Medical device company Motus files for Nasdaq IPO
Situated in Israel and the US, medical device company Motus has recently filed to undertake an initial public offering of its shares on the Nasdaq Stock Exchange. It is thought that shares could raise up to $28.8 million.
Responsible for the launch of the Pure-Vu system, Motus supports patients who are undertaking a colonoscopy, supporting the cleaning process to allow the procedure to be undertaken.
One of the most common procedures to be undertaken in the US annually, the technology has been accepted by the FDA, but works only to supplement current cleaning processes prior to the procedure being undertaken.
Designed to improve the patient experience and early detection of colorectal cancer and other dieases, the system fits over standard colonoscopes, supporting medical professionals who are undertaking the procedure and “gain clear visualisation of the colon mucosa,” the company has stated.
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At present, colorectal cancer is the third most common cancer for both men and women in the US, with 97,220 new colon cancer cases predicted to arise in 2018, besides over 43,000 cases of rectal cancer. The use of screening and new technologies, such as the Pure-Vu system, are helping to drastically reduce such figures.
“In clinical studies performed in Europe and Israel from 2012 through the second quarter of 2017, the Pure-Vu system and earlier prototype versions have demonstrated effective cleaning in over 175 patients that followed a significantly reduced preprocedural colonoscopy preparation regimen, as compared to current prep regimens,” the filing noted.
"I believe that the Pure-Vu System's ability to cleanse the colon during a colonoscopy will play a significant role in improving outcomes, reducing costs and enhancing experiences, which ultimately should help to reduce the risk of colorectal cancer and other GI disorders," added Gary Pruden, who has joined as part of the company’s Board of Directors.
With increased funding, the technology could further transform existing processes and enable the company to gain revenue to enable future development.
Skin Analytics wins NHSX award for AI skin cancer tool
An artificial intelligence-driven tool that identifies skin cancers has received an award from NHSX, the NHS England and Department of Health and Social Care's initiative to bring technology into the UK's national health system.
NHSX has granted the Artificial Intelligence in Health and Care Award to DERM, an AI solution that can identify 11 types of skin lesion.
Developed by Skin Analytics, DERM analyses images of skin lesions using algorithms. Within primary care, Skin Analytics will be used as an additional tool to help doctors with their decision making.
In secondary care, it enables AI telehealth hubs to support dermatologists with triage, directing patients to the right next step. This will help speed up diagnosis, and patients with benign skin lesions can be identified earlier, redirecting them away from dermatology departments that are at full capacity due to the COVID-19 backlog.
Cancer Research has called the impact of the pandemic on cancer services "devastating", with a 42% drop in the number of people starting cancer treatment after screening.
DERM is already in use at University Hospitals Birmingham and Mid and South Essex Health & Care Partnership, where it has led to a significant reduction in unnecessary referrals to hospital.
Now NHSX have granted it the Phase 4 AI in Health and Care Award, making DERM available to clinicians across the country. Overall this award makes £140 million available over four years to accelerate the use of artificial intelligence technologies which meet the aims of the NHS Long Term Plan.
Dr Lucy Thomas, Consultant Dermatologist at Chelsea & Westminster Hospital, said: “Skin Analytics’ receipt of this award is great news for the NHS and dermatology departments. It will allow us to gather real-world data to demonstrate the benefits of AI on patient pathways and workforce challenges.
"Like many services, dermatology has severe backlogs due to the COVID-19 pandemic. This award couldn't have come at a better time to aid recovery and give us more time with the patients most in need of our help.”