ASX-listed medical technology company Optiscan Imaging (ASX: OIL) has locked in a partnership deal with Monash University to help develop a flexible gastrointestinal (GI) endomicroscope that can be integrated with standard commercially available endoscopes for the purposes of detecting and analysing cancerous tumours such as bowel cancer.
Notably, the partners will seek to use artificial intelligence to automate the detection and analyses of any cancers detected.
As part of a “Cooperative Research Centres Projects” grant the project has received $1 million so far of $3 million committed from the Australian Department of Industry, Science, and Resources.
The collaboration aims to bring Monash’s skills in artificial intelligence (AI) together with Optiscan’s miniaturised endomicroscopy technology to develop a GI scope to produce a real-time, high-resolution imaging device for more accurate and efficient pre-cancerous and cancerous lesion detection and analysis.
Optiscan has also employed the services of Melbourne-based Design & Industry and the University Medical Centre Mainz in Germany for the industrial design element of the project.
A key outcome and confirmation of a successful design will be the ability of the new technology to fit within standard endoscope biopsy channels, making it compatible with most existing gastrointestinal medical equipment.
Optiscan says the product will be easier for hospitals and clinicians to adopt regardless of the brand of scope they may be using. It could also open the door for partnerships with a range of endoscope makers like Olympus, Fuji, Pentax, Karl Storz, and Ambu.
“This agreement between us and Monash University represents a significant step towards better diagnosis and treatment of gastrointestinal diseases. The ‘blue sky’ packaged up in this project is immense. Optiscan’s imaging system has the potential to revolutionise GI diagnostics, not only for GI cancers, but also for improving accuracy and speed in detecting conditions such as Crohn’s Disease, Ulcerative Colitis, and Irritable Bowel Syndrome.” Optiscan Imaging CEO and managing director Dr. Camile Farah
In the U.S alone, almost 21 million GI endoscopies are conducted every year, with colonoscopies making up about 60 per cent of the procedures. Additionally, three million American adults are dealing with inflammatory bowel disease (IBD). According to research by Latham Biopharm Group, the market for severe IBD diagnostics is expected to hit a whopping $1.28 billion globally by 2029.
At the heart of Optiscan’s proprietorial technology is its ability to provide real-time, non-invasive single live cell imaging at a sub-cellular resolution.
By applying the IP to various devices, the company has continued to roll out new products relevant to market demand.
The collaboration deal with Monash University has continued a busy year by the company as it seeks to commercialise its imaging technology across numerous medical disciplines including oral, cervical, surgical, veterinary, pathology and now GI assessments.
Topping the list of achievements, in June Optiscan unveiled its new microscopic InVue medical imaging tool designed to enable surgeons to gain immediate pathology insights in the operating theatre and make on-the-spot decision making, treatment adjustments and undertake precision surgery.
The company has also entered a “know-how” partnership with the globally renowned Mayo Clinic to develop a digital confocal laser endomicroscopic imaging system for use in robotic surgery.
Optiscan appears to be ticking all the right boxes with the market at the moment with the share price riding high, up more than 100 per cent for the year at 16c a share but not before hitting a high of 26c at the start of July.
Sales revenues reported in its September quarterly showed strong signs of improvement too, clocking in at $638,000, its highest level in more than 12 months. With the release of new devices and the promise of entering into numerous other addressable markets in the next year, Optiscan will continue to gain momentum as it continues into the new year.
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