SILICON VALLEY, Calif. and BOSTON, Feb. 1, 2021 /PRNewswire/ -- Volpara Health (ASX: VHT), a health technology software company whose integrated breast care platform assists in the delivery of personalized patient care, is pleased to announce the acquisition of CRA Health, LLC, a breast cancer risk assessment company spinoff from Massachusetts General Hospital — a Harvard Medical School teaching hospital.
Volpara is paying US$18.0M to acquire all outstanding equity of CRA, with a further US$4.0M payable upon its meeting key performance targets over the next 18 months.
CRA Health has been singularly focused on cancer risk assessment for more than 15 years and conducts more than 2M assessments annually. CRA software is cloud-based and tightly integrated into EHR systems. CRA receives patient information, including breast density, and returns the risk of breast cancer alongside appropriate recommendations, including whether additional imaging or genetics testing is needed according to established guidelines. Importantly, CRA has electronic interfaces established with all the major genetics companies.
CRA Health and Volpara Health – both born out of scientific research at Harvard Medical School and Oxford University – have long shared the common mission of saving more families from cancer and have collaborated on major projects like the on-going UK PROCAS project for personalized breast care.
For more than a decade, Volpara Science, a set of clinically validated algorithms that use AI to assess breast tissue composition and imaging quality, has helped more than 27 percent of all breast centers in the US optimize mammography workflow and deliver personalized care.
Combining the two companies will allow us to identify and deliver personalized breast care to more high-risk women across all care settings: obgyns, primary care providers, oncology specialists, and breast centers.
Dr. Ralph Highnam, Group CEO of Volpara, said: "The acquisition of CRA is very significant for Volpara. CRA is a leading provider of risk assessment tools within major EHR systems and has integrations already established with the main genetics companies. CRA brings world-class knowledge about risk and genetics. CRA will accelerate us on our mission to save families from cancer by preventing advanced stage breast cancer."
Women in the US are increasingly being recommended for risk assessments, including genetic testing in some cases, to supplement traditional mammography screening. Most notably:
The US Center for Disease Control (CDC) is promoting risk and genetics testing and has recently launched a new marketing campaign.
The American College of Radiology and other groups are recommending risk assessment at age 30 to set down screening protocols.
Many insurers are now reimbursing for MRI and genetics testing for high-risk women.
The US government as part of its value-based care initiative — Merit-based Incentive Payment System — has included conducting breast cancer risk assessment as a key quality metric that can contribute to a positive adjustment to annual Medicare reimbursement.
Both CRA and Volpara have experienced strong growth despite the pandemic, signaling the value placed on using evidence to medically necessitate genetic testing and additional imaging. Volpara Health recently reported its largest-ever Q3 sales performance with an Annual Recurring Revenue (ARR) of US$13.5M — up 20% compared to the previous corresponding period — driven by increasing demand for the Volpara Breast Health Platform.
Chester Black, outgoing Chair of CRA, said: "With the tailwinds behind cancer risk assessment and ensuring all women get the right screening at the right time building globally, we are delighted to join Volpara, a company that is substantially larger and enjoys the most scientifically-validated technology platform in the breast screening industry. This is the time to make the most of an opportunity to save many families from cancer in the United States and beyond."
About Volpara Health
Volpara provides an advanced AI software platform that works with a healthcare provider's expertise to more efficiently enable a high-quality, optimized, and personalized cancer screening experience. From the time a patient enters a clinic to the moment they obtain key results, the Volpara Breast Health Platform collects and analyzes information to better understand a patient's breast cancer risk, while also objectively evaluating image quality and workflow-improvement opportunities. These capabilities are being extended to lung cancer screening. The Volpara Breast Health Platform is supported by numerous patents, trademarks, and regulatory registrations, including FDA clearance and CE marking, and is validated by a volume of peer-reviewed publications unrivaled in the breast screening industry. For more information, visit https://www.volparahealth.com.