Artificial Intelligence (AI) technology is disrupting many industries. One of those is healthcare and specifically the biomedical space. Data Bridge Market Research reported in 2022 that the healthcare-related AI market was expected to grow at a CAGR of 51.37% and hit a valuation of $175.22 billion by 2029. Here is a look at some of the biomedical firms that are getting attention at this point.
Intelligent Bio Solutions Inc (NASDAQ: INBS) - is a medical technology company that is focused on delivering fast, non-invasive, intelligent testing solutions. The company came up with the Intelligent Fingerprinting Drug Screening System that is changing the portable testing market through its fingerprint sweat analysis system. Currently being utilized in multiple industry sectors.
On May 16, Intelligent Bio Solutions announced that it was planning to add fentanyl and fentanyl-adulterated drugs to the substances that would be detected by its drug screening system. Fentanyl is a form of opioid and as per data from the CDC, the number of fentanyl overdose death in the 12 months ending November 2022 stood at over 100,000. The company’s President and Chief Executive Officer Harry Simeonidis noted that the addition of fentanyl was an indication of the company’s commitment to combat the opioid crisis.
In the Fiscal Q3, the total revenues and income from government support soared 199% year on year to hit $574,738, compared to $382,238. The year-on-year rise in revenues was also brought about by the acquisition of Intelligent Fingerprinting Ltd during the second fiscal quarter of 2023.
Ginkgo Bioworks (NYSE: DNA) - a biotechnology company that is working on the leading frontier of innovations for engineering biological cells. The company deploys artificial intelligence for operating its highly automated cell culture facilities.
On May 25, Ginkgo Bioworks announced the expansion of the current partnership focussed on Centrient’s portfolio of environmentally friendly active pharmaceutical ingredients (APIs).
The expansion of the agreement had come about after the success of the previous collaboration between the two entities. The current partnership is focused on the improvement of the sustainability of enzymatic and fermentation syntheses related to beta-lactam antibiotic APIs.
ImmunityBio, Inc. (NASDAQ: IBRX) - Vertically integrated clinical-stage biotech firm ImmunityBio Inc is involved in the development of new-age therapies and vaccines meant for strengthening the immune system so that people could fight effectively against cancers and infectious health conditions.
On April 25 the company announced the launch of the clinical trial for studying the investigational Tri-Ad5 vaccine combination with its immune enhancer product IL-15 superagonist N-803. The Phase 2B trial had been sponsored by the National Cancer Institute and would study if the combination could help in the prevention of colorectal and other forms of cancer in the participants of the study. Each of the three different vaccines in the combination targets a different protein related to cancer and precancer cells.
Cardio Diagnostic (NASDAQ: CDIO) is a cardiovascular medicine company that relies on artificial intelligence to power its products. The products help with cardiovascular disease prevention and also make early detection precise and more personalized.
The company recently announced the launch of the Actionable Clinical Intelligence (ACI) platform which would be of assistance to physicians who would be prescribing Epi+Gen CHD and PrecisionCHD tests developed in the laboratory. The ACI platform would provide data-backed insights as well as genetic molecular underpinnings related to coronary heart disease. The analytics framework of ACI helps in integrating test results from laboratory-developed tests with the unique genetic and epigenetic biomarkers as well as clinical information of the patient.
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