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ProFound AI: Conquering New Frontiers of Cancer Detection and Therapy

15 Mar ProFound AI: Conquering New Frontiers of Cancer Detection and Therapy

iCAD, Inc. (NASDAQ: ICAD), a premier medical technology Company providing cutting-edge cancer detection and therapy solution, presented new research supporting ProFound AI platform, an FDA-cleared, CE marked world-class AI powered breast health solution that is revolutionizing screening and detection of breast cancers. The Company also showcased ProFound AI Risk, a first-in-class clinical decision support tool that leverages data from a screening mammography to offer a highly accurate short-term risk estimation based on specific individuals.

Michael Klein, Chairman and CEO of iCAD, commented,

“iCAD’s powerful artificial intelligence (AI) solutions are clinically proven to offer unparalleled benefits to both clinicians and patients. ProFound AI empowers doctors to find breast cancers earlier, when they may be more easily treated. Specifically, this high-performing deep learning technology offers marked improvements in sensitivity and specificity and a reduction in the rate of false positives, which can reduce unnecessary callbacks for patients. Furthermore, new research presented at ECR demonstrates how ProFound AI helps to improve radiologists’ workflow and efficiency.”

The research findings that use consecutive cases from 18 sites in the U.S and 3 in France conclude that analysis using Profound AI for Digital Breast Tomosynthesis (DBT) was able to precisely identity 33.4 percent of screening DBT exams to triage with 0 percent of false negative results, based solely on the ProFound AI Case Score. The score went up to 58.6 percent of normal cases with no false negative, when information such as breast density and age was also factored in. The data proves that AI algorithms improve reading efficiency and help determine cases where more intensive analysis is needed.

Image Source: Company

The model has also been found to be significantly superior compared to other current models according to Per Hall, MD, Professor/Senior Physician at the Karolinska Institutet.

Professor Hall opined that

The Profound AI Risk model is a validated short-term risk model that provides clinically relevant data about patients’ individual risk of developing cancer between screenings. Our study data show that the ProFound AI Risk model offers significantly superior performance compared to any other current model.”

The Company’s range of AI-based clinical decision tools include Profound AI for Digital Breast Tomosynthesis (DBT), the first AI cancer detection software for DBT cleared by the FDA, along with ProFound AI for 2D Mammography and PowerLook Density Assessment that provide breast density assessment solutions.

The system is trained using a large DBT database that can accurately analyze each image or slice and offer information such as Certainty of Finding and Case Scores, thereby improving clinical decision-making. The algorithm is continually updated and is compatible with leading DBT and digital 2D mammography systems.

iCAD Inc (NASDAQ: ICAD)

Market Cap: $461.48M; Current Share Price: 18.66 USDChart
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Industry
Breast cancer is the most common form of cancer in women with an estimated one in eight women and one in 1,000 men being diagnosed with breast cancer during their lifetime. According to data made available by centers for disease control and prevention (CDC) over 237,000 cases of breast cancer are diagnosed in women and about 2,100 in men in the U.S alone. Approximately 41,000 women and 450 men in the U.S. succumb to this malady every year.

The breast cancer therapeutics industry is likely to reach US$16.21 billion by 2023 growing at a CAGR of 8.4% CAGR from 2015 to 2023, according to a report by Transparency Market Research. Lifestyle changes such as rise in age of childbearing, high intake of oral contraceptive pills, reduced breast-feeding, and undergoing estrogen modifying drug treatments are leading to increased incidences of breast cancer according to the report. The rising spending on mergers and acquisition, strategic collaborations and the growth in research and development efforts to stay ahead of competitors will drive the growth in the market. Onslaught of generics could hamper the market from reaching its full growth potential.

The treatment plan for Breast Cancer consists of Surgery such as mammaplasty, mastectomy, lumpectomy, Radiation therapy, chemotherapy and oral medications. These come with their own set of limitations and side-effects. However, new advancements in technology are helping companies to develop novel therapeutics that with targeted delivery, improved efficacy, reduced side-effects and more positive patient outcomes.

