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Perimeter Medical Imaging AI Selected for INOVAIT Pilot Fund

Perimeter Medical Imaging AI, Inc. (TSXV: PINK) has made an exciting announcement regarding its selection for financial support from the INOVAIT Pilot Fund. This funding is specifically aimed at propelling the development of next-generation AI capabilities for its product, Claire™, which has recently achieved FDA approval as the first AI-enabled imaging device intended for use in breast cancer surgery.

The INOVAIT Pilot Fund, a Canadian government initiative, aims to foster innovation in the healthcare sector by funding projects that demonstrate significant clinical impact. Perimeter's project is one of ten selected for financial assistance in the latest funding round, affirming its importance to the medical community.

Breast-conserving surgery is a crucial option for women battling breast cancer, but a significant challenge persists—approximately one in four women requires additional surgical procedures post-operation. Historically, this has been attributed to the inability of surgeons to visualize tissue at the microscopic level during surgery. Claire™ addresses this critical gap by utilizing wide-field optical coherence tomography (OCT) in conjunction with AI capabilities, allowing surgeons to visualize microscopic cancer during the procedure. This functionality ensures that areas most prone to concealment of cancerous tissue, particularly at the margins of excised tissue, can be evaluated with precision.

Adrian Mendes, CEO of Perimeter, expressed gratitude for the support from INOVAIT, stating, "Advancements in breast cancer treatment have progressed significantly over the past decade. However, the operating room still lacks sufficient tools for surgeons to assess microscopic disease effectively. This funding enables us to enhance the capabilities of Claire™ in surgical settings, improving decision-making and, consequently, patient outcomes on the day of surgery."

The project will primarily focus on enhancing Perimeter’s OCT+AI platform to create more robust and scalable AI systems. The funding totals nearly $148,000, supplemented by a $100,000 Mitacs Business Strategy Internship award that encourages graduate students’ involvement through a collaborative effort with the University of Toronto's Dr. Ervin Sejdić, a leading figure in electrical and computer engineering.

David Rempel, Co-founder and INOVAIT Project Lead at Perimeter, elaborated on the project’s ambitions, stating, "This endeavor transcends mere updates to existing models; we're constructing the foundation for the next layer of Claire's AI infrastructure. Our focus is on refining data labeling processes, performance metrics, and seamless deployment of AI technologies tailored for operating room environments. The ultimate aim is to equip surgeons with increasingly precise intelligence at critical moments during surgeries."

Key focus areas of the project include:

• - Reducing Manual Expert Labeling: Streamlining the training process for AI models by minimizing the need for extensive manual labeling.
• - Performance Analysis Across Tissue Types: Gaining clearer insights into AI performance variations in different tissues and disease presentations.
• - Two-Tier AI Architecture: Designing a dual-layer AI technology that combines swift screening capabilities with detailed follow-up evaluations.
• - System Optimization: Ensuring the AI system functions efficiently on the hardware used in surgical environments.

The deployment of these advanced capabilities will follow standard FDA review processes typically applicable to class III devices. Raphael Ronen, Co-Executive Director of INOVAIT, praised Perimeter for embodying the type of clinical impact the Pilot Fund seeks to support, asserting, "Pilot Fund projects hold the potential to transform patient outcomes. We take pride in backing Perimeter's vital work at this pivotal stage."

INOVAIT facilitates a pan-Canadian network backed by the Government of Canada and hosted at the Sunnybrook Research Institute, dedicated to cultivating an integrated ecosystem for image-guided therapies and AI, promoting continuous healthcare innovation worldwide. This project exemplifies how funding can significantly enhance tools that actively change the landscape of cancer surgeries.

For further insights on Perimeter Medical Imaging AI and its innovative solutions, visit perimetermed.com.