PAVmed (Nasdaq:PAVM) announced today that it entered into a license option and joint R&D agreement with Novosound.
Glasgow, Scotland-based Novosound develops proprietary flexible thin-film ultrasound technology for medical imaging. The venture-backed company currently targets next-generation intravascular ultrasound (IVUS) imaging.
“Nearly all of the advances in ultrasound imaging technology over the past several decades have focused on leveraging an explosion of computational power for digital image processing, along with novel configurations of otherwise decades-old, rigid, machined ceramic, piezoelectric sensors,” said Dr. Lishan Aklog, PAVmed chair and CEO. “The Novosound team has developed groundbreaking technology whereby the piezoelectric material is lithographically ‘printed’ on a flexible thin-film substrate and have proven the technology’s applicability in a commercially successful industrial application.”
Details of the agreement between Novosound and PAVmed
PAVmed and Novosound intend to collaborate on a joint R&D project to incorporate the latter’s technology into an intravascular catheter. This aims to produce cross-sectional images of vascular structures.
The companies plan to use high-resolution, low-cost, miniaturized ultrasound two-dimensional arrays. These come without the mechanical rotation of sensors typically required by IVUS catheters.
“We believe Novosound’s technology, which overcomes many of the limitations of conventional ultrasound, including the cost of high-frequency, high-resolution imaging, has the potential to be a once-in-a-generation breakthrough in ultrasonic medical imaging,” Dr. Aklog added. “We are excited to join forces with Novosound to explore applying their technology in medical imaging, initially targeting the intravascular ultrasound catheter market.
PAVmed retains the option to license Novosound’s technology upon the achievement of certain development milestones. Target specifications include order-of-magnitude improvements in image resolution and sensor manufacturing costs. This offers the potential for a disposable product.
The two companies already have an active partnership. It seeks to apply Novosound’s technology to the PAVmed CarpX device for carpal tunnel syndrome.
Novosound CEO and co-founder Dave Hughes praised PAVmed’s track record. He said the company excels in innovation and the delivery of commercial-stage medical technologies.
“They are the ideal partners for Novosound as we increasingly gain traction in the international healthcare sector,” Hughes said.