Optiscan inks deal with US uni to diagnose cancer in animals

Optiscan and the University of Minnesota College of Veterinary Medicine have inked a research deal exploring the clinical applications of the medtech’s technology in animal care.

Optiscan inks vet medicine research deal. Image: Getty.

• Optiscan signs collaborative research agreement with the University of Minnesota College of Veterinary Medicine

• It’s a significant milestone in Optiscan’s growth strategy to enter lucrative veterinary market

• Initial focus will be on cancer research in companion animals with pressing demand for better diagnostics

Special Report: Optiscan has inked a collaborative research agreement with the University of Minnesota College of Veterinary Medicine – a significant step forward in expanding clinical applications of the medtech’s confocal endomicroscope imaging system.  

The deal directly supports a key part of the Optiscan (ASX:OIL) growth strategy, which is to to demonstrate its real-time in vivo imaging capabilities in the lucrative veterinary medicine market.

The deal follows a memorandum of understanding (MOU) signed with the prestigious veterinary medicine school in August.

OIL is looking to take advantage of significant opportunities unfolding in veterinary medicine with advanced diagnostic techniques and personalised treatment, especially in companion animals.

The veterinary market in the US was valued at ~US$11.92 billion in 2022 and
is expected to grow at a compound annual growth rate of 8.7% from 2023 to 2030.

Initial focus on cancer research

As part of the five-year deal, the University of Minnesota’s extensive research facilities will be leveraged to explore clinical applications of OIL’s technology in veterinary medicine. The initial focus will be on cancer research in companion animals.

OIL said with ~76 million dogs and 60 million cats living in American households, the demand for veterinary services continues to grow, particularly in the treatment of critical diseases like cancer.

The company said more than 12 million companion animals were diagnosed with cancer annually in the US and the collaboration aimed to meet a pressing demand for innovative diagnostic tools that enhance animal health outcomes and drive advancements in veterinary care.

Potential in equine sector

OIL also emphasised its technology has much to offer the entire veterinary sector, including multiple opportunities in equine diagnostics.

The company said its platform’s real-time, non-invasive imaging capabilities could enhance surgical precision and improve diagnostic accuracy to deliver better health outcomes in equine patients, particularly complex cases.

OIL noted its technology supports the growing demand for advanced veterinary care across all species assisting practices to provide more effective, timely interventions and ultimately elevating the standard of care.

‘Transform the veterinary landscape’

CEO and managing director Dr Camile Farah said it was great to see the MOU with the prestigious university progress into a detailed collaborative agreement.

“It marks another significant milestone in our efforts to demonstrate that the medical benefits derived from Optiscan’s technology platform extend beyond the treatment of humans,” he said.

“The agreement has been delivered as our ongoing discussions with veterinary surgeons, pathologists, and regulatory advisors continue to reinforce our belief that the Optiscan platform has a critical role to play in the treatment of animals as well.”

Farah added that the collaboration aims to set new standards in animal care, moving beyond traditional pathology methods to leverage its real-time, high-definition in vivo imaging technology.

“Together, we can transform the veterinary landscape and ensure that every pet receives the best possible care.

“By providing real-time, high-resolution imaging solutions, we aim to empower veterinarians to make quicker, more accurate diagnoses, particularly in critical areas like oncology.

“We are of the belief that our innovative imaging technology has the potential to revolutionise treatment regimes in both the companion small animal and equine segments of veterinary medicine.”

Farah noted that any successful penetration of the two segments – both in Australia and targeted overseas markets like the US – had the potential to accelerate OIL’s commercialisation strategy.

“This is because both these veterinary medicine segments are already highly lucrative and are expected to become even more so over the years ahead,” he said.

This article was developed in collaboration with Optiscan, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

Originally published as Optiscan inks deal with US uni to diagnose cancer in animals