According to RIVANNA, the funds will help the further development of its Accuro XV musculoskeletal imaging system and will also support the submission of an application for clearance from the FDA
The Accuro XV musculoskeletal imaging system. (Credit: PR Newswire/Rivanna Medical)
RIVANNA, an imaging-based medical solutions developer, has secured funding of $30.5m over 39 months following the Biomedical Advanced Research and Development Authority (BARDA)’s early execution of an option.
BARDA is a division of the Administration for Strategic Preparedness and Response (ASPR) within the US Department of Health and Human Services (HHS).
According to RIVANNA, the funds will help the further development of its Accuro XV musculoskeletal imaging system.
Accuro XV is intended to offer overall, point-of-care musculoskeletal diagnostics.
The system combines ultrasound-based bone and 3D soft-tissue imaging technology with artificial intelligence (AI)-based software to provide distinct benefits over conventional X-ray methods, RIVANNA said.
The device is designed to enable quick automated identification and precise volumetric evaluation of skeletal fractures and soft tissue damage without any risk of radiation or required user training.
It can also help clinicians to make effective decisions on the need for X-ray imaging, thus reducing unnecessary radiography, the imaging-based medical solutions developer said.
Additionally, Accuro XV can solve a prevalent issue in emergency rooms by rapidly detecting soft tissue injuries during the acute phase and enabling proper treatment decisions, and rapid discharge of patients.
RIVANNA co-founder and CEO Will Mauldin said: “Receiving a second round of funding from BARDA is a major milestone in our mission to elevate the global standard of care.
“The true value of Accuro XV lies in its ability to assess both fractures and soft tissue injuries simultaneously, which is not achievable with X-ray imaging.
“By providing comprehensive point-of-care musculoskeletal diagnostics, particularly in high-pressure situations, Accuro XV addresses a critical gap in emergency medical response, which enables cost-effective expedited care delivery that leads to enhanced patient satisfaction and improved outcomes.”
The funding from BARDA will also support the submission of an application for clearance from the US Food and Drug Administration (FDA).
The contract includes options for additional funding of up to $56.4m to support development resulting in FDA 510(k) clearance for CADe/x AI-powered fracture detection.
The new round of funding from BARDA follows a base contract worth $11.6m, which was completed in 2021 for Accuro XV’s proof-of-concept product development and market analysis.