Highlights
- Volpara further expands its footprint in the lung cancer screening market with a strategic partnership with Seattle-based lung AI company Precision Medical Ventures (PMV), trading as RevealDx
- RevealDx is one of the leaders in the application of AI for lung nodule diagnosis (the task after detection) with their RevealAI-Lung product
- RevealAI-Lung is CE marked and working towards TGA and FDA clearance
- Volpara entered the lung cancer screening market with its June 2019 acquisition of Seattle-based MRS Systems, Inc., Volpara® LungTM software currently covering ~8% of the US market
- Partnership will enable lung cancer screening programs to have access to expanded services for patient reporting and tracking through to AI for detection and diagnosis
- Volpara to invest US$250,000 into RevealDx through a convertible note
- Volpara to receive non-exclusive rights to sell the RevealAI-Lung product into the US, a number of free licenses to seed the market, and exclusive rights to sell RevealAI-Lung into Australia and New Zealand
- Volpara also to receive the right to appoint a Board Observer to the RevealDx Board
- Total available market for lung AI screening is estimated to be up to US$750M globally, once screening programs ramp up