NEW YORK, May 18, 2020 /PRNewswire/ -- Among the plethora of segments within the medical devices industry, the medical imaging technology segment is one of the most vibrant. It includes various technologies such as x-ray scan, MRI, CT-scan and others that are used to diagnose diseases and help physicians decide on a course of treatment. Comparable to the medical devices industry, imaging technology growth is heavily dependent on technological advancements, the growing investments made by governments of emerging countries and on the growth of the geriatric population. A recent example of how technology helps transform the sector is the integration of Artificial Intelligence (AI). In fact, just earlier this year, the U.S. Food and Drug Administration (FDA) authorized marketing of software to assist medical professionals in the acquisition of cardiac ultrasound, or echocardiography, images. The software, called Caption Guidance, is an accessory to compatible diagnostic ultrasound systems and uses artificial intelligence to help the user capture images of a patient's heart that are of acceptable diagnostic quality. Additionally, the global medical imaging market is expected to generate around USD 48.6 Billion by 2025 and at a CAGR of around 5.2% between 2019 and 2025 according to Zion Market Research. Izotropic Corporation (OTC: IZOZF) (CSE: IZO), Lantheus Holdings, Inc. (NASDAQ: LNTH), RadNet, Inc. (NASDAQ: RDNT), Varex Imaging Corporation (NASDAQ: VREX), General Electric Company (NYSE: GE)
A major portion of the medical imaging market is cancer imaging systems. Data by BIS Research projects that the global cancer imaging systems is expected to reach USD 11 Billion by 2025. According to the research, the cancer imaging market focuses on major cancer indications (breast cancer, lung cancer, colorectal cancer and prostate cancer, among others) and various imaging modalities (mammography, MRI and positron emission tomography, among others). Cancer imaging systems are crucial tools for potential early cancer detection and diagnostics. The application segment of this market comprises of oncology indications such as breast, lung, colorectal, prostate, liver and other cancers. The breast cancer acquired the highest market value. However, lung cancer is growing at the highest CAGR 5.4%. The reason for such strong market share is attributed to the rising incidence rate of breast cancer among women all over the world.
Izotropic Corporation (OTC: IZOZF) (CSE: IZO) announced last week breaking news that, "it has engaged StarFish Medical, Canada's largest medical device design, development and contract manufacturing company, to complete the final design and development of the Company's commercial breast CT model.
StarFish Medical Founder and CEO Scott Phillips commented on the collaboration:
"We have worked with numerous companies in the medical and breast imaging spaces. Izotropic has conducted significant technical, clinical and market-positioning efforts that provide a high level of confidence that the final product will meet patient, physician and marketplace requirements. We look forward to working with Izotropic on the development of the final commercial model of their breast CT imaging system and assisting them in design and manufacturing of the alpha, beta, and early stage production models of breast CT."
Four successive breast CT imaging systems (models) have been built at UC Davis Medical Centre in California by company Director and Principal Founder of breast CT, Dr. John Boone. Each of these systems had better clinical utility and image performance than its predecessor. The latest system has incorporated lessons learned from previous models and the incorporation of state-of-the-art subcomponents have improved clinical utility with exceptional high-resolution CT images of the breast. Izotropic holds the rights to this breast CT technology under its exclusive global License Agreement with The Regents of the University of California.
Dr. John McGraw, Consultant and Advisor with Izotropic spoke highly of the partnership:
"I have worked with StarFish Medical over the past 15 years, and have always been impressed with their expertise, and the engineering quality and timely delivery of their medical devices. Starfish is the best possible partner to help Izotropic accelerate the development of their breast CT imaging device and I am excited to continue our work together."
The relationship with StarFish Medical is an integral development. The Company looks forward to continuing to execute on its business plans to actualize dedicated breast CT and make meaningful advances for the earlier detection and treatment of breast cancers."
Earlier on April 15 Izotropic Corporation announced that, "the United States Patent and Trademark Office has issued U. S. Patent No. 10,548,549, entitled 'Measuring Breast Density Using Breast Computed Tomography' for a 20-year term, expiring in 2037. This patent covers the use of the Company's Breast CT Imaging System to measure breast density."
Lantheus Holdings, Inc. (NASDAQ: LNTH), parent company of Lantheus Medical Imaging, Inc. ("LMI"), a leader in the development, manufacture and commercialization of innovative diagnostic imaging agents and products, and Progenics Pharmaceuticals, Inc. ("Progenics"), an oncology company developing innovative medicines and artificial intelligence to find, fight and follow cancer, announced earlier in April that Lantheus has entered into a Support Agreement (the "Support Agreement") with Velan Capital ("Velan") in connection with the proposed merger of Lantheus and Progenics. Velan is a stockholder of both Progenics and Lantheus and the Support Agreement provides that Velan will vote all of its Progenics stock and Lantheus stock in favor of the proposed merger of Lantheus and Progenics on the terms set forth in the Amended and Restated Agreement and Plan of Merger, dated as of February 20, 2020 (the "Amended Merger Agreement"). Velan has also agreed to abide by certain customary standstill provisions during the term of the Support Agreement.
RadNet, Inc. (NASDAQ: RDNT) reported earlier this year that it has executed a definitive agreement to acquire DeepHealth, Inc. ("DeepHealth"), a leading radiology artificial intelligence ("AI") and machine learning company initially focused on solutions for the medical interpretation of mammography exams. Founded in 2015 and based in Cambridge, Massachusetts, DeepHealth is developing solutions in machine learning and AI to assist radiologists and other clinicians in interpreting images and improving patient care. DeepHealth's development to date has focused on screening mammography, specifically 3D breast imaging, where the large volume of cases and the difficult nature of their interpretation place significant demand on radiologists.
Varex Imaging Corporation (NASDAQ: VREX) announced earlier this year that it has entered into a renewed three-year pricing agreement with Canon Medical Systems Corporation effective for calendar years 2020 - 2022. "We are very pleased to continue our multi-decade long relationship with Canon Medical Systems and bring to their next generation imaging systems our portfolio of innovative X-ray based technology, which can accelerate time to market and reduce total cost of ownership," said Sunny Sanyal, Chief Executive Officer of Varex Imaging Corporation. Varex will continue to supply its computed tomography (CT) tubes and heat exchangers for integration into Canon Medical Systems' CT imaging systems for the global market. Potential product sales associated with this renewed agreement are estimated to be approximately USD 385 million over the term of the agreement. Varex also supplies Canon Medical Systems with digital detectors and high voltage connectors through separate agreements.
General Electric Company (NYSE: GE) announced back in December 2019 GE Healthcare and Affidea, the pan-European leader in advanced diagnostic imaging, outpatient and cancer care services, have signed a multi-year agreement to deploy imaging and digital technologies across the Affidea network. GE Healthcare will install 200+ new equipment in Affidea's network of centers across Europe. The deal includes the provision of 60 new MRIs, 50 ultrasound devices, 40 CT scanners and 30 X-rays machines in the next 3 years. It also includes a six-year service contract. In addition, Affidea expands its collaboration with GE Healthcare in pharmaceutical diagnostics in all its geographies, to include Clariscan, GE Healthcare's new contrast media product, used in MRI exams.
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