USA News Group Commentary Issued on behalf of Avant Technologies Inc.
Vancouver, BC – December 17, 2024 – USA News Group News Commentary – Artificial intelligence (AI) is on the brink of becoming a critical resource in healthcare, moving beyond its status as a novel concept. With over 800 FDA-cleared AI applications already in use, expectations are high for AI to revolutionize the industry. A recent Fast Company article predicts that by 2025, health AI will see significant advancements, including home testing, AI agents, passive patient monitoring, ambient documentation, and autonomous medical coding. The World Economic Forum is also spotlighting generative AI’s potential to transform clinical trials. According to a new eClinicalWorks survey, 90% of healthcare professionals view AI’s role in the sector positively. Pioneering this progress are innovators developing cutting-edge AI tools to meet rising demand, with notable advancements coming from companies like Avant Technologies, Inc. (OTCQB: AVAI), iCad, Inc. (NASDAQ: ICAD), HEALWELL AI Inc. (TSX: AIDX) (OTCQX: HWAIF), BioXcel Therapeutics, Inc. (NASDAQ: BTAI), and RadNet, Inc. (NASDAQ: RDNT).
The article continued: Analysts at market.us project that the generative AI healthcare market will reach $17.2 billion by 2032, growing at a compound annual growth rate (CAGR) of 37%. Meanwhile, Technavio researchers predict even broader expansion, estimating that the smart healthcare market—including telemedicine, mobile health solutions, smart pills, and AI—will grow by $125.7 billion by 2028.
Avant Technologies and Ainnova Secure Advanced AI Algorithms for Early Detection of Four Additional Diseases in the U.S.
Avant Technologies, Inc. (OTCQB: AVAI), an emerging technology company developing solutions in artificial intelligence in healthcare, today announced its partner, Ainnova Tech, Inc., (Ainnova) a leading healthcare technology company focused on revolutionizing early disease detection using AI, has acquired an exclusive license for 4 groundbreaking, AI-driven algorithms from one of Asia’s most respected and largest healthcare institutions. These solutions, validated across diverse geographies, ethnicities, and socio-economic populations with data from over 2-million patients, will join Ainnova’s existing diabetic retinopathy and retinal disease detection solutions.
The 4 algorithms include early detection for cardiovascular risk, prediabetes and type 2 diabetes, fatty liver disease, and chronic kidney disease. Combined with Ainnova’s existing retinal disease detection tools, these new algorithms will be used with Ainnova’s powerful cutting-edge AI platform, VisionAI, to detect the early markers of these diseases quickly and accurately by applying AI.
The acquisition of an exclusive license to use 4 advanced algorithms in the Americas offers Ainova Acquisition Corp. (AAC), the company formed by the partnership between Avant and Ainnova, a robust platform for primary care providers to streamline early risk screening and improve patient care in the United States.
Ainnova will introduce these cutting-edge solutions in Latin America with strategic partners in primary healthcare services across key markets like Mexico and Brazil. AAC expects to build on Ainnova’s regional expansion by securing clearance from the U.S. Food and Drug Administration (FDA) in 2025 to then introduce these solutions in the U.S. market.
“This license represents a pivotal moment for Ainnova and for its partnership with Avant as it allows us to bring world class, validated solutions to the Americas,” said Vinicio Vargas, CEO of Ainnova. “This effort not only complements our current solutions, but it also aligns with our ongoing R&D initiatives to continue incorporating new diseases that can be detected quickly and affordably, pushing the boundaries of preventive care, and making healthcare more inclusive and accessible to all.” CONTINUED… Read this and more news for Avant Technologies Inc. https://usanewsgroup.com/2023/10/26/unlocking-the-trillion-dollar-ai-market-what-investors-need-to-know/
Other recent industry developments and happenings in the market include:
iCad, Inc. (NASDAQ: ICAD), a global leader in clinically proven AI-powered cancer detection solutions, recently announced that four novel AI-driven breast cancer research abstracts were accepted for presentation at the 2024 San Antonio Breast Cancer Symposium (SABCS), which took place from December 10-13, 2024. These clinical abstracts highlight the latest research in breast health AI, focusing on improving detection and risk prediction accuracy and assessing disparities across diverse populations.
