Optiscan has inked a deal with Monash to progress a key project. Pic: Getty Image.
Health & Biotech
Special Report: Optiscan has inked a deal with Melbourne-based Monash University that will help the medtech advance its project to develop the next-gen gastrointestinal flexible endomicroscope and Edge-AI-enabled technology.
The agreement represents a further extension of the long standing relationship Optiscan (ASX:OIL) has with Monash, with the company’s technology originally created at the university.
Under the agreement OIL will work with Monash’s Department of Data Science and AI at the Faculty of Information Technology to advance the project’s cutting-edge AI technology, which will be used to automate detection and analysis of cancerous and precancerous lesions.
The project is supported by a Cooperative Research Centres Projects (CRC-P) grant from the Australian Department of Industry, Science, and Resources.
To date, nearly $1m has been received from the CRC-P program grant – about one-third of the available funds – to advance the development of the next-gen GI endomicroscope.
OIL said the R&D program funded by the funds has seen significant progress towards the creation of a platform that combines advanced miniaturised endomicroscopy with AI, delivering real-time, slide-free imaging with sub-cellular resolution in a flexible format suitable for GI endoscopy procedures.
The team advancing this project is led by OIL and supported by partners Design & Industry and the University Medical Center Mainz, Germany.
The Monash agreement will help further progress the project by incorporating Edge-AI computing algorithms that allow for real-time assessment of cancerous and precancerous GI lesions at the time of clinical inspection by endoscopists. OIL said AI capabilities were critical to the project.
The OIL GI system is designed to be agnostic to commercially available GI endoscopy scopes and viewing systems, fitting down the biopsy channels of most standard endoscopes.
OIL said this capability would enable the widest possible access to endoscopists, regardless of the systems they use.
In the US alone, nearly 21 million GI endoscopies are carried out annually, with colonoscopies accounting for 60% of such procedures.
Additionally, close to 3 million adults in the US are diagnosed with inflammatory bowel disease each year.
Market research undertaken by Latham Biopharm Group and commissioned by OIL, has found the size of the severe IBD diagnostic market segment was projected to reach US$1.28bn globally by 2029.
OIL CEO and managing director Dr Camile Farah said the company was thrilled to partner with Monash in the development phase of its GI endomicroscope and next generation AI technology.
“This agreement between us and Monash University represents a significant step towards better diagnosis and treatment of gastrointestinal diseases,” he said.
“It also represents another chapter in the longstanding relationship Optiscan has with Monash University, with our technology originally created at this prestigious university.”
He said the targeted advantages of its next-gen flexible endomicroscope were not just related to delivery of better medical outcomes.
“This endomicroscope is also being specifically designed as a stand-alone medical imaging system agnostic to the commercial endoscope manufacturers,” he said.
“This will make adoption of our imaging platform easier for clinicians and hospitals already invested in their preferred endoscope system, while also providing flexibility to strike commercial arrangements with a wider range of endoscope manufacturers such as Olympus, Fuji, Pentax, Karl Storz, and Ambu.
“The ‘blue sky’ packaged up in this project is immense.”
He said OIL’s imaging system had the potential to revolutionise GI diagnostics, not only for GI cancers, but also for improving accuracy and speed in detecting conditions such as Crohn’s Disease, Ulcerative Colitis, and Irritable Bowel Syndrome.”
Monash University’s Faculty of Information Technology Dean Professor Ann Nicholson welcomed the partnership and opportunity to translate the faculty’s leading AI research to produce tangible outcomes.
“Uniting advanced AI with industry capabilities in this way is inspiring,” she said.
“It is a demonstration of how industrial innovation can join hands with research expertise to drive meaningful, practical improvements in patient health and reshape the future of cancer detection.”
This article was developed in collaboration with Optiscan, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
Health & Biotech
Health & Biotech
Health & Biotech
