Revolutionary AI Algorithm «Prostate.Carcinoma.ai» Achieves EU MDR Class IIa Registration
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Xlife Sciences AG / Key word(s): Regulatory Approval Zurich, 18th of December 2023: Xlife Sciences AG (SIX: XLS) achieves EU MDR Class IIa registration with the portfolio company FUSE-AI GmbH and reaches a milestone for medical technology. The AI algorithm «Prostate.Carcinoma.ai» from FUSE-AI GmbH can analyze a multitude of radiological images in a very short time with a lower error rate than the human eye. The AI-based assistance diagnostic software «Prostate.Carcinoma.ai», developed for prostate gland segmentation and lesion detection, has been awarded the prestigious EU MDR Class IIa registration in December 2023. This registration marks a significant milestone in the journey of «Prostate.Carcinoma.ai», which began with the initial investment by Xlife Sciences AG in FUSE-AI GmbH in October 2019. This is not only a success for FUSE-AI GmbH and Xlife Sciences AG, but also a milestone for technological development in radiology and the quality of radiological diagnostics in Europe. The software «Prostate.Carcinoma.ai» is the result of interdisciplinary collaboration between scientists, AI developers and radiologists. The timing of this milestone goes along with the global medical image analysis software market being projected to achieve a value of $4.545 billion by 2023, growing at a compound annual growth rate (CAGR) of 9.9%. «Prostate.Carcinoma.ai» not only promises a 30% time saving per patient but also matches the accuracy of experienced radiologists in prostate volume determination. Its ability to predict and segment lesions as malignant or benign significantly assists radiologists in MRI analysis for prostate diagnosis. The objective is to decrease the error rate in this process from 14% to 1%. The registration of «Prostate.Carcinoma.ai» is a crucial step towards a transformative era in global healthcare, as it enables the initiation of its market rollout. This significant development means that preliminary agreements will now evolve into binding contracts, and the pre-installed or test installations of the software in various medical facilities will become fully operational, paving the way for revenue generation. Strategically, «Prostate.Carcinoma.ai» is not just an isolated solution but a critical component of a broader ecosystem. FUSE-AI GmbH is committed to obtaining registrations for additional areas, thereby positioning «Prostate.Carcinoma.ai» as a vital part of a comprehensive plug-in solution. This approach is expected to establish FUSE-AI's presence in hospitals worldwide, making it an indispensable tool in the medical field. Matthias Steffen, CEO of FUSE-AI GmbH, commented, «Two factors guarantee a positive continuation of our path: an interdisciplinary team that develops AI tools close to the needs of radiologists and a global sales structure that takes into account the regional macroeconomic conditions of the individual healthcare industries.» Oliver R. Baumann, CEO of Xlife Sciences AG, stated «We are more than proud to see our portfolio company FUSE-AI not only contributing to but leading the AI-based assistance diagnostic software field. This will have a positive effect on many patients with radiology being only the beginning.» As we celebrate this achievement, we look forward to the continued advancement of «Prostate.Carcinoma.ai» and the FDA approval in Q1 2024.
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| Language: | English |
| Company: | Xlife Sciences AG |
| Talacker 35 | |
| 8001 Zürich | |
| Switzerland | |
| Phone: | +41 44 385 84 60 |
| E-mail: | info@xlifesciences.ch |
| Internet: | www.xlifesciences.ch |
| ISIN: | CH0461929603 |
| Valor: | A2PK6Z |
| Listed: | SIX Swiss Exchange |
| EQS News ID: | 1798439 |
| End of Announcement | EQS News Service |
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