In line with its US pursuit, medical equipment manufacturer Optiscan Imaging (ASX: OIL) has signed a know-how agreement with the US-based academic medical centre Mayo Clinic to develop a new endomicroscopic imaging system. The companies will work together to co-develop technology for use in robotic surgery.
The global market size for medical robots is set to surpass $66.6 billion by 2030. The robotic-assisted surgery market is experiencing significant growth. It is expected to continue expanding, driven by technological advancements, increasing adoption, rising prevalence of chronic diseases, an aging population, surgeon demand, and favourable reimbursement policies.
Optiscan CEO and Managing Director Dr Camile Farah said, “We’re excited to collaborate with Mayo Clinic to accelerate the development and clinical testing of our robotic imaging platform with the aim of fast-tracking the adoption of real-time digital pathology and image-guided precision robotic surgery.
“This collaboration is built on a shared history of innovation and a laser focus on delivering the highest quality patient outcomes for better health care delivery.”
The collaboration combines Optiscan’s engineering expertise in digital endomicroscopic hardware and software development with Mayo Clinic’s know-how in robotic surgery and quality patient care. The agreement—a 24-month co-development plan—will bring together experts from both companies to develop a robot-compatible endomicroscopic imaging system with an initial focus on robotic-assisted breast cancer surgery.
Mayo Clinic is an integrated, not-for-profit medical group practice. Optiscan is an imaging tech developer enabling real-time, non-destructive, 3D, in-vivo digital imaging at the single-cell level. In a September 2023 study, Optiscan revealed that its confocal laser endomicroscopy (CLE) probe could tell apart healthy tissue from breast cancer-involved tissue in every case, just like what was initially seen and confirmed through traditional tissue examination.
In Q3 FY24, Optiscan received a $3 million grant from the Australian Government to develop its Edge-AI-enabled gastrointestinal flexible endomicroscope. To strengthen its dealings with the FDA, it appointed two US-based executives to lead the Clinical Affairs and Regulatory functions.
The Company has been working with the FDA on the suitability of its topical fluorescein approach for oral tissue imaging following feedback received from the administration late in 2023. Optiscan commenced discussions with drug manufacturers to find appropriate alternate pathways to resolve the issues raised by the FDA about the novel topical use of fluorescein (a dye dosage that boosts the visibility of body parts).
It is also exploring alternative approaches for non-topical fluorescein use, which may facilitate the progress of the InVivage® submission through alternative means and streamline discussions around the Company’s other devices. The FDA has granted the Company additional time to explore these alternatives.
Optiscan’s YTD customer receipts are $620k against a cash burn of over $5 million. As of March 31, 2024, its cash equivalents stood at $7.1 million.
The US robotic surgery service market was valued at $2.7 billion in 2022 and is estimated to grow at a compound annual growth rate (CAGR) of 17.3% to reach $9.6 billion in 2030.
Farah added, “The collaboration is part of Optiscan’s wider strategic focus on the US market, and its plan to embed its platform technology as a key component of intraoperative oncological surgery workflows in a variety of settings and clinical applications to provide surgeons with real-time microscopic information of cancer clearance for the potential to reduce missed cancers and minimise repeat surgeries due to residual disease.”
As it progresses in the US with the FDA considerations and Mayo Clinic collaboration, Optiscan is also focusing on its China and Europe sales pipelines, with an anticipated boost in the coming year.
Alinda is a Business Reporter for The Sentiment
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