Posted: 14 February 2024
Optiscan Imaging Limited (ASX: OIL) is pleased to announce receiving a $3 million Cooperative Research Centres Projects (CRC-P) grant to work on its Edge-AI-enabled gastrointestinal (GI) endomicroscope.
The project worth a total of $9,236,713 was announced by the Hon Ed Husic MP Minister for Industry and Science under Round 15 of the CRC-P.
The project which will be led by Optiscan’s Chief Technology Officer, Dr Sanchitha Fernando, brings together Australian industry and science partners CSIRO, Hydrix and Design & Industry to develop a miniature digital microscopy probe that can fit biopsy channels of most endoscopes and provide real-time, slide-free images with sub-cellular resolution.
The system will be powered by an artificial intelligence (AI) engine to automatically detect and analyse cancerous and precancerous cells. It will allow clinicians to conduct real-time GI endomicroscopy examinations and initiate immediate medical intervention if abnormalities are detected, which will significantly increase the chances of successful treatment and improve the prognosis for patients. Such a GI platform will open large markets for the Company’s technology and increase revenue through digital pathology services.
Once completed the Company’s second-generation GI endomicroscope will be clinically tested and validated by Professor Ralf Kiesslich, a global leader in GI endomicroscopy currently at the University Medical Center Mainz Germany, and who was involved with the widespread adoption of the Company’s first-generation GI platform.
Optiscan CEO and Managing Director, Dr Camile Farah, said, “We are delighted to be the recipients of this competitive funding from the Department of Industry, Science and Resources which will turbo charge our development efforts and accelerate completion of our second-generation GI solution. This project is part of a Company-wide transformation which is creating a portfolio of products and services that will tackle large addressable markets. On completion, our new device will bring together the power of the Company’s endomicroscopy platform with that of cutting-edge AI and will open new opportunities in functional GI imaging for conditions such as Irritable Bowel Syndrome, Crohn’s Disease and Ulcerative Colitis, in addition to diagnosis and surgical management of GI cancers and precancerous polyps.”
Dr Farah adds, “Research has estimated that adoption of Optiscan’s GI endomicroscopy technology could potentially generate $8 billion in additional revenue for the GI endoscopy market in the US alone, with a further possible $9.5 billion healthcare benefit realised through saved opportunity costs from patient early detection and reduction of recurrences. Optiscan looks forward to playing its role in realising this potential.”
Optiscan’s success in this latest round of CRC-P funding is a testament to the Company’s innovative technology and the potential commercial value this can bring to the Australian biomedical industry.
