Issued on behalf of Avant Technologies Inc.
VANCOUVER – USA News Group – Earlier this year, US President Joe Biden and his administration put out a new executive order on safe, secure, and trustworthy artificial intelligence (AI), emphasizing the need to establish rigorous security standards, which will have an impact on healthcare security. In response to the EO, the US FDA initiated a consolidation of its AI-related activities under a single AI Council. The timing of the executive order in 2024 reveals how emerging trends in AI are having an impact on biotech. Analysts see massive growth in the crossover of AI into healthcare, with Precedence Research projects a 36.83% CAGR through to a US$613.81 billion by 2034. Working behind the scenes are several AI and biotech developers looking to improve the potential for AI in healthcare, including Avant Technologies Inc. (OTCQB: AVAI), Myomo, Inc. (NYSE-American: MYO), PROCEPT BioRobotics Corporation (NASDAQ: PRCT), Intuitive Surgical, Inc. (NASDAQ: ISRG), and Absci Corporation (NASDAQ: ABSI).
As part of its evolution, AI-focused tech company Avant Technologies Inc. (OTCQB: AVAI) has begun to more seriously explore additional technologies in the biotechnology and healthcare sectors, recently unveiling AI-powered healthcare infrastructure to deliver intelligent healthcare solutions. Most recently, Avant announced a strategic review process intended to maximize shareholder value, including beginning to explore new opportunities in the biotech sector.
“Our management team and the Board of Directors are completely aligned on the decision to begin a strategic review of technology alternatives to maximize shareholder value,” said Kenneth L. Waggoner, CEO of Avant Technologies. “We will continue discussions with other companies, industry leaders, and legal advisors to enhance the path forward for Avant and its shareholders. While the review process is ongoing, Avant’s management remains committed to executing its strategic objectives with the full support of the Board.”
Within the announcement, Avant revealed it has commenced preliminary discussions with potential strategic partners in both the biotechnology and technology sectors. This could end up looking more like potential joint ventures, acquisitions, and partnerships with leaders in biotechnology and other technology sectors.
Avant has also recently stepped up this potential offering, by announcing they’ll be implementing robust cybersecurity measures for their AI-driven healthcare solutions. As per the announcement, Avant is building comprehensive cybersecurity measures into the very foundation of its intelligent solutions, ensuring the highest protection for sensitive patient information.
Building on its extensive experience in AI, Avant plans to evaluate the leading industry frameworks to integrate with its healthcare AI technology. The company is committed to prioritizing patient data security throughout the entire development process by implementing a multi-layered cybersecurity strategy, ensuring robust protection for data both at rest and in transit, all while maintaining strict adherence to HIPAA (Health Insurance Portability and Accountability Act) regulations.
“We are committed to enhancing our AI-driven application with state-of-the-art cybersecurity measures to protect our patient's privacy,” said Danny Rittman, Chief Information Officer of Avant. “Our AI-driven healthcare solutions are developed to monitor and enhance our patient's health, and it is our top priority to ensure the highest data security and privacy standards for our AI healthcare applications. In addition to our advanced cyber measures, we intend to assess third party, industry-standard security platforms to establish a multi-layered, robust cybersecurity system.”
At its foundational level, Avant’s cybersecurity framework is made up of a ZTA (Zero Trust Architecture) and a multi-layer approach to protect sensitive patient data, ensuring the integrity of its AI-driven healthcare solutions. Their system facilitates robust data security measures, including encryption, access controls, and MFA (Multi-Factor Authentication).
At its core, Avant’s cybersecurity framework is built on a Zero Trust Architecture (ZTA) and a multi-layered approach to safeguard sensitive patient data, maintaining the integrity of its AI-driven healthcare solutions. The system implements strong data security measures, including encryption, access controls, and Multi-Factor Authentication (MFA).
