CorTechs Labs and HealthLytix Announce Merger to Expand Leadership in Radiology AI Applications to Detect and Quantify Certain Cancers and Neurodegenerative Disease
SAN DIEGO, June 9, 2020 /PRNewswire-PRWeb/ -- CorTechs Labs Inc., the leading quantitative neuroimaging software company, announced today that it has merged with sister company HealthLytix, a healthcare technology company developing new applications in genetics and medical imaging to improve the screening and early detection of cancer and neurodegenerative disease. Remaining under the name CorTechs Labs, the merged company will leverage the established, global network of institutions that recognize CorTechs Labs as a trusted partner. Integration of HealthLytix technology will enable CorTechs Labs to broaden its focus by now offering quantitative analysis software to improve the screening and early detection of certain cancers. To date, CorTechs Labs partners with close to 1,000 clinical sites in over 35 countries.
"With a better understanding of disease pathology, the need for diagnostic tools that provide fast and accurate diagnostic support are in high demand. By combining the resources of HeathLytix and CorTechs Labs, we will create commercial synergies that accelerate product development, positioning us to best meet these demands," said Chris Airriess, Ph.D., chief executive officer of CorTechs Labs. "Our mission has - and will continue to be - pushing the envelope in raising the standards of patient care through breakthrough technology that will ultimately improve patients' lives. We look forward to working with radiologists and oncologists to support their efforts to detect and diagnose cancers early."
Expediting market access as a result of this merger is especially important given the recent FDA 510(k) clearance of HealthLytix's RSI-MRI+ for Prostate, a breakthrough imaging software to help improve early detection and diagnosis of prostate, as well as pending approval in brain cancer. This merger further reinforces the company's mission of providing state-of-the-art technology to better patient care. Improved screening and early detection of certain cancers, such as prostate and soon brain, as well as neurodegenerative diseases, including Alzheimer's disease, epilepsy, multiple sclerosis and brain trauma are core to the company mission of improving patient outcomes through early radiological detection and tracking.
"The application of AI tools in advanced quantitative imaging is creating a paradigm shift in regards to how radiologists detect and diagnose cancers and neurological disorders," said Dr Lawrence N. Tanenbaum, CTO and Director of Advanced Imaging at RadNet, the largest US outpatient imaging network, "I have witnessed firsthand how this shift is positively impacting both patients' lives and physicians' practices by eliminating subjectivity, improving diagnostic accuracy and reducing the time to diagnosis which is such a critical factor in the patient's journey."
CorTechs Labs now has a comprehensive suite of radiology artificial intelligence products:
? NeuroQuant® , the first FDA-cleared software for volumetric MRI processing, provides fast, accurate and proven automated brain image analysis;
? LesionQuant(TM) provides quick automated lesion segmentation and quantification, specifically FLAIR lesion and brain structure quantification, as well as lesion change visualization;
? RSI-MRI+ for Prostate is FDA-cleared advanced imaging software that improves prostate cancer detection for earlier diagnosis and treatment planning;
? PETQuant(TM) , providing rapid automated analysis of PET brain studies to quantify subregional tracer binding in native patient brain space, registers to T1 MRI to provide anatomical segmentations, creating an additional tool in the evaluation of neurodegenerative dementias;
? CT CoPilot® is an FDA-cleared quantitative imaging solution that provides consistent views of head CT exams and automated quantitative measurements to improve workflow efficiency, measurement accuracy and clinical confidence.
"The best-in-class technologies resulting from this merger will set a new industry standard for the future of diagnostics and patient care," said Nathan White, Ph.D., chief technology officer of CorTechs Labs and co-inventor of RSI-MRI+, previously chief executive officer of HealthLytix. "We know the immense value of our technology in catching cancer early. By combining our resources, we can expedite our path to market and deliver this technology to the physicians who will use it, and trust it, to optimize cancer diagnosis and care for patients."
Early examples of CorTechs Labs' expanded capabilities were made public in May of 2020 when interpretable AI for chest X-ray and integrated genetic risk analysis were added to the company's COVID-19 related projects. These were in addition to the company's flagship brain volumetrics reports, customized to support the study of patients showing neurological effects of the disease, which were made available at no cost to clinicians and researchers working on COVID-19.
CorTechs Labs Inc., an industry leader in radiology AI applications, aims to improve screening and early detection of neurodegenerative diseases and cancers. The company will remain under the leadership of Chris N Airriess, Ph.D., as chief executive officer. Nathan White, Ph.D. will be chief technology officer and the board of directors will largely remain the same, including the healthcare industry leaders that composed each of the previous boards. The company's primary investor is Dragasac Limited, a subsidiary of leading Malaysian corporation, Genting Berhad, with significant global investment in fostering innovative life science technologies that improve health and patient outcomes. With the continued support of Genting, CorTechs Labs will open its next round of financing in the second half of 2020.
About CorTechs Labs
CorTechs Labs is the leader in radiology AI applications, using cutting-edge advances in medical imaging to revolutionize disease screening and early detection so people can enjoy longer, better lives. The company develops and markets breakthrough medical device software solutions that quantify and track neurodegenerative and cancerous conditions. CorTechs Labs' cutting-edge brain imaging analysis provides neurologists, radiologists, oncologists and clinical researchers worldwide with a convenient and cost-effective means to quantify brain structures to help assess a variety of neurological conditions, such as Alzheimer's disease, epilepsy, multiple sclerosis, brain trauma and brain development abnormalities. The company has FDA-cleared products for use in the diagnosis of neurodegenerative and traumatic brain conditions as well as prostate cancer. Please visit http://www.cortechslabs.com for further information and follow us on Twitter, LinkedIn and Facebook.
Media Contact:
Travis Foegler
CorTechs Labs
+1 (619) 966-3876
tfoegler@cortechslabs.com
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