Volpara (ASX:VHT) and Riverain to partner on Lung Cancer

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Volpara (ASX:VHT) and Riverain to partner on Lung Cancer

 Volpara (ASX:VHT) and Riverain to partner on Lung Cancer
Image source: © Bazuzzza | Megapixl.com

Highlights

  • Volpara shares picked up today on ASX and closed 1.2% higher at AU$1.235 per share.
  • US-based tech firm Riverain’s AI solutions complement VHT’s lung screening capabilities.
  • The US lung cancer market has substantial commercial potential for Volpara.

Digital health solutions provider Volpara Health Technologies (ASX:VHT) showed positive sentiments on ASX today after sharing the news on collaboration with Riverain Technologies to drive expansion in the US lung cancer screening market.

VHT is expanding into the lung cancer screening market as it has joined hands with US-based lung imaging company Riverain. Riverain Technologies is an established business that uses AI for lung nodule detection. Riverain’s ClearRead™ technology has approved applications that save radiologists time in accurately detecting disease or lung abnormalities. 

VHT entered the lung market with its MRS systems acquisition in June 2019. Now, the partnership with Riverain provides VHT to expand its lung cancer screening programs and more integrated services for reporting and tracking. It will also help VHT provide better solutions in cancer risk assessment and nodule detection.

VHT’s tracking, and risk assessment software, Volpara® LungTM, covers ~8% of the US lung cancer screening market. Lung cancer CT screening programs are expanding and developing globally, with ~15million people in the US alone.

Seeing the significance US markets hold in the lunch cancer screening market, VHT has focused its growth strategy on the US. VHT seeks to partner with leading US-based lung imagining, diagnostics, and AI companies, to create a more visible footprint in US markets. It wants to increase its market share, and as a result, get a significant boost for revenue generation.

In response to the collab, VHT shares have risen around 1.22% on ASX and closed at AU$1.235 per share as of 8 September 2021.

Bottom line

VHT’s deal with Riverain technologies is one step in its strategy to expand in the US lung cancer screening market. It is looking forward to establish itself in the US market with more such technology sharing deals.

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