ContextVision to focus pathology efforts on the establishment of a fully AI-supported lab service
November 15 2021 - 5:25AM
ContextVision to focus pathology efforts on the establishment of a
fully AI-supported lab service
STOCKHOLM – Nov 15, 2021 - ContextVision, a
medical technology software company specializing in image
processing and decision support tools within digital pathology,
today announces that the Board of Directors of ContextVision has
decided to make a strategic shift and focus its pathology business
unit entirely on the establishment of an AI based pathology lab
service.
The updated strategy means that the company will continue to
develop its machine learning technology for its own laboratory
service, and let go of the present business strategy of developing
and selling decision support tools for existing laboratories.
“We are convinced about this strategic turn. It is a huge
opportunity to create a paradigm shift by making use of the
investments we have made in AI-technology and application
knowledge. It will accelerate further development with the aim to
improve patient care, while creating sustainable shareholder
value.” says CEO Fredrik Palm of ContextVision.
The rationale behind the decisionAs recently
announced, clinical evaluations with pathology labs in Europe and
the United States show that the company’s first product, INIFY
Prostate, seems to be one of the most accurate and advanced
decision support tools in the world today.
Despite that, reality shows that the transformation from
analogue to digital workflow in existing clinical pathology
laboratories around the world is highly complex, from a both
technical, legacy, and commercial perspective. The current level of
fully digitalized labs remains very low, and extensive
investigations have not been able to foresee when digital decision
support tools reach a stage where they become routine and standard
of care, and thereby becoming a sustainable business.
However, the enormous value of a fully digitalized lab, with
standardized processes and a common data model, makes the business
case for an AI based pathology lab service clear. Here, INIFY will
be the core machine learning technology that will be a cornerstone
for the new laboratory service.
Laboratory scopeExpanding the company’s scope
by building a fully digital laboratory enables faster
implementation of technology and workflow improvements, thus
creating maximum value for patients, clinicians and
pathologists.
“One of the success factors is our establishment of a
cross-functional team with clinical and technical expertise,
arranged in the same organization with a common goal – to improve
patient care and healthcare service. Recruitment has started, and
our international network of highly respectable medical
professionals and partners will have the opportunity to be a part
of our organization as it is built up,” says Palm.
Standardized data allows for seamless, continuous development of
powerful machine learning technology and process optimization
within the laboratory. This in turn will provide both employed and
consultant pathologists with valuable tools and prerequisites,
maximizing diagnosis efficiency and quality.
“To be honest, my greatest challenge before we started this
strategic project was to figure out how to transform our
investments in powerful technology and valuable know-how into a
sustainable, growing business. We not only found a solid solution,
but also created a comprehensive strategy for our path forward,”
Palm summarizes.
###
For further information, please contact ContextVision's CEO,
Fredrik Palm, fredrik.palm@contextvision.se or
visit www.contextvision.com
###
About ContextVision ContextVision is a medical
technology software company specialized in image analysis and
artificial intelligence. As the global market leader within image
enhancement, we are a trusted partner to leading manufacturers of
ultrasound, X- ray and MRI equipment around the world.
Our expertise is to develop powerful software products, based on
proprietary technology and artificial intelligence for image-based
applications. Our cutting-edge technology helps clinicians
accurately interpret medical images, a crucial foundation for
better diagnosis and treatment.
ContextVision is now entering the fast-growing digital pathology
market. We are re-investing significantly in our product portfolio
of decision support tools, and we are dedicated to becoming a
leading resource for pathologists to radically develop cancer
diagnosis and improve patient care.
The company, established in 1983, is based in Sweden with local
representation in the U.S., Japan, China and Korea. ContextVision
is listed on the Oslo Stock Exchange under the ticker CONTX.
This information is subject to the disclosure requirements
pursuant to Section 5-12 of the Norwegian Securities Trading
Act.This information is information that ContextVision is obliged
to make public pursuant to the EU Market Abuse Regulation.
- ContextVision - Strategic shift within digital pathology
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