Mr. Andre Larente reports
IRIS, A NEW LOOK VISION GROUP INC. COMPANY, TEAMS UP WITH DIAGNOS IN A MULTI-YEAR AGREEMENT TO IMPLEMENT ARTIFICIAL INTELLIGENCE TECHNOLOGY WITH SUPPORT FROM THE INVEST-AI PROGRAM
Diagnos Inc. has signed a multiyear agreement with Iris The Visual Group 1990 Inc., creating a world-leading platform launch for the deployment and enhancement of artificial-intelligence-based tests, screening for vascular changes in the retina for optometry clinics.
This milestone agreement with Iris constitutes a major breakthrough for Diagnos's path to continued global commercialization of its technology solutions.
Initially, implementation of artificial intelligence (AI) at Iris will cover the province of Quebec in a multistep approach as per the agreement with the Invest-AI program. The Invest-AI program is managed by Ivado Labs, which receives financial contributions from the government of Quebec to facilitate the transfer of AI to industry.
"Iris continues to be at the forefront of implementing technology-driven solutions for clinical optometry and optical retail. The combination of technological advancement and clinical experience will help elevate the health care experience and improve patient outcomes. Artificial intelligence will raise our standard when it comes to quality of care and we are eager to collaborate with Diagnos," said Eric Babin, president of Iris.
In addition, Diagnos has entered into a seven-year agreement with New Look Vision Group Inc., Iris's parent company. The New Look Vision network totals 406 locations operating across North America. Outside of the initial implementation, supported by the Invest-AI Program, this agreement further supports the development and deployment of AI across the broader network.
Diagnos algorithms installed in its data centre in Montreal will examine the retina images of patients. Patient's retina images are transmitted using a secure Internet connection. Diagnos then provides the results of the AI-assisted examination back to the optometrist in the form of a report. The optometrist may then use the results of the report to assist in managing treatment and potential referral. Diagnos is reimbursed based on a click fee per patient which includes two pictures of the retina (left eye and right eye).
"We are extremely pleased to enter into this major agreement with Iris and New Look Vision, a market leader in North America with more than 400 optical stores. Iris and New Look Vision are ideal industry partners for the rapid implementation of Diagnos's technologies," stated Andre Larente, president of Diagnos.
Introduction of AI in medical imaging has changed the market dynamics in recent years and is anticipated to massively influence the growth in the near future. Diagnos is committed to develop and market AI-based solutions in the field of medical imaging diagnosis, providing key decision-making support. Though the AI adoption is in the early phase in retinal technologies, rising demand for accuracy, efficiency and patient safety is anticipated to significantly boost the adoption of Diagnos's AI-enabled medical imaging over the next several years.
"Clinics, optical stores, and diagnostic and research centres are expected to emerge as crucial end-users of our image analysis solutions, owing to rising demand for our extremely efficient solutions for better patient outcomes," said Mr. Larente. "In the future, these segments will account for larger Diagnos revenue shares as they increasingly rely on imaging services like CARA (computer-assisted retina analysis), creating significant growth potential for Diagnos during its recently launched monetization strategy. Adoption of technologically advanced products such as our proprietary multimodality imaging platforms and benefits associated with the use of our systems, such as high-resolution imaging, convenient use and flexibility, are contributing to constantly growing demand. Therefore, Diagnos is very actively continuing its global rollout activities and the introduction of even further technologically advanced product updates and the advent of efficient information management systems are expected to drive the market growth in the coming years on a global scale. Diagnos has successfully started to transition to its international commercialization strategy, effectively navigating the regulatory landscape, in a highly competitive market, enabling its commercial products to get to market faster than the competition. Launching Diagnos's global sales campaign in the first half of 2021 has allowed the company to achieve very tangible results for its shareholders already this year, including, but not limited to, the New Look Vision agreement. Diagnos is targeting to be cash flow positive by the end of 2021."
About Diagnos Inc.
Diagnos is a publicly traded Canadian corporation dedicated to early detection of critical health problems based on its Flaire AI platform. Flaire allows for quick modifying and developing of applications such as CARA. CARA's image enhancement algorithms provide sharper, clearer and easier-to-analyze retinal images. CARA is a cost-effective tool for real-time screening of large volumes of patients.
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