Analytics 4 Life Raises $25 Million in Series B Financing to Advance its Artificial Intelligence-Backed Cardiac Imaging Technology
Funding will Advance Proprietary Imaging Technology Designed to Assess Coronary Artery Disease in a Revolutionary Way
Renowned Medical Device Expert Dr. Aaron Berez Joins Board of Directors
RESEARCH TRIANGLE PARK, NC and TORONTO, CANADA, September 27, 2017 — Analytics 4 Life, a digital health company applying the power of artificial intelligence to develop solutions that improve existing care pathways, today announced it has completed a $25 million Series B financing. This unique financing event was supported by an international syndicate of accredited investors, including physicians, healthcare professionals, and medical device experts. The Company’s novel cardiac imaging technology is under clinical investigation to help physicians assess the presence of coronary artery disease (CAD) using intrinsic signals scanned from the body without radiation, contrast agents, or cardiac stress.
“Heart disease is the leading cause of death globally, with 1 in 7 deaths in the U.S. attributed to CAD. We are thankful for the continued support from passionate investors who have made it possible for us to revolutionize the way that CAD is diagnosed,” said Don Crawford, CEO of Analytics 4 Life. “Securing this oversubscribed financing fuels our rapid growth to advance development of our diagnostic tool and gives us the resources we need to deliver this game-changing technology to patients and physicians.”
Current diagnostic methods for CAD are costly, risky, and time-consuming. Analytics 4 Life seeks to address these challenges with its novel method of cardiac imaging. The Company’s state-of-the-art technology represents a new approach to cardiac imaging based on advanced disciplines of mathematics and physics combined with the power of cloud computing and artificial intelligence. The first application of this technology is CorVista™, a non-invasive, physician-directed diagnostic test that aims to identify the presence of CAD without radiation or cardiac stress.
CorVista is designed to scan signals naturally emitted by the body with a synchronous array of seven sensors on Analytics 4 Life’s proprietary collection device. After the signals are acquired, the signal package is instantaneously transmitted to the cloud where it is analyzed by a machine-learned algorithm to generate a unique image and a heart model indicating areas of potential heart disease associated with the presence of CAD. The results of the test are displayed on a secure physician web portal that, in combination with a patient’s medical history, risk factors, and symptoms, are used by the interpreting physician to recommend further treatment.
Coronary Artery Disease Learning and Algorithm Development (CADLAD) Clinical Study
A two-stage clinical trial at 13 sites in the U.S. is currently underway to support CorVista’s development and regulatory filings. The ongoing study, with more than 2,000 patients enrolled so far, will measure the performance of a machine-learned algorithm for CAD detection to gold-standard cardiac catheterization results.
Preliminary results will be presented next month at the Transcatheter Cardiovascular Therapeutics (TCT) conference in Denver. Assuming a positive FDA review, the Company anticipates having CorVista available in the U.S. next year.
Dr. Aaron Berez Appointed to Board of Directors
Also today, Analytics 4 Life announced the appointment of Aaron Berez, M.D., to its board of directors. Dr. Berez is the founder and CEO of Alembic LLC, an early-stage medical device company, and has been leading and advising medical device companies for more than 20 years.
“Today marks an important milestone for the Company, but also for the 15.5 million Americans living with coronary heart disease,” said Dr. Berez. “I’m excited and honored to join Analytics 4 Life’s Board of esteemed experts as we chart a path toward bringing this potentially transformative way to diagnose cardiovascular disease to patients and physicians.”
Previously, Dr. Berez co-founded and served as CEO of Chestnut Medical, acquired by Ev3 (now Medtronic) in 2009, where he led the development of the Pipeline Embolization Device for the treatment of complex intracranial aneurysms. Dr. Berez is currently an investor, advisor, and director to privately held medical device companies focused on capital-efficient medical device development.
About Coronary Artery Disease
Coronary Artery Disease (CAD) is when the heart becomes weakened from a deficient supply of oxygenated blood due to a buildup of plaque in the coronary arteries, which can lead to blood clots, chest pain, and cardiac arrest. CAD affects approximately 15.5 million Americans and is the number one cause of death in the U.S.
About CorVista® System
CorVista is a non-invasive medical imaging system that is designed to acquire and process patient data and display results in a report accessible via a secure web portal. The system scans signals emitted by the body without radiation, exercise, or pharmacologic stress and wirelessly transmits the signal package to the cloud for processing and report generation. Physicians can interpret and use the results as part of an assessment of their patient. CorVista is an investigational device limited by federal law to investigational use. CorVista is not available for commercial distribution.
About Analytics 4 Life®
Analytics 4 Life is pioneering digital health using artificial intelligence to develop a completely new cardiac diagnostic modality. With an initial focus on coronary artery disease, heart failure, and pulmonary hypertension, Analytics 4 Life is advancing a novel, radiation-free, and exercise-free cardiac diagnostic platform aimed at improving existing care pathways. Analytics 4 Life is based in Toronto with U.S. headquarters in Washington, D.C.
Chris Bing Ernst
SOURCE: PR Newswire