FDA Approval Race: AI-Powered Innovations Reshape the Healthcare Landscape
USA News Group News Commentary
Issued on behalf of Avant Technologies Inc.
VANCOUVER, BC, Feb. 11, 2025 /PRNewswire/ -- USA News Group News Commentary – Weeks after the monumental $500-billion announcement of Project Stargate, which includes aims to transform healthcare, a growing number of health executives are seeing the promise of Artificial Intelligence (AI) in their industry. A recent poll from Deloitte found that 40% of health execs say generative AI (genAI) pays off for their businesses. Early in 2025, it's becoming clearer that genAI is revolutionizing diagnostics, enhancing treatment options, and personalizing patient care. Beyond Stargate's big players, a growing number of innovators have been revolutionizing healthcare by making recent developments, including updates coming from Avant Technologies, Inc. (OTCQB:AVAI), Spectral AI, Inc. (NASDAQ:MDAI), Tempus AI, Inc. (NASDAQ:TEM), Absci Corporation (NASDAQ:ABSI), and GE Healthcare (NASDAQ:GEHC).
The article continued: Overall AI is making a huge impact, with analysts at BCC Research projecting that the AI Revolutionizing Industries Market is set for 39.7% CAGR, reaching $1.1 trillion by 2029. Additionally, according to research by SNS Insider, the Generative AI in Healthcare Market was valued at US$1.7 billion in 2023, and is projected to reach US$19.99 billion by 2032, growing at a robust 31.5% CAGR along the way.
Avant Technologies and Ainnova Advance Toward FDA Clinical Trial with Selection of Top CRO
Avant Technologies, Inc. (OTCQB:AVAI), an emerging leader in AI-driven healthcare innovation, and its partner, Ainnova Tech, a leading healthcare technology company focused on revolutionizing early disease detection using AI, today announced the selection of Fortrea, a global provider of clinical development solutions to the life sciences industry, as the contract research organization (CRO) to conduct Ainnova's upcoming clinical studies to seek approval from the U.S. Food and Drug Administration (FDA) for Ainnova's Vision AI platform.
Fortrea will assist Ainnova in requesting a pre-submission meeting with the FDA for guidance on the clinical testing needed for its Vision AI platform in the early detection of diabetic retinopathy. After a pre-submission meeting, Fortrea will then work with Ainnova on its FDA submission and a subsequent clinical study before concluding with an FDA 510(k) submission to obtain clearance from the FDA to market its Vision AI platform.
The upcoming clinical studies are significant to Avant and its shareholders because of the partnership formed by Avant and Ainnova to advance and commercialize Ainnova's technology portfolio, including its Vision AI platform and its versatile retinal cameras. The joint venture formed by the two companies, Ai-nova Acquisition Corp. (AAC), has the licensing rights for this portfolio in the U.S., Canada, and Europe, so the success of Ainnova's clinical studies with the FDA will be vital to marketing the technology portfolio in the United States.
"We worked diligently to identify and select the right CRO to help us both engage the FDA and then conduct our clinical studies," said Vinicio Vargas, CEO of Ainnova regarding the selection. "Fortrea is an established and highly regarded full-service CRO with expertise in more than 20 therapeutic areas, and a CRO with an extensive portfolio of successfully completed clinical trials, including those involving both emerging and large biopharmaceutical, medical device, and diagnostic companies."
With Fortrea's guidance, Ainnova expects to submit its pre-submission application in the coming weeks and expects to meet with the FDA for its pre-submission meeting in late March/early April 2025.
Additionally, Ainnova will also interact with the FDA to devise a plan to obtain clearance for four algorithms it recently acquired the exclusive licensing rights to, which include early detection for cardiovascular risk, prediabetes and Type 2 diabetes, fatty liver disease, and chronic kidney disease.
Late last year, Avant announced a game-changing collaboration with pharma giant Roche, highlighting Avant's ability to partner with global healthcare leaders and leverage its innovative technologies for real-world impact. Together with Ainnova and Salud 360, Avant set forth to launch a pilot program to combat diabetic retinopathy has been launched in Costa Rica. This initiative uses VisionAI to automate retinal image analysis, identifying early disease markers and facilitating timely interventions. If successful, the program aims for broader adoption in the United States, Canada, and Europe through AAC.
"At Roche, we are committed to timely diagnosis of diseases to improve clinical outcomes and thus contribute to the sustainability of the healthcare system," said, Alvaro Soto, General Manager of Roche Central America, Caribbean, and Venezuela. "By leveraging technology, we seek to improve lives, optimize diagnoses, and ensure that every patient has access to timely and effective treatment. With this model, we not only seek to address the problem of diabetic retinopathy, but also to establish a replicable path for other diseases that require innovative solutions."
