AI medtech Artrya secures first Australian commercial agreement with The Cardiac Centre NSW

AI medtech Artrya secures first Australian commercial agreement with The Cardiac Centre NSW

Photo: Kenny Eliason via Unsplash

Perth-based medtech Artrya (ASX: AYA) has secured the first commercial agreement in Australia for its AI-driven heart disease-detection technology with The Cardiac Centre NSW, paving the way for revenue to be recorded in the current quarter of this financial year.

Artrya has secured a 12-month agreement with the Wollongong-based The Cardiac Centre and The Cardiac CT Centre NSW which will use the company’s Salix Coronary Anatomy technology for the detection of vulnerable plaque in patients, a precursor for the incidence of heart disease.

The agreement follows an extensive evaluation of the technology by the NSW medical group’s cardiovascular imaging specialists.

The Salix platform will be used across four specialist centres that comprise The Cardiac Centre NSW in Wollongong, Shellharbour, Bowral and Nowra which collectively treat more than 25,000 patients a year for heart disease.

Artrya says the AI-driven Salix platform will provide full diagnostic and evidence-based assessment within 10 minutes of first scan, dramatically improving the diagnosis workflow of coronary artery disease, saving unnecessary costs and minimising patient re-admissions.

“Artrya delivers what we believe is the most advanced and seamless technology platform on the market for the detection, diagnosis, and care of coronary artery disease, creating a new standard of care for the number one cause of death in the world,” says Artrya CEO Mathew Regan.

“We expect first revenues during Q4 FY24 following full integration of the Salix platform into their medical systems.

“This commercial agreement validates our strategy of entering new markets via evaluation periods, offering clinicians the opportunity to test and validate our technology, integrate it into their workflows, and experience firsthand the speed and accuracy of Salix in detecting heart disease compared to conventional methods.”

The Cardiac CT Centre NSW’s senior cardiovascular imaging specialist Dr Barry Elison says the Artrya technology will strengthen the group’s cardiac services for patients.

“This unique technology enables us to take a risk-based approach to patient care and personalised treatment by having a clear understanding of the different stages of plaque, and specifically the plaque that causes heart attacks,” says Elison.

The Artrya technology has been gauged by The Cardiac Centre’s specialists to be superior to existing methods of heart disease diagnosis.

“One of the limitations of current standard diagnostic methods of ischaemic heart disease is the reliance on symptoms, as up to 50 per cent of individuals who experience a heart attack may not have had any previous long-term or overt symptoms,” says Dr Jorge Moragues, a cardiologist and cardiac imaging specialist at The Cardiac CT Centre NSW.

“Salix not only assists in identifying vulnerable plaque, an accurate indicator of disease, but significantly improves the diagnostic workflow of coronary artery disease.”

Artrya was co-founded in 2019 by John Barrington and John Konstantopoulos and listed on the ASX in 2021 with its novel technology said to be the only dedicated coronary artery disease diagnostic support solution that provides an automated, comprehensive report to clinicians within minutes, based on detection of vulnerable plaque which is classed as a superior predictor of heart attacks.

Regan sees the first commercial agreement with the NSW cardiac group providing a “strong foundation” for Artrya as the company looks to expand in further in the state and nationally.

“Heart disease is the leading cause of death in Australia, killing 155 Australians each day,” says Regan.

“Our AI-driven Salix Coronary Anatomy solution provides the first new approach to coronary heart diagnosis and care in 50 years; a game-changer in heart disease diagnosis, saving billions of unnecessary costs and minimising patient readmissions.”

Shares in Artrya were trading more than 8 per cent higher at 10.42am (AEDT) at 32c.

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