken from room to room to dispense medicine.
Since the software program has not yet been developed, it is not yet possible to determine the exact nature of how the protection system will work in its final development or to determine the costs involved in developing the product. A voice detection microchip system will be included such that the caregiver will be required to state the name of the medication being administered to be matched against stored voice recognition templates within the program.
This system will include a microchip sensor with voice recognition software and an electromagnetic locking device that will interface with the microchip sensor. To use our proposed product, the care provider will be required to read aloud the name of the patient and the name of the medicine. Upon a match of the patient name with the correct medicine, the microchip sensor will send an electronic alert to the electromagnetic locking device to unlock the storage container.
Since different drugs would need to be stored in their own locked containers, each medication would need to be stored in a separate locked drug container, connected to the microchip sensor and electromagnetic locking device.
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