Sam Brusco, Associate Editor12.11.23
Medtronic announced expansion of its partnership with Cosmo Intelligent Medical Devices, which is a subsidiary of Cosmo Pharmaceuticals.
The expansion builds on achievements already made with the GI Genius intelligent endoscopy module by harnessing the power of artificial intelligence (AI) within endoscopy help spot possible signs of colon cancer. The partnership’s AI Access also platform hosts multiple third-party AI application in the aim of streamlining development across medical AI applications.
"Our continued partnership with Medtronic, the largest medtech company in the world, is pivotal in further enabling the GI Genius platform to offer enhanced AI solutions and improved clinical outcomes to patients globally,” commented Cosmo CEO Alessandro Della Chà.
Medtronic said it will pay Cosmo $100 million upfront and a double-digit royalty on revenues, in addition to a further $100 million in potential milestone payments. Cosmo will continue to be the exclusive manufacturer, with Medtronic granted exclusive, global, commercial rights.
GI Genius, a computer-aided polyp detection system, was launched in the U.S. in 2021. Gastroenterologists were found to have a 14% improved detection rate for adenomas using the platform.
“We're setting a new course for the future, where AI-assisted healthcare is not just an option, but a fundamental aspect of patient treatment and outcomes," said Medtronic’s chairman and CEO Geoff Martha.
The expansion builds on achievements already made with the GI Genius intelligent endoscopy module by harnessing the power of artificial intelligence (AI) within endoscopy help spot possible signs of colon cancer. The partnership’s AI Access also platform hosts multiple third-party AI application in the aim of streamlining development across medical AI applications.
"Our continued partnership with Medtronic, the largest medtech company in the world, is pivotal in further enabling the GI Genius platform to offer enhanced AI solutions and improved clinical outcomes to patients globally,” commented Cosmo CEO Alessandro Della Chà.
Medtronic said it will pay Cosmo $100 million upfront and a double-digit royalty on revenues, in addition to a further $100 million in potential milestone payments. Cosmo will continue to be the exclusive manufacturer, with Medtronic granted exclusive, global, commercial rights.
GI Genius, a computer-aided polyp detection system, was launched in the U.S. in 2021. Gastroenterologists were found to have a 14% improved detection rate for adenomas using the platform.
“We're setting a new course for the future, where AI-assisted healthcare is not just an option, but a fundamental aspect of patient treatment and outcomes," said Medtronic’s chairman and CEO Geoff Martha.