Zhongchao Inc. Partners with a Public Health Foundation to Safeguard Cancer Patients' Health
SHANGHAI, April 24, 2023 /PRNewswire/ -- Zhongchao Inc. (NASDAQ: ZCMD) ("Zhongchao" or the "Company"), a platform-based internet technology company offering services to patients with cancer and other major diseases, today announced that Shanghai Zhongxin Medical Technology Co., Ltd. ("Zhongxin"), of which Zhongchao consolidates the operations and financial results through a series of contractual arrangements, has entered into a service agreement (the "Agreement") with Beijing Public Health Foundation ("BPHF"), a non-profit organization dedicated to enhancing Chinese citizens' health through public welfare initiatives and aid programs, to work together to develop a patient aid project (the "Project")..
This Project will donate Trilaciclib Hydrochloride, which is used for protecting bone marrow during chemotherapy, to low-income cancer patients undergoing chemotherapy based on the patient's needs. It aims to provide drug aids for bone marrow protection to mitigate chemotherapy-related adverse reactions and improve the safety of chemotherapy. The parties intend to leverage their respective resources and capabilities to jointly promote the treatment progress, provide medication to improve life quality, and alleviate financial burdens on low-income cancer patients undergoing chemotherapy. Pursuant to the Agreement, the two parties will establish a Project office as the executional organization under the supervision and guidance of BPHF. Zhongxin, leveraging its self-developed patient assistance program technical service platform, is responsible for developing the information system for the Project, verifying patients' medical and economic conditions, recruiting qualified patients, managing drug circulation, addressing patients' related questions, and providing other supports. BPHF is responsible for the supervision, overall management and final approval of the Project, donated medications, and assistance plans. .
According to Cancer Statistics in China and United States, 2022: Profiles, Trends and Determinants from Chinese Medical Journal, in 2022, there would be approximately 4.82 million new cancer cases in China, a vast population in need of chemotherapy. Chemotherapy-induced toxic side effects have an exceptionally high incidence rate. According to an article Consensus of Experts in Integrative Medicine of Traditional Chinese and Western Medicine for Diagnosis and Treatment of Bone Marrow Suppression Caused by Antitumor Drugs from Chinese Clinical Oncology in November 2021, 80% of patients experience bone marrow suppression during tumor radiotherapy and chemotherapy, leading to a decrease in the numbers of red and white blood cells, platelets, and other blood components. This can result in anemia, bleeding, and weakened immune mechanisms, which may also be caused by novel anticancer drugs such as targeted and immunotherapies. Chemotherapy-induced bone marrow suppression not only significantly diminishes patients' quality of life but may also lead to chemotherapy dose reduction or delay, directly impacting the antitumor efficacy of chemotherapy and increasing patients' financial burden. Zhongchao believes that this cooperation and the Project will address chemotherapy-related bone marrow suppression for target patients and alleviate their financial burden. Zhongchao remains committed to leveraging its service capabilities and experience in enhancing the quality of life and treatment efficiency for cancer patients.
About Zhongchao Inc.
Zhongchao Inc. is an offshore holding company incorporated in the Cayman Islands. It consolidates the financial results of a variable interest entity, Zhongchao Medical Technology (Shanghai) Limited, and its subsidiaries (the "PRC operating entities") through a series of contractual arrangements. Zhongchao Inc. is a platform-based internet technology company offering services to patients with oncology and other major diseases. The PRC operating entities provide online healthcare information, professional training and educational services to healthcare professionals under their "MDMOOC" platform (www.mdmooc.org), offer patient management services in the professional field of tumor and rare diseases through Zhongxin, offer internet healthcare services through Zhixun Internet Hospital, and pharmaceutical services through Xinjiang Medical and operate an online information platform, Sunshine Health Forums, to general public. More information about the Company can be found at its investor relations website at http://izcmd.com.
Safe Harbor Statement
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company's goals and strategies; the Company's future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the professional training and educational services market in China and the other international markets the Company plans to serve; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and the international markets the Company plans to serve and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC, the length and severity of the recent coronavirus outbreak, including its impacts across our business and operations. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof.
For more information, please contact:
At the Company: Pei Xu, CFO
Email: xupei@mdmooc.org
Phone: +86 13901629242
Investor Relations: Sherry Zheng
Weitian Group LLC
Email: shunyu.zheng@weitian-ir.com
Phone: +1 718-213-7386
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SOURCE Zhongchao Inc.
