HERNDON, Va. — June 11, 2012, Applied Visual Sciences, Inc. (OTCBB: APVS – News), today announced the formation of a new subsidiary within the healthcare sector of its business. Instasis Imaging represents the initial strategic model to leverage the company’s core image analysis technologies.
Michael W. Trudnak, APVS’s Chief Executive Officer, states, “The development of sophisticated image analysis and computer vision detection applications within the healthcare imaging diagnostic marketplace requires a significant amount of time and a large capital base. The costs to move from research and development through clinical trials, and ultimately governmental regulatory approvals, are very significant. Securing strategic investment, from a financial or healthcare industry partner that shares our vision, is the key to more quickly unlocking the value of our established technology platform.”
Over the past several months APVS has been engaged in discussions, negotiations, and due diligence on the formation of a strategic partnership focused exclusively on breast cancer computer vision detection technology. Instasis Imaging will license APVS’s core analysis technology platform for research and development, as well as for inclusion in the diagnostic products to be commercialized. APVS will contribute all of its intellectual property, including patents, specific to the area of breast cancer detection. Instasis Imaging will complete the process of development, clinical evaluation, and governmental approvals. Further, Instasis Imaging will commercially supply the global markets with high-quality, cost-competitive breast imaging diagnostic products.
“We want to expand our product portfolio on previous works completed and thus intensify our focus on a market that is being globally under-served,” stated Mr. Trudnak. “The company’s goal is to leverage the work that has previously been completed, obtain the necessary governmental approvals and bring the products to market as soon as possible. To accomplish this we believe we have successfully assembled the appropriate pieces and in anticipation have established the new subsidiary.”