Advanced Human Imaging Announces Strategic Investment and License Agreement with Triage Technologies to Progress DermaScan SaaS
PERTH, Australia, April 19, 2021 /PRNewswire/ -- Advanced Human Imaging Limited (ASX: AHI) ("AHI" or the "Company") is pleased to announce that it has entered into a binding licensing and investment agreement with Canadian-based Triage Technologies Inc. (Triage), a worldwide leader in dermatological mobile health. Pursuant to the agreement, AHI will take a strategic equity stake in Triage along with global distribution rights of the Triage AI assisted dermatology health technology to be called (DermaScan) and will grant Triage the distribution rights to AHI's CompleteScan SaaS platform with that program embedded in it.
Triage has developed one of the world's most advanced systems to identify dermatological conditions, capable of accurately classifying skin conditions from an image captured on a standard smartphone camera and processed by deep neural networks, all in a matter of seconds. Using the largest proprietary database of its kind in the world, the AI analytics engine can classify 588 common or rare skin conditions in 133 categories – including all categories of skin cancers.
Both companies will work together to integrate Triage's DermaScan capabilities into the AHI-owned, patented CompleteScan platform with plans to make it available for the global market. The companies expect to complete the integration of the Triage applications into the CompleteScan platform – for availability in 3Q 2021.
"The need for an accessible accurate and easy-to-use application such as Triage's DermaScan is well understood. For example, with one in five Americans and two in three Australians are expected to develop a skin cancer/melanoma by the age of 70," said Vlado Bosanac, Chief Executive Officer of AHI. "Although it is an aggressive form of cancer, it is highly treatable if detected in its early stages. Unfortunately, the ability to pre-screen suspicious moles for malignancy and to catch it in its early stage, is not always a practical option. Our strategic partnership with Triage looks to address this by providing users rapid access to highly accurate diagnostic screenings from the palm of their hands."
"Our agreement with AHI is an important step for Triage Technologies," said Tory Jarmin, Chief Executive Officer of Triage. "Our company was formed by an international group of doctors and scientists to develop breakthrough technology to identify skin conditions by analyzing smartphone photos. DermaScan represents a major advance for patients and health providers."
For more information about AHI's technology, please visit: www.advancedhumanimaging.com
For more information on Triage, please visit: www.triage.com
*This announcement has been approved by the board of Advanced Human Imaging Limited.
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SOURCE Advanced Human Imaging
Company Codes: Australia:AHI