CONTINUED… Read this and more news for Avant Technologies Inc. https://usanewsgroup.com/2023/10/26/unlocking-the-trillion-dollar-ai-market-what-investors-need-to-know/
Other recent industry developments and happenings in the market include:
Spectral AI, Inc. (NASDAQ:MDAI), developer of the AI-driven DeepView® System, which received Breakthrough Device Designation from the U.S. Food and Drug Administration ("FDA") in 2018 and uses multi-spectral imaging and AI algorithms to predict burn healing potential, recently announced the completion of its data analytics for its U.S. Burn Pivotal Study.
One of the largest domestic burn studies ever conducted, the U.S. Burn Pivotal Study is designed to validate the AI-driven algorithm used by Spectral AI's DeepView® System for its burn indication. Spectral AI's DeepView® System is a predictive medical device and associated software that assesses the healing potential of burn wounds by combining multispectral imaging with an AI-driven algorithm trained and tested against a proprietary database of more than 340 billion clinically-validated data points. By distinguishing between healing and non-healing tissue, the DeepView® System provides an immediate and binary prediction of wound healing on the same day of injury, benefiting clinical decision-making regarding next step treatment.
"After completing the image analysis and truthing of our U.S. Burn Pivotal Study, I am highly encouraged by the sensitivity and specificity results of our DeepView® System when compared to the wound healing potential as determined by treating physicians," said Dr. J. Michael DiMaio, MD, Chairman of the Board at Spectral AI. "These results underscore the transformative impact of the DeepView® System and its attendant use of artificial intelligence in burn wound care, offering clinicians an immediate, data-driven assessment tool that can improve treatment decisions and patient outcomes. The dedication of our team in reaching this critical FDA submission milestone cannot be overstated, and we remain committed to bringing this breakthrough technology to burn care institutions across the U.S."
Tempus AI, Inc. (NASDAQ:TEM), a technology company leading the adoption of AI to advance precision medicine and patient care, recently announced the national launch of olivia, an AI-enabled personal health concierge app designed to empower patients by bringing their health-related data into one central location and leveraging advanced AI to provide actionable insights.
"At Tempus, our goal has always been to improve patient outcomes by harnessing the power of data and AI," ," said Eric Lefkofsky, Founder and CEO of Tempus. "Now, as AI becomes increasingly integrated into healthcare, tools like olivia will be essential in helping patients understand and navigate their care. This app goes beyond organizing information; it's a proactive partner empowering patients to steer their health with confidence and clarity."
The newly launched AI-powered health platform centralizes patient data, making it easy to access and act on through a unified app. It integrates with over 1,000 health systems, syncs with health devices, and allows manual uploads, organizing records into a dynamic timeline with AI-driven insights. Key features include a Smart Profile Summary, AI-enabled notetaker for doctor visits, medical image sharing, and health monitoring, helping patients track their health and receive personalized, data-informed responses.
Absci Corporation (NASDAQ:ABSI), a data-first generative AI drug creation company, and Owkin, a TechBio that uses agentic AI to unlock complex targets for drug discovery, development, and diagnostics, recently announced a partnership to develop novel immuno-oncology and inflammation therapies by combining AI-driven target selection with generative antibody design. Owkin's predictive AI validates targets using biomedical data, while Absci's AI platform rapidly designs therapeutic candidates, aiming to accelerate drug development.
"At Absci, we're constantly pushing the boundaries of innovation to bring better biologics to patients faster," said Sean McClain, Founder and CEO of Absci. "By combining Absci's AI de novo design expertise with Owkin's world-class predictive AI target discovery technology, we have a unique opportunity to design first-in-class and potentially transformative therapeutics for patients in need."
GE Healthcare (NASDAQ:GEHC) also recently announced that it received 510(k) clearance from the FDA for the updated portfolio of its Voluson™ Expert Series ultrasound systems. Voluson Expert 22, 20 and 18 combine high resolution image quality with advanced ultrasound technology and an ergonomic design for efficient workflow and a world-class user experience.
The Voluson Expert Series integrates artificial intelligence (AI)-powered features and automation tools to help drive imaging performance and efficiencies in women's healthcare.
"We are proud to introduce these updates to the Voluson Expert ultrasound systems, which represent our ongoing commitment to advancing technology that addresses women's health needs of today, and the future," said Gerald Seifriedsberger, General Manager, Women's Health, Advanced Visualization Solutions, GE HealthCare. "By introducing solutions that offer unparalleled clarity and detail, we can empower users with critical insights for informed care decisions and efficient exams, transforming how clinicians approach healthcare. Together, we can create a healthier future for all women."
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