New designation provides potential pathway to expedite adoption of Perimeter's transformative medical imaging technology combined with artificial intelligence
Perimeter Medical Imaging AI, Inc. (TSX-V:PINK)(OTC:PYNKF) (FSE:4PC) (“Perimeter” or the “Company”), a medical technology company driven to transform cancer surgery with ultra-high-resolution, real-time, advanced imaging tools to address high unmet medical needs, announced today that the U.S. Food and Drug Administration (FDA) has granted the company a Breakthrough Device Designation for its Optical Coherence Tomography (OCT) Imaging System coupled with ImgAssist AI.
Perimeter is advancing its proprietary, next-gen artificial intelligence technology and machine learning tools through clinical development under its ATLAS AI project, which is made possible, in part, by a $7.4 million grant awarded by the Cancer Prevention and Research Institute of Texas (CPRIT), a leading state body funding cancer research.
The goal of the FDA’s Breakthrough Devices Program is to provide patients and health care providers with timely access to medical devices that provide for more effective treatment or diagnosis of life-threatening or irreversibly debilitating diseases or conditions by speeding up their development, assessment, and review.
This designation allows for accelerated interactions with the FDA during product development and prioritized review of future regulatory submissions. In addition, a new Medicare policy program (Medicare Coverage of Innovative Technology, or MCIT) provides national Medicare coverage for up to four years for FDA-designated Breakthrough Devices upon market authorization, enabling more rapid utilization of new and innovative technologies for the Medicare population.
Liz Munro, Perimeter’s co-founder and President of Canadian Operations commented, “Since company inception, the Perimeter team’s vision has been to develop imaging tools that have the potential to improve outcomes for clinicians, payors and most importantly – patients and their families. We are thrilled that FDA has granted Breakthrough Device Designation for our OCT Imaging System with ImgAssist AI, recognizing the potential of our device to offer significant advantages over existing alternatives for intra-operative evaluation of margins during breast cancer lumpectomy. We are grateful to the FDA review team for our productive interactions, as well as their timely review of this submission, and look forward to working with FDA through the final stages of development and clinical validation of this exciting product.”
Jeremy Sobotta, Perimeter’s Chief Executive Officer stated, “Achieving a Breakthrough Device Designation from the FDA further validates our strong belief that Perimeter’s novel OCT Imaging System combined with AI has the potential to be a transformative, disruptive new technology aimed at helping surgeons treat breast cancer. This Breakthrough Designation, combined with the Centers for Medicare & Medicaid Services’ (CMS) initiatives around MCIT, have the potential to provide a pathway to expediting adoption of this innovative technology. We are committed to providing physicians with ultra-high-resolution images of excised breast tissue ‘real-time’ during a surgical procedure combined with added artificial intelligence tools to help them interpret areas suspicious for cancer, with the goal of improving patient outcomes and lowering healthcare costs.”
Source: Company Press Release