Specializing in wearable medical robotics, Myomo, Inc. (NYSE-American: MYO) recently reported record revenue of $7.5 million in its Q2 2024 financial results, with a record 213 MyoPro® authorizations and orders, and record 550 additions to the pipeline, with 1,179 patients in the pipeline at quarter-end. The MyoPro® is an electronically controlled brace designed to help users regain function in their arms and hands, which may be paralyzed due to a stroke, brachial plexus injury (BPI), cerebral palsy, or other neuromuscular conditions.
"I'm proud of our execution during the second quarter," said Paul R. Gudonis, Chairman and CEO of Myomo. "Throughout the organization, we focused on serving a large number of Medicare Part B patients in addition to patients with other insurance, while ensuring we had the clinical, reimbursement and manufacturing capacity to deliver record financial and operating results."
Another medical robotics company making strides is PROCEPT BioRobotics Corporation (NASDAQ: PRCT), which recently announced FDA clearance of its HYDROS™ robotic system, a next-generation, AI-powered platform for Aquablation® therapy. Drawing on insights from over 50,000 procedures, HYDROS incorporates FirstAssist AI™ treatment planning, advanced image guidance, robotic resection, and an optimized workflow. HYDROS is engineered to boost efficiency, enhance the experience for surgeons and staff, and provide a more precise and consistent treatment plan for improved clinical outcomes.
“We are pleased to bring the HYDROS Robotic System to the U.S. market,” said Reza Zadno, CEO of PROCEPT BioRobotics. “This milestone marks a pivotal moment for PROCEPT as Aquablation therapy continues its rapid adoption, with over 400 robotic systems now installed across the United States. After years of research and development, HYDROS introduces significant technological advancements designed for mass-market adoption, and we believe will power the next phase of our growth.”
Another healthcare-focused robotics developer is Intuitive Surgical, Inc. (NASDAQ: ISRG), which recently announced FDA clearance of a labeling revision for its da Vinci X and Xi specific to radical prostatectomy. This clearance was supported by real-world evidence (RWE) collected from 2007 to 2014, showing that the overall five- to ten-year survival rates following robotic-assisted radical prostatectomy are comparable to those of non-robotic radical prostatectomy.
“We believe that many robotic procedures have advantages over traditional open surgery and laparoscopy for patients, care teams, and hospital customers—such as shorter hospital stays, fewer conversions, and less blood loss,” said Myriam Curet, M.D., Chief Medical Officer of Intuitive. “This is a significant step because it confirms non-inferiority for overall survival at 10 years for patients undergoing radical prostatectomy with the da Vinci surgical system.”
Within its Q2 2024 earnings report, Intuitive reported that worldwide da Vinci producers grew approximately 17% compared with the second quarter of 2023. Intuitive placed 341 da Vinci surgical systems, compared with 331 in Q2 2023, which included 70 da Vinci 5 systems placements. As well, Intuitive saw its Q2 2024 revenue increase 14% from the same period the year before, to $2.01 billion.
Data-first generative AI drug creation company Absci Corporation (NASDAQ: ABSI) recently announced a collaboration with Memorial Sloan Kettering Cancer Center (MKS), a leading cancer treatment and research center, to discover novel therapeutics using generative AI. Under the terms of the collaboration, Absci and MSK’s world-renowned cancer research teams will co-develop up to six novel oncology therapeutics using Absci’s Integrated Drug Creation™ platform.
“MSK has an incredible record of groundbreaking translational and clinical innovations in oncology,” said Sean McClain, Founder & CEO of Absci. “By combining MSK’s research expertise with our generative AI drug creation platform, we have the potential to unlock critical advances toward treating this devastating disease.”
As well, Absci recently highlighted in its Q2 2024 financial and operating results that the company had released results from non-human primate studies for ABS-101 demonstrating 2-3x extended half-life as compared to antibodies in clinical development.
"Our recent achievements demonstrate solid execution across all aspects of our business, as we continue to progress internal and partnered programs according to plan," said McClain. "The new results we are sharing today for ABS-101 represent an important step forward, as we continue to advance this potential best-in-class program toward the clinic."
Source: https://usanewsgroup.com/2023/10/26/unlocking-the-trillion-dollar-ai-market-what-investors-need-to-know/
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