IRIS, a New Look Vision Group Inc. company, teams up with DIAGNOS in a multi-year agreement to implement Artificial Intellige...
June 09 2021 - 8:00AM
Diagnos Inc. (“
DIAGNOS” or the
“
Company”) (TSX Venture: ADK) (OTCQB: DGNOF) (FRA:
4D4A), a leader in early detection of critical health issues, is
pleased to announce the signing of a multi-year agreement with IRIS
The Visual Group (1990) Inc. (“
IRIS”), creating a
world leading platform launch for the deployment and enhancement of
Artificial Intelligence (“
AI”) based tests,
screening for vascular changes in the retina for optometry clinics.
This milestone agreement with IRIS constitutes a
major breakthrough for DIAGNOS’ path to continued global
commercialization of its technology solutions.
Initially, implementation of AI at IRIS will
cover the province of Quebec in a multi-step approach as per the
agreement with the INVEST-AI program. The INVEST-AI Program is
managed by IVADO Labs, who receives financial contributions from
the Government of Quebec to facilitate the transfer of AI to
industry.
“IRIS continues to be at the forefront of
implementing technology driven solutions for clinical optometry and
optical retail. The combination of technological advancement and
clinical experience will help elevate the health care experience
and improve patient outcomes. Artificial intelligence will raise
our standard when it comes to quality of care and we are eager to
collaborate with DIAGNOS,” said Eric Babin, President of IRIS.
In addition, DIAGNOS has entered into a 7-year
agreement with New Look Vision Group Inc. (“New Look
Vision”), IRIS’ parent company. The New Look Vision
network totals 406 locations operating across North America.
Outside of the initial implementation, supported by the INVEST-AI
Program, this agreement further supports the development and
deployment of AI across the broader network.
DIAGNOS algorithms installed in our data center
in Montreal will examine the retina images of patients. Patient’s
retina images are transmitted using a secure internet connection.
DIAGNOS then provides the results of the AI assisted examination
back to the optometrist in the form of a report. The optometrist
may then use the results of the report to assist in managing
treatment and potential referral. DIAGNOS is reimbursed based on a
click fee per patient which includes 2 pictures of the retina (left
eye and right eye).
“We are extremely pleased to enter into this
major agreement with IRIS and New Look Vision, a market leader in
North America with more than 400 optical stores. IRIS and New Look
Vision are ideal industry partners for the rapid implementation of
DIAGNOS’ technologies,” stated André Larente, President of
DIAGNOS.
Introduction of AI in medical imaging has
changed the market dynamics in recent years and is anticipated to
massively influence the growth in the near future. DIAGNOS is
committed to develop and market AI-based solutions in the field of
medical imaging diagnosis, providing key decision-making support.
Though the AI adoption is in the early phase in retinal
technologies, rising demand for accuracy, efficiency, and patient
safety is anticipated to significantly boost the adoption of
DIAGNOS’ AI-enabled medical imaging over the next several
years.
“Clinics, optical stores, and diagnostic and
research centers are expected to emerge as crucial end users of our
image analysis solutions, owing to rising demand for our extremely
efficient solutions for better patient outcomes,” said André
Larente. “In the future, these segments will account for larger
DIAGNOS revenue shares as they increasingly rely on imaging
services like CARA (Computer Assisted Retina Analysis), creating
significant growth potential for DIAGNOS during its recently
launched monetization strategy. Adoption of technologically
advanced products such as our proprietary multimodality imaging
platforms and benefits associated with the use of our systems, such
as high-resolution imaging, convenient use, and flexibility, are
contributing to constantly growing demand. Therefore, DIAGNOS is
very actively continuing its global roll-out activities and the
introduction of even further technologically advanced product
updates and the advent of efficient information management systems
are expected to drive the market growth in the coming years on a
global scale. DIAGNOS has successfully started to transition to its
international commercialization strategy, effectively navigating
the regulatory landscape, in a highly competitive market, enabling
its commercial products to get to market faster than the
competition. Launching DIAGNOS’ global sales campaign in the first
half of 2021 has allowed the Company to achieve very tangible
results for its shareholders already this year, including, but not
limited to, the New Look Vision agreement. DIAGNOS is targeting to
be cash flow positive by the end of 2021.”
About IRIS and New Look Vision:
IRIS was founded in 1990 in Quebec. Since that
time, IRIS has developed into the largest network of optometrists,
opticians and ophthalmologists operating under the same banner
across Canada. The company’s locations combine clinical optometry
and optical retail to provide a unique concept and a commitment to
offering top quality products and services in the field of eyecare.
For additional information please visit www.iris.ca or consult our
LinkedIn page.
New Look Vision is the leading provider of eye
care products and services across Canada and entered the United
States market in 2020. The Company has retail sales of optical
products which can be grouped into four principal categories: (i)
prescription and non-prescription eyewear, (ii) contact lenses,
(iii) sunglasses, protective eyewear and reading glasses, and (iv)
accessories, such as cleaning products for eyeglasses and contact
lenses. The Company’s network of stores totals 406 locations.
Certain prescription lenses are processed at the Company’s
laboratory facility, located in Ville St-Laurent, Québec. For
additional information please visit www.newlookvision.ca.
About DIAGNOS:
DIAGNOS is a publicly traded Canadian
corporation dedicated to early detection of critical health
problems based on its FLAIRE Artificial Intelligence (AI) platform.
FLAIRE allows for quick modifying and developing of applications
such as CARA (Computer Assisted Retina Analysis). CARA’s image
enhancement algorithms provide sharper, clearer and
easier-to-analyze retinal images. CARA is a cost-effective tool for
real-time screening of large volumes of patients. CARA has been
cleared for commercialization by the following regulators: Health
Canada, the FDA (USA), CE (Europe), COFEPRIS (Mexico) and Saudi FDA
(Saudi Arabia).
Additional information is available
at www.diagnos.com and www.sedar.com
This news release contains forward-looking
information. There can be no assurance that forward-looking
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in these
statements. DIAGNOS disclaims any intention or obligation to
publicly update or revise any forward-looking information, whether
as a result of new information, future events or otherwise. The
forward-looking information contained in this news release is
expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
For further information, please contact:
Mr. André Larente, President
DIAGNOS Inc.
Tel: +1-450-678-8882 ext. 224
Email: alarente@diagnos.ca
Corporate Communications:
Nancy Massicotte
IR Pro Communications Inc.
Dir: +1 604-507-3377
TF: 1-866-503-3377
Email: nancy@irprocommunications.com
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