Cosmo Pharmaceuticals announces that Cosmo Intelligent Medical Devices – IMD Ltd, fully owned subsidiary of Cosmo Pharmaceuticals, and Medtronic to expand cooperation on GI Genius™

Cosmo Pharmaceuticals N.V. / Key word(s): Agreement

22-March-2023 / 06:00 GMT/BST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.

Ad hoc announcement pursuant to Art. 53 LR

Dublin, Ireland – 22 March 2023: Cosmo Pharmaceuticals N.V. (SIX: COPN, XETRA: C43) (“Cosmo”) today announced that its fully owned subsidiary Cosmo Intelligent Medical Devices – IMD is expanding its cooperation with Medtronic, the world’s largest healthcare technology provider, to accelerate the development of Artificial Intelligence (AI) in the healthcare system and bring new AI-based solutions into patient care.

GI Genius™ intelligent endoscopy module has been designed with a modular architecture which allows hosting a suite of different applications for real-time procedures and has the potential to significantly accelerate AI innovation for better patient care. 

Starting from the GI Genius™ system, Medtronic will create an AI Access™ Platform, a set of solutions meant to enable and scale up the implementation of artificial intelligence in the endoscopy suite. 

Cosmo IMD will simultaneously develop Cosmo’s Innovation Center, to provide Software as a Medical Device (SaMD) developers with a sandbox to design and test medical AI using a virtual version of the GI Genius™ hardware. The new SaMDs are intended to be hosted on the GI Genius’™ operating system and marketed by Medtronic. The Innovation Center is a way to accelerate innovation and bring AI-powered applications to the market faster. 
 
Cosmo IMD will use NVIDIA Holoscan, a real-time AI computing software platform for building medical devices, and NVIDIA IGX, an industrial-grade edge AI hardware platform, within Cosmo IMD’s full-stack framework for SaMD development to offer leaner and more powerful development standards and attract a larger community of developers.

The collaboration will enable developers to work on Medtronic’s GI Genius™ AI Access™ Platform and the Innovation Center to efficiently train and validate SaMDs to advance innovation in healthcare.

“We intend to have the GI Genius™ module host an ecosystem of algorithms to help support physicians,” said Giovanni Di Napoli, president of the Gastrointestinal business at Medtronic. “By incorporating NVIDIA Holoscan and the IGX platform into GI Genius™, we aspire to speed up the medical device development cycle and expand access to real-time AI in procedures.”

Nhan Ngo Dinh, President, Cosmo Intelligent Medical Devices (IMD), commented: “We look forward to this expansion of our collaboration with Medtronic within GI Genius™. GI Genius™ has been conceived in order to bring AI content on real-time video flow in any diagnostic or clinical setting. The opening of the architecture to external developers will accelerate the introduction of AI in every healthcare context.”

About Cosmo
Cosmo is a pharmaceutical company focused on developing and commercializing products to treat selected gastrointestinal disorders, to improve endoscopy quality measures through aiding the detection of colonic lesions, and to treat selected dermatological conditions. Cosmo develops and manufactures products which are distributed globally by selected partners including Lialda®/Mezavant®/Mesavancol®, Uceris®/Cortiment®, Aemcolo®/ Relafalk® and Winlevi®. Cosmo has also developed medical devices for endoscopy and has a partnership with Medtronic for the global distribution of GI Genius™ which uses artificial intelligence to help detect potential signs of colon cancer. The company also has a rich development pipeline. For additional information on Cosmo and its products please visit the Company’s website: www.cosmopharma.com

Contact:
Hazel Winchester
Head of Investor Relations
Cosmo Pharmaceuticals N.V. 
Tel: +353 1 817 03 70
hwinchester@cosmopharma.co

Disclaimer
Some of the statements in this press release may be forward-looking statements or statements of future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. Cosmo does not make any representation or warranty, express or implied, as to the accuracy, completeness or updated status of such statements. Therefore, in no case whatsoever will Cosmo and its affiliate companies be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or for any related damages.