The agreement with PAVmed is said to advance the move of Novosound into the healthcare sector as well as its regional expansion in North America
Dave Hughes (left) from Novosound and Lishan Aklog from PAVmed. (Credit: Business Wire)
Novosound, a Scotland-based ultrasound sensor firm, has signed a commercial partnership deal with American medical technology company PAVmed to develop technology for advancing intravascular imaging.
The agreement is said to advance the move of Novosound into the healthcare sector as well as its regional expansion in North America.
Recently, Novosound secured £3.7m in an investment round led by Par Equity, supported by Foresight Group, Kelvin Capital, and Scottish Enterprise.
Novosound CEO and co-founder Dave Hughes said: “PAVmed has a strong track record in delivering commercial stage medical technology across medical devices, diagnostics, and digital health – the group is the ideal partner for Novosound as we increasingly gain traction in the international healthcare sector.”
Novosound’s patented thin-film manufacturing process supports the company’s non-destructive testing (NDT) products, that include Kelpie, Nebula, and Belenus. Its manufacturing process is said to remove traditional challenges in ultrasonic sensors, such as the high cost of high-resolution imaging.
During the last 12 months, the Scottish ultrasound sensor firm has revealed multiple international contracts from the likes of aerospace groups GE Aviation and BAE Systems, and Israeli digital health firm dSound.
PAVmed chairman and CEO Lishan Aklog said: “We believe Novosound’s proprietary ultrasound technology has the potential to be a once-in-a-generation breakthrough in medical imaging.
“We are excited to partner with Novosound with the goal of revolutionising the global intravascular imaging market.”
In March this year, PAVmed completed the first human implantations of its PortIO intraosseous infusion system in a clinical study in Colombia. The implantations were done at Clinica Porto Azul in Barranquilla as part of the company’s IRB-approved first-in-human (FIH) clinical study.