Clover Health in the shortseller’s crosshairs, Elektra Labs, which has a “Tech Nutrition Label ”for health sensors and other digital health messages

Clover Health in the shortseller's crosshairs, Elektra Labs, which has a "Tech Nutrition Label ”for health sensors and other digital health messages

Short seller calls Clover Health. Hindenburg Research, a short seller who claims to be a specialist in forensic financial research, published a report Criticizing Clover Health’s business and claiming that insurtech company Medicare Advantage has not published an active Justice Department investigation.

Hindenburg – who said it had no positions for or against Clover – criticized the hyperbolic behavior of the company and the venture capitalist Chamath Palihapitiya in the run-up to his SPAC.

It has been argued that many of their claims were misleading or completely false based on interviews the short seller had with former employees, competitors, doctors who use Clovers software, and other sources such as government reports and insurance records.

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According to the report, Clover is actively investigated for “at least 12 issues, ranging from setbacks to marketing practices to undisclosed deals with third parties” that have not been disclosed. Several former employees are also cited who said about two-thirds of the company’s sales “are driven by an important, undisclosed relationship between Clover and an outside brokerage company controlled by Clover’s sales director.”

Since the report was released this morning, Clover’s shares are down about 11% at the time of writing. Clover has told news releases that he will make a statement on the report sometime today.

Rich in fat, poor in data protection. Elektra Labs, a startup that aims to track and curate connected health technologies through a catalog-style digital platform, announced this week that it is working with researchers at Carnegie Mellon University to launch a “Tech Nutrition Label ”for networked health sensors.

The idea is that these products will each be given a label similar to food products, but focus on how the sensor handles data rights and security, how they have been verified or validated, what the price is and how they can be used in general Dena Mendelsohn , Director of health policy and data management at Elektra Labs, said about battery life or waterproof ratings in a blog post. This project would start with Electra’s existing catalog of more than a thousand biosensors and, as such, would take time to implement and update, she wrote.

“People need to be able to make informed decisions when it comes to technologies related to their health data,” said Yuvraj Agarwal, associate professor of computer science at CyLab and Carnagie Mellon’s Institute for Software Research, who as Faculty advisor to the research team said in a statement.

“We believe that IoT privacy and security labels can be very effective in helping consumers make more informed decisions by providing transparency about the practices stated by product manufacturers.”

The FDA is requesting more information on Nanox’s 510 (k). Startup “Digital X-ray” Nanox filed a document with the SEC This week, the company received additional requests for information from the FDA regarding the ongoing filing of 510 (k) for its Nanox.ARC product from a single source. These inquiries require that Nanox “resolve certain deficiencies and questions, including inquiries that the company provide additional assistance regarding the intended use of the Nanox.ARC and the comparability of the Nanox.ARC with the Predicate Device,” according to the filing.

Nanox said it plans to respond quickly to FDA inquiries and expects to file an additional 510 (k) for its Nanox.ARC from multiple sources and related Nanox.CLOUD before the end of the year. Assuming FDA approval, Nanox is aiming for an initial delivery of 1,000 systems by the end of the first quarter of 2022.

Rent EKG. Belfast-based biometrics company B-Secur has received 510 (k) approval for its HeartKey software library, a set of EKG algorithms available for integration with semiconductors in a range of wellness or health monitoring devices. According to the company’s announcement, the software combines user identification with the ability to detect signal conditioning, heart rate, and multiple arrhythmia analysis. This health signal analysis, which can be performed either on the device itself, within an application layer, or on a cloud network, the company said.

“HeartKey was designed to enable the scalability of EKG / EKG for medical purposes across IoT devices. The FDA approval is a testament to the performance of HeartKey and the very talented team behind it,” said Adrian Condon, CTO at B-Secur, in a statement. “This release should help our partners and customers considerably [to] Increase the speed to market for your technology. “


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