Avant Technologies (OTCQB:AVAI) and Ainnova Tech have taken a significant step toward FDA approval of their artificial intelligence-powered medical diagnostic platform by selecting Fortrea as their contract research organization (CRO) partner. The collaboration aims to advance the clinical development and regulatory approval of their Vision AI platform, specifically designed for early detection of diabetic retinopathy.
The partnership marks a crucial milestone in bringing AI-driven diagnostic solutions to market, with Fortrea set to orchestrate the regulatory pathway beginning with an FDA pre-submission meeting. The meeting, anticipated for late March or early April 2025, will establish the framework for subsequent clinical studies required for FDA clearance.
"We worked diligently to identify and select the right CRO to help us both engage the FDA and then conduct our clinical studies," stated Vinicio Vargas, Ainnova's Chief Executive Officer. "Fortrea is an established and highly regarded full-service CRO with expertise in more than 20 therapeutic areas, and a CRO with an extensive portfolio of successfully completed clinical trials."
Strategic Partnership and Market Potential
The collaboration holds particular significance for Avant Technologies and its shareholders through Ai-nova Acquisition Corp. (AAC), a joint venture between Avant and Ainnova. AAC holds exclusive licensing rights for the technology portfolio across the United States, Canada, and Europe, making successful FDA clearance crucial for market access in these regions.
Expanded Clinical Applications
Beyond diabetic retinopathy detection, Ainnova's regulatory strategy encompasses clearance for four additional AI algorithms. These algorithms target early detection of:
- Cardiovascular risk
- Prediabetes and Type 2 diabetes
- Fatty liver disease
- Chronic kidney disease
The regulatory process will begin with the pre-submission application in the coming weeks, followed by comprehensive clinical studies under Fortrea's guidance. The ultimate goal is to secure FDA 510(k) clearance, which would allow the company to market its Vision AI platform and associated technologies.
Technology Development and Implementation
The Vision AI platform represents a convergence of artificial intelligence and healthcare diagnostics, utilizing advanced retinal imaging technology. This innovative approach aims to address the critical need for early disease detection, potentially transforming the landscape of preventive healthcare through AI-driven screening tools.
