Issued on behalf of Avant Technologies Inc.
VANCOUVER – USA News Group News Commentary – A recent World Economic Forum report highlights AI’s potential to ease the strain on healthcare systems worldwide, noting Mayo Clinic’s early adoption as a key example of how AI can accelerate progress. Even Elon Musk has suggested that his company’s Grok AI could play a role in healthcare by analyzing medical images. At this year’s HLTH conference in Las Vegas, major players like Nvidia, Google, and Microsoft showcased their latest healthcare AI tools. Meanwhile, several up-and-coming tech companies are making strides in AI healthcare, including Avant Technologies, Inc. (OTCQB: AVAI), Recursion Pharmaceuticals, Inc. (NASDAQ: RXRX), Exscientia plc (NASDAQ: EXAI), Absci Corporation (NASDAQ: ABSI), and Twist Bioscience Corporation (NASDAQ: TWST).
The article continued: The Cleveland Clinic projects that the healthcare AI industry could reach $188 billion globally by 2030, driven by advances in diagnostics, patient triage, complex data analysis, and task management. Forbes also predicts rapid advancements in areas like Predictive Healthcare, Natural Language Processing (NLP), AI-Driven Telehealth, Remote Monitoring, Robotic Surgery, Precision Medicine, Gene Editing, and Clinical Research powered by AI-driven tools.
Avant Technologies and Ainnova Tech Form Joint Venture to Advance Early Disease Detection Using Artificial Intelligence
Avant Technologies, Inc. (OTCQB: AVAI), an emerging technology company developing solutions in artificial intelligence (AI) infrastructure while exploring additional technologies in the biotechnology and healthcare sectors, today announced it has entered into a Joint Venture and License Agreement with Ainnova Tech Inc. (AINN), a leading healthcare technology (healthtech) company, to form a new Nevada Corporation called “Ai-nova Acquisition Corp” (AAC). The partnership was formed to advance and commercialize Ainnova’s technology portfolio, including its “VisionAI” platform and its “Versatile Retinal Cameras.”
VisionAI is a cutting-edge, AI-driven platform that can detect diabetic retinopathy and other retinal diseases, as well as diseases unrelated to the retina like cardiovascular disease and potentially even Alzheimer’s with high accuracy and speed using retinal scans. Meanwhile, Ainnova’s next-generation versatile retinal cameras are seamlessly integrated with VisionAI for precise retinal scans. Along with the VisionAI software, Ainnova’s retinal cameras, offer AAC SaaS + retinal camera commercialization opportunities with opticians and eye care centers in two extremely profitable markets, North America and Europe.
“This joint venture aligns perfectly with our long-term goals, and as we work together to push the boundaries of what’s possible in the healthtech sector, we look forward to setting new standards and bringing transformative solutions to patients around the world in an accessible way,” said Vinicio Vargas, CEO of Ainnova.
Ainnova will contribute to AAC its proprietary technology portfolio, including VisionAI and its retinal camera technology, and the licensing rights for AAC to develop, maintain, and commercialize the technology portfolio in both North America (United States and Canada) and Europe, while Avant will be responsible for the capital requirements to operate AAC.
Ainnova and Avant’s partnership seeks to make retinal scanning a new standard in primary care and basic health services by diagnosing a host of diseases early through a simple visual test that AAC can offer as a scalable and accessible solution.
With over 500 million people living with diabetes globally, VisionAI is designed to detect the early markers of diseases like diabetic retinopathy, which is the leading cause of blindness among working age adults. Over 30% of those living with diabetes will develop diabetic retinopathy, a disease that can be prevented with an accurate diagnosis.
Unfortunately, there aren’t enough ophthalmologists globally. And 95% of cases of blindness due to diabetic retinopathy can easily be prevented with an early and accurate diagnosis. Using advanced algorithms to analyze retinal images with precision, reliability, and speed, VisionAI can bridge the gap between too few ophthalmologists and tens of thousands of people who need to get tested.
According to Ainnova, the diagnostic error rate in diabetic retinopathy is about 49% and this is where VisionAI offers a positive impact for patients. VisionAI is a powerful tool to support the physician and give their patients accurate information that can improve their lives.
This partnership makes sense for Avant and its shareholders given the AI in healthcare market is projected to grow from $6.9 billion just 3 years ago to $67.4 billion by 2027, at a CAGR of 46.2% during the forecast period. Ainnova currently has commercial agreements with Pharma companies, clinics, insurance companies, and medical service companies. These relationships should offer AAC guidance into the North American and European markets.
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:
Recursion Pharmaceuticals, Inc. (NASDAQ: RXRX), a leading clinical stage TechBio company decoding biology to industrialize drug discovery, recently provided a business update along with reporting its Q3 2024 financial results. Within the update was mention of a potential business combination with Excscientia plc (NASDAQ: EXAI), with a special shareholder meeting set to be held on November 12, 2024.
“We are excited to continue to drive rapidly towards the closure of our proposed business combination with Exscientia… ahead of the original guidance,” said Chris Gibson, Ph.D., Co-founder and CEO of Recursion. “We believe the combination with Exscientia will help to build a robust and diverse portfolio of tech-enabled clinical and near-clinical programs, significant value-creation opportunities through multiple transformational partnerships with both biopharma and technology companies, and the industry’s first full-stack technology-enabled small molecule discovery platform. Ultimately, we have never been more confident in our ability to translate our work into potential medicines for patients.”
Exscientia is coming off of announcing the advancement of two additional discover programmes within its collaboration with French pharma giant Sanofi. Within the announcement Exscientia highlighted that it received an aggregate of $15 million in milestone payments.
“This is testament to our consistent ability to design compounds that solve complex problems,” said David Hallett, Ph.D., interim CEO and Chief Scientific Officer of Exscientia. “We look forward to continuing to work with Sanofi to advance these programmes towards development, and ultimately working together to bring potential new treatment options to patients with significant unmet need.”
Absci Corporation (NASDAQ: ABSI), a data-first generative AI drug creation company, recently announced a collaboration with Twist Bioscience Corporation (NASDAQ: TWST), a company offering of high-quality synthetic DNA using its silicon platform, to design a novel therapeutic using Absci’s advanced generative AI platform and Twist’s synthetic DNA platform.
“Bringing together two leaders in biotechnology innovation represents an opportunity to accelerate pharmaceutical R&D,” said Sean McClain, Founder and CEO of Absci. “We are excited to strengthen our relationship with Twist and leverage the power of our shared platforms to bring better biologics to patients faster.”
The program will leverage Absci’s AI de novo design capabilities and Twist’s silicon-based synthesis platform, including its Multiplexed Gene Fragments for the testing and validation of antibody candidates designed using Absci’s generative AI technology platform. Twist and Absci intend to seek a partner for human clinical development and commercialization.
“We have been working with Absci for several years and look forward to extending our collaboration beyond a preferred supplier to leverage their AI platform along with Twist’s capabilities to discover antibodies to a key biological target that potentially impacts multiple disease areas,” said Emily M. Leproust, Ph.D., CEO and cofounder of Twist Bioscience.
The new program expands Absci’s collaborations with major pharmaceutical companies like AstraZeneca and Merck, as well as top research institutions like Memorial Sloan Kettering. With this collaboration, Twist will contribute tools from its SynBio portfolio, including Multiplexed Gene Fragments and long DNA synthesis, highlighting the power of Twist’s platform for antibody discovery.
Source: https://usanewsgroup.com/2023/10/26/unlocking-the-trillion-dollar-ai-market-what-investors-need-to-know/
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