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Insig receives $5.94 million investment, partners with WELL Health to launch telehealth platform – BetaKit

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Insig, a Toronto-based telehealth company, has received a $5.94 million strategic investment from Vancouver-based WELL Health, which provides electronic medical record software services to Canadian clinics. With this investment, WELL is now Insig’s largest shareholder.

“It is especially important in these difficult times to use intelligent solutions in healthcare.”

The investment consists of an acquisition of 2,625,204 common shares of Insig with a total value of $3.94 million, as well as a $2 million loan in the form of a convertible note. As a result of the investment, WELL’s CEO and chairman Hamed Shahbazi will join Insig’s board of directors.

Insig and WELL have also entered into a strategic partnership to launch a digital health communications platform for WELL patients and healthcare providers, called VirtualClinic+. WELL said the investment and partnership will allow WELL to commercialize Insig’s telehealth software, while also acquiring a minority equity position in the company.

“We are thrilled to invest in and get behind what we believe is one of the most exciting telehealth platforms on the continent,” said Shahbazi. “Together with VirtualClinic+, WELL and Insig are already changing the Canadian telehealth ecosystem. We are rapidly onboarding healthcare providers and supporting them in taking their practices virtual.”

VirtualClinic+ will connect patients to physicians through video, phone, and secure messaging. Physicians will be able to give their patients access to convenient telehealth consultations, and respond to the demand for episodic care, which refers to a single encounter with a patient and healthcare provider, rather than an ongoing relationship.

RELATED: Kai Innovations acquired by Well Health for $10.75 million

WELL has said the new platform has picked up significant interest due to increased demand for virtual care resulting from COVID-19. Due to the pandemic, WELL plans to rapidly ramp up the program. WELL has already onboarded physicians from a number of its corporate-owned and operated clinics in British Columbia and Ontario.

Insig’s platform allows patients to provide detailed histories and reasons for their visits with a questionnaire. The software transforms this information into detailed medical notes for physicians to review, update, and complete.

The demand for telehealth and new tech services in Canada has caused many tech companies to expand their offerings. Maple, another Toronto-based virtual care company, is providing online COVID-19 screenings with a live physician to Ontario residents. Dialogue launched a free tool to give Canadian access to the latest public health information and resources pertaining to the outbreak. Telus Health is also giving Albertans access to virtual healthcare services, including doctors.

“Healthcare is something that affects us all. It is especially important in these difficult times to use intelligent solutions in healthcare to drive effectiveness and safety,” said Matthew Mazzuca, CEO of Insig. “We believe that with our technology and WELL’s rapidly growing reach, we can have a critical impact in the industry.”

Image source Insig

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Investment

Tesla shares soar more than 14% as Trump win is seen boosting Elon Musk’s electric vehicle company

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NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.

Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.

“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”

Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.

Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.

Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.

Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.

In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.

The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.

And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.

Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.

The stock is now showing a 16.1% gain for the year after rising the past two days.

The Canadian Press. All rights reserved.

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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