Artificial Intelligence (AI) is a hot button issue today, with potential applications for the technology essentially endless. The opportunity underscored the decision for Diagnos Inc. (TSX-Venture: ADK)(OTCQB:DGNOF) to divest its mining assets in March for $800,000 in Majescor Resources Inc. (TSX-Venture:MJX) stock to focus exclusively on its AI healthcare initiatives.
The Brossard, Quebec-based company has developed an AI tool dubbed CARA, an acronym for Computer Assisted Retina Analysis, in its mission to detect accurately critical health issues at an early stage. Experts in deep learning, data mining, image processing and algorithm development, Diagnos markets CARA for screening services with the purpose of preventing vision loss and other morbidities associated with chronic diseases, including diabetes.
Detecting anomalies resulting from diabetic retinopathy through regular scans can trigger physician intervention to improve outcomes and quality of life for patients, while helping to contain healthcare costs. Diagnos wants to make its CARA system part-in-parcel to annual eye exams mandated for diabetics.
Dr. Jeereddi Prasad, a diabetes specialist and President and Medical Director of Chaparral, says that a retinal scan makes it possible to identify cases of diabetes a decade before complications arise. The group now employs CARA as a key component of its Diabetic Champion Program to quickly screen it diabetic patients for indications of diabetic retinopathy, an incurable condition where high blood sugar levels damage blood vessels in the retina.
CARA is cleared for use by regulatory agencies worldwide, including Health Canada, U.S. Food and Drug Administration and European Union. According to stats on the Diagnos website, CARA is being used in 15 countries, at 119 screening sites, with 137,484 patients under Diagnos’ care.
On Wednesday, Diagnos said it made a little more penetration into the key U.S. market, successfully completing a pilot at Chapparral Medical Group in California. Working at the 23 Chapparel clinics across Southern California over the past year helped Diagnos develop a new business model catering to the U.S. market and resulted in a new three-year agreement with the multi-specialty group.
At the same time, Diagnos has opened a second eye-screening clinic in California, increasing its footprint in the populous state.
After hovering around a 2017 low of 11 cents for about six weeks to early May, shares of ADK have started to uptrend, including printing 17.5 cents on June 2. After a pullback to 13 cents on June 21, shares are climbing again, including rising 6.9% in Wednesday afternoon trading to 15.5 cents.
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