Posted: 22 August 2024
Optiscan Imaging Limited (ASX:OIL) (‘Optiscan’ or ‘the Company’) is pleased to announce that it has signed a Memorandum of Understanding (MOU) with the prestigious University of Minnesota College of Veterinary Medicine. Under the terms of the MOU, both organisations agree to work towards a collaborative research agreement to trial clinical applications and develop clinical data for Optiscan’s digital confocal laser endomicroscopic imaging system for use in veterinary medicine.
Leveraging the respective strengths of Optiscan and Uni of Minnesota The collaborative research agreement will combine Optiscan’s innovative technology and real-time in vivo imaging capabilities, with the extensive research capabilities, veterinary facilities and expertise of the University of Minnesota College of Veterinary Medicine and its faculty. The agreement will bring together experts from both organisations to develop veterinary-specific clinical applications and use cases for Optiscan’s digital confocal laser endomicroscopic imaging system, with an initial focus on cancer research in companion animals. The planned research and testing will provide data from clinical studies required for U.S. FDA clearance of Optiscan’s imaging platform for use in veterinary medicine.
The MOU aligns with Optiscan’s stated strategy of expanding the addressable markets for its unique medical imaging platform – both across various fields of medicine and in an increased number of jurisdictions. Veterinary medicine represents one such addressable market, with over 70 million domesticated dogs and 80 million domesticated cats in the U.S. alone experiencing health concerns. Furthermore, over 12 million companion animals (cats and dogs) are diagnosed with cancer each year, representing a significant, ongoing demand for veterinary services. Breast and oral cancers are two of the most common cancer types in both cats and dogs accounting for between 27-53% of cancers. These cancer types demonstrate strategic alignment of medical conditions Optiscan is tackling in human health specifically in oncology.
Optiscan CEO and Managing Director, Dr Camile Farah, said: “The signing of this MOU with the prestigious University of Minnesota College of Veterinary Medicine is a fantastic result on multiple fronts. This highly-renowned medical facility is the sole veterinary college in the US state of Minnesota, and is dedicated to improving the health of animals, people, and the environment through innovative veterinary services. I am truly excited by the potential outcomes flowing from this agreement. Combining the respective strengths of Optiscan and the University of Minnesota College of Veterinary Medicine opens the way for the unlocking of new possibilities in the diagnosis and treatment of critical conditions of concern to veterinary medicine. Success here could see the creation of new standards in animal care that would replace traditional pathology methods for the diagnosis and treatment of various conditions with new technologies such as ours at Optiscan, underpinned by high-definition in vivo imaging in real-time that can provide veterinarians with previously unavailable insights.”
“From an addressable market perspective, the MOU is a positive development in Optiscan’s efforts to penetrate the field of veterinary medicine, a sizeable market around the world, and one that has a very specific set of requirements given the breadth of species and conditions it encompasses. Working collaboratively with the University of Minnesota College of Veterinary Medicine will present a unique opportunity to explore how Optiscan’s real-time, high resolution imaging technology can enhance veterinary diagnostics, treatment planning and surgical care, and ultimately improve health outcomes for animals in the U.S. and around the world.”
“We look forward to providing the market with updates on outcomes from the proposed collaborative research agreement with the University of Minnesota College of Veterinary Medicine. At the same time, we stand ready to foster relationships with additional appropriate collaborators and partners that accelerate the ongoing work by our research and development team that is further strengthening strategic applications for Optiscan’s unique medical imaging technology.”
