FRIDLEY (dpa-AFX) - Medtronic plc (MDT), a healthcare technology company, Monday announced that it agreed with Cosmo Intelligent Medical Devices, a unit of Cosmo Pharmaceuticals to expand partnership to utilize Artificial Intelligence in endoscopic care.
Ken Washington, chief technology officer at Medtronic, said, 'The GI Genius module, our first FDA-cleared AI product in gastrointestinal care, represents the initial milestone of this collaboration.'
GI Genius is Medtronic's artificial intelligence computer-aided device to help detect colorectal polyps that was launched in the US in 2021.
The company believes that the platform has helped redefine the landscape of gastrointestinal screening by assisting gastroenterologists performing colonoscopies increasing the adenoma detection rate by 14 percent.
As per the terms, Medtronic will pay Cosmo $100 million upfront as well as a double-digit royalty on net sales in addition to $100 million in potential milestone payments expected to be reached by the end of 2024.
On the other hand, Cosmo Pharmaceuticals will continue to be the exclusive manufacturer, granting Medtronic exclusive, global, commercial rights.
The collaboration will also focus on innovative and scalable AI platforms like AI Access which is designed to host multiple third-party AI applications that is expected to allow for faster innovation and streamlining of the AI development process across medical AI applications.
On Friday, Medtronic shares closed at $79.35, down 0.25% on the New York Stock Exchange.
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