NOVA MSC BERHAD
01 June 2023
|Subject||MEMORANDUM OF UNDERSTANDING|
|Description||EyRIS and Optometrist Warehouse signed MOU to collaborate on study focused on the effectiveness of AI in screening diabetic retinopathy in Australia|
Please find attached Press Release in respect of the signing of a Memorandum of Understanding (“MOU”) between (i) Eyris Pte Ltd (“Eyris”), which is a subsidiary of Nova MSC Berhad, and (ii) Optometrist Warehouse (“OW”), which is part of the Chemist Warehouse Group in Australia.
We wish to inform that Eyris and OW has signed a MOU today to collaborate on a ground-breaking study in Australia to focus on the effectiveness of using Artificial Intelligence (“AI”) in screening diabetic retinopathy.
2. DETAILS OF THE MOU
2.1. Background Information on OW
Optometrist Warehouse is a disruptive start-up of the Chemist Warehouse Group seeking to transform health outcomes by connecting optometry with pharmacy and other stakeholders.
Chemist Warehouse Group is Australia’s largest retail pharmacy chain, committed to providing accessible and affordable healthcare solutions to the community. With over 500 locations nationwide, Chemist Warehouse Group offers a wide range of pharmaceutical products and professional services, ensuring the well-being of millions of Australians. For more information, please visit www.chemistwarehouse.com.au and www.chemistwarehouse.com.au/optometry.
2.2. Salient Terms of the MOU
The MOU shall be in effect for three years during the pilot study and either party may terminate it with three months’ notice. The study will span a period of 36 months and involve a large sample size of diabetic patients across various regions in Australia. Each Party will bear its own costs and tax obligation unless otherwise expressly agreed.
Although this MOU summarizes some of the terms on the basis of which the Parties would be prepared to jointly work together, it is not intended to be legally binding on either party.
3. RATIONALE FOR ENTERING THE MOU
The MOU will provide the Parties an opportunity to explore and establish collaboration based on the respective party’s strength and forte in the primary eye care market.
This MOU will allow Eyris’ AI deep learning technology, SELENA+, to be deployed to extensive network of pharmacies across Australia of Chemist Warehouse. The study aims to demonstrate the efficacy and efficiency of Eyris’ AI in identifying patients at risk and facilitating early intervention, thereby enhancing the accessibility and affordability of early screening.
4. RISK FACTORS
Eyris does not expect any material risk arising from the MOU other than the normal operational risk associated with the MOU.
5. INTERESTS OF DIRECTORS, MAJOR SHAREHOLDERS AND/ OR PERSONS CONNECTED WITH THEM
None of the Directors, major shareholders of NMSC and/ or persons connected with them have any interest, whether direct and/ or indirect, in the MOU.
6. FINANCIAL EFFECTS & PERCENTAGE RATIO
The MOU will not have any effect on the share capital and shareholding structure of Nova MSC Bhd. The MOU is also not expected to contribute materially to the result of the Group for the financial year ending 31 March 2024.
This announcement is dated 1 June 2023.
Please refer attachment below.
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