San Diego medical software firm CorTechs Labs, empowers physicians to make quick, accurate diagnoses and provide effective treatment to disordered patients. The company said it is seeing significant growth and adoption of its brain imaging solution worldwide.
San Diego-based medical software developer, CorTechs Labs, developed the first FDA approved, neuroimaging technology leading the industry into introducing valuable AI solutions to healthcare.
In particular, CorTechs provides physicians an innovative tool to identify treatment options for neurodegenerative diseases such as Alzheimer’s disease, epilepsy, multiple sclerosis, and brain trauma.
The company developed NeuroQuant, an AI analysis software that examines MRI scans to quantify brain atrophy and diagnose brain disorders. The FDA approved software is used by neurologists, radiologists and clinical researchers.
In 2014, CorTechs Labs raised $1.2 million in series B financing, led by Malaysian investment holding company Genting Berhad through its wholly-owned subsidiary, Dragasac Limited. The funding helped accelerate development of the company’s brain atrophy analysis software, among other early business development efforts.
Prior to receiving the equity funding, the company was primarily funded by Small Business Innovation Research (SBIR) grants. In total, the company said it has received up to $6 million in funding, which fueled the original development.
Artificial Intelligence (AI) in healthcare has been happening for a long time, however the technology is finally starting to be implemented and successfully applied in medicine.
To date, there are close to 1,000 centers around the world that are utilizing its software and it has been used to analyze more than 500,000 brain scans. In addition, the company has operations in 35 countries, with employees located in three countries and distributor networks around the world.
About 50% of people are presented with a mild cognitive impairment. In turn, about half of those patients have or is in the process for developing Alzheimer’s disease, according to the company.
“What we’re really good at is helping to rule out Alzheimer’s disease and to help the physician decide if the Dementia is caused by something else, other than the Alzheimer’s disease,” CEO of CorTechs Labs, Chris Airriess said.
Airriess said Dementia can be difficult thing to track, for example, a patient could either be diagnosed with Lewy body dementia, Frontotemporal dementia, Vascular dementia — all of these have different patterns degeneration of nerve brain tissue.
Cortechs Labs’s competitive advantage is that it provides physicians the ability to track patients over time. For example, if a patient’s identification is already in the system, NeuroQuant will pull prior data to perform ongoing multi-time point evaluations to assess brain structure volume changes over time.
At this time, Airriess did not disclose annual revenue numbers but he said the number lies in the millions and is growing.
The company said, its year-over-year growth from 2018 was roughly over 20 percent. In addition, it’s working on bring additional products into the pipeline to widen its customer base. Airriess said they are also seeing significant growth in the global market and distribution over the past year.
Currently, Cortech’s Labs have active marketing in Brazil, Singapore, Malaysia, Australia, Europe and the United States.