Company
Profound AI is revolutionizing Digital Breast Tomosynthesis by offering a concurrent-read, cancer detection solution that can quickly analyze tomosynthesis images and spot malignant soft tissue densities and calcifications with great precision. The tool, previously known as PowerLook Tomo Detection 2.0, uses deep-learning and artificial intelligence, to improve clinical reading for radiologists, and in turn improves cancer detection and reduces false positives. The algorithm can be easily integrated with existing digital breast tomosynthesis systems and has been cleared by the FDA, is CE marked and has been awarded a Health Canada license as well.

Image Source: Company

The technology provides unmatched clinical performance benefits such as 8.0% average increase in sensitivity, 6.9% average increase in specificity, 7.2% average reduction in recalls and 5.7% average improvement in radiologist AUC. Furthermore, it also reduces reading time by 52.7% and helps prioritize caseloads by using Certainty of Findings scores. Certainty of Finding and Case Scores are computed by the algorithm and range from 0% to 100%.

ProFound AI runs on PowerLook server platform with NVIDIA Graphical Processing Units (GPU) and offers flexibility, reliability and ease of integration with image modalities, mammography review workstations, PACS, and image storage systems.

Xoft, a subsidiary of iCAD, markets the Axxent® Electronic Brachytherapy (eBx®) System® that can deliver highly focused therapeutic radiation to targeted areas with minimal peripheral healthy tissue damage. The system can be used to treat early-stage breast cancer, non-melanoma skin cancer (NMSC), and gynecological cancers, besides having the potential to treat prostate, pancreatic, colorectal and brain cancers.

Image Source: Company

Furthermore, VeraLook® is a sophisticated image process software, used to detect polyps in CTC images, and incorporates state-of-the art hardware and image visualization software from partners such as Viatronix, TeraRecon and Vital Images.

Key Takeaways

  • Artificial Intelligence is witnessing burgeoning demand and gaining wide scale acceptance owing to the humongous amount of data being generated by new age organizations. There is a growing need for tools that enable advanced data interpretation, and offer valuable insights. According to a report by Markets and Markets, the artificial intelligence as a service market is expected to reach USD 10.88 Billion by 2023, growing at a CAGR of 48.2%, from USD 1.13 Billion in 2017.
  • The Company intends to leverage its two core technologies to address a large Total Addressable Market for Clinical AI as well as Radiation Therapy. The demand for advanced cancer screening and therapy solutions offers lucrative opportunities for growth and expansion. iCAD sees a huge market for expanding its IORT applications globally, besides advancing and expanding its core technologies to serve newer indications and geographies.
  • The Company has an extensive enterprise customer base with a significant installed user base of 7200 SW installs globally including OEMs such as GE (NYSE: GE), Hologic (NASDAQ: HOLX), Siemens and Fuji (OTCPINK: FUJIF) that are currently serving SimonMed Imaging, Regional Medical Imaging (RMI), Boca Raton Regional Hospital, Kettering Health Network, Elizabeth Wende Breast Care and Cleveland Clinic to name a few.
  • iCAD is part of major national accounts like HCA Healthcare, acurity, Premier, Tenet Health and Northwell Health among others and has a promising reimbursement landscape that focuses majorly on value-based care.
  • Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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    References

    http://www.globenewswire.com/news-release/2021/03/08/2188960/0/en/New-Research-Supporting-ProFound-AI-Presented-at-European-Congress-of-Radiology-Online-Meeting.html

    https://www.icadmed.com/assets/dmm252_profound_ai_for_breast_tomosynthesis_revb.pdf

    https://www.xoftinc.com/xoft-system.html

    https://www.marketsandmarkets.com/Market-Reports/artificial-intelligence-ai-as-a-service-market-121842268.html

    https://www.cdc.gov/cancer/breast/basic_info/index.htm

    https://www.transparencymarketresearch.com/pressrelease/breast-cancer-therapeutics-pipeline-analysis-market.htm

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