“These studies exemplify the critical role the ProFound AI Breast Health Suite can play in not only improving early breast cancer detection and risk prediction but also in addressing health disparities in diverse populations,” said Dana Brown, President and CEO of iCAD. “We are proud to collaborate with Solis Mammography and Karolinska Institute contributing to groundbreaking research that can elevate the standard of care in breast health worldwide. These partnerships demonstrate the potential of our technology to improve patient outcomes, and also opens pathways to broader adoption of AI in healthcare, driving growth in key markets.”
HEALWELL AI Inc. (TSX: AIDX) (OTCQX: HWAIF), a healthcare artificial intelligence company focused on preventative care, recently announced it had entered into an agreement to acquire 100% of the shares of Auckland, New Zealand based Orion Health Holdings Limited, a subscription license and services revenue business serving marquee public sector clients globally with data interoperability and healthcare navigation products and services after the concurrent divestiture of Orion Health’s divisions that are non-strategic to HEALWELL, for total consideration of ~C$165M. Orion Health is expected to generate revenue of more than C$100M with EBITDA2 of over C$20M in calendar 2025.
“The Acquisition of Orion Health is a major game-changer in the development of HEALWELL’s trajectory as a company,” said Hamed Shahbazi, Chairman of HEALWELL. “Orion Health brings significant large enterprise customers, recurring revenues, strong operating margins and free cashflow conversion to HEALWELL while providing a significant new channel for the distribution of its best-in-class AI products and services. Our organisations share a vision and mission to revolutionize healthcare through AI and data-driven innovation.”
BioXcel Therapeutics, Inc. (NASDAQ: BTAI), a biopharmaceutical company utilizing artificial intelligence to develop transformative medicines in neuroscience, recently announced the achievement of clinical and regulatory progress for its pivotal Phase 3 clinical trials of BXCL501 for the acute treatment of agitation associated with bipolar disorders or schizophrenia (SERENITY At-Home) and agitation associated with Alzheimer’s dementia (TRANQUILITY In-Care). There are currently no FDA-approved acute therapies for these conditions.
“With SERENITY At-Home, we are seeking to make BXCL501, which is currently approved under healthcare provider supervision as IGALMI
, available to millions of additional patients by potentially expanding its label for treating bipolar or schizophrenia-related agitation in the home,” said Vincent O’Neill, M.D., Chief of Product Development and Medical Officer of BioXcel Therapeutics. “With TRANQUILITY In-Care, we have a unique opportunity in AAD, for which there is no U.S. regulatory precedent for episodic treatment. We look forward to continuing our development of BXCL501 for these critical unmet medical needs.”
RadNet, Inc. (NASDAQ: RDNT), an outpatient diagnostic imaging services provider, through its wholly-owned subsidiary DeepHealth, Inc., a global leader in AI-powered health informatics, recently announced it selected Ketryx, the first and only AI-enabled connected application lifecycle management platform for the life sciences industry, to accelerate the delivery of AI-powered health informatics solutions. DeepHealth’s solutions leverage a cloud-native operating system to drive operational efficiency, improved clinical confidence, and better care delivery.
According to the FDA, radiology leads the way in AI/ML adoption within the SaMD sector, with 79% of newly approved devices in the field using these technologies to enhance diagnostics and patient care.
“We are harnessing the power of AI to tackle clinical and operational challenges that arise in complex, high-volume care settings, with the aim of enabling better outcomes,” said Sham Sokka, RadNet’s Chief Operating and Technology Officer for Digital Health. “We envision an integrated radiology workflow that eliminates operational silos, ensuring the right data is available at the right time for everyone in the care team. The Ketryx software enables us to scale our innovation with quality through a single streamlined software development lifecycle, helping us expedite releases.”
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