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- Australian healthcare giant Pro Medicus (PME) has just had its first artificial intelligence (AI) algorithm approved for use in the U.S.
- The medical imaging company’s algorithm measures breast density and can be used to analyse mammograms while screening for breast cancer
- Pro Medicus’ technology has already been approved in Europe and Australia, receiving CE Mark and Therapeutic Goods Administration endorsement
- Ultimately, the latest validation means Pro Medicus is one step closer to bringing its AI tech to market in the U.S., Europe and Australia
- In the year to date, Pro Medicus has performed strongly on the ASX — adding nearly $8 to its share price since the start of 2021
- Today, the company is down 2.08 per cent, trading at $41.92
Australian healthcare giant Pro Medicus (PME) has just had its first artificial intelligence (AI) algorithm approved for use in the U.S.
The medical imaging company has developed a breast density algorithm which can be used to analyse mammograms and help spot anomalies in breast tissue.
The latest approval from the U.S. Food and Drug Administration (FDA) comes after the algorithm was greenlit in Europe and Australia. It carries CE mark and Therapeutic Goods Administration approval.
“We developed this algorithm using our own AI Accelerator platform, which enabled us to significantly speed up every stage of the process from concept to FDA approval,” Pro Medicus CEO Dr Sam Hupert commented today.
“This not only provides us with a fast-track mechanism to develop our
own algorithms in future, it paves the way for further collaborations with the growing number of our research-oriented clients.”
Ultimately, the new approval means Pro Medicus is one step closer to bringing its AI tech to market in the U.S., Europe and Australia.
While PME shares have fallen slightly following today’s announcement, company shares have surged since the start of 2021. On New Year’s Day, Pro Medicus was trading at $34.16 — nearly three weeks later, it hit $43.90 per share.
The ASX 200-listed healthcare player joined the exchange back in 2000, trading at roughly $1.25 per share. Based on its January peak, the company has tabled a 3412 per cent gain over the past two decades.
Today, the company is down 2.08 per cent to $41.92 at 12:43 pm AEDT. Pro Medicus has a $4.46 billion market cap.
