08 Sep CurveBeam & Straxcorp enter into definitive merger agreement to form CurveBeam AI
HATFIELD, Pa., Sept. 6, 2022 /PRNewswire/ — CurveBeam, LLC of Hatfield PA, USA and StraxCorp Pty Ltd of Melbourne VIC, Australia announced they have entered into a definitive merger agreement to form CurveBeam AI Limited. CurveBeam AI expands CurveBeam’s financially viable point-of-care imaging solutions into the bone health space, as well as springboards artificial intelligence (AI) driven applications for weight bearing CT (WBCT) imaging.
CurveBeam pioneered WBCT systems for the orthopedic specialties. Examining bone & joint alignment in a functional position allows for better diagnosis of lower extremity conditions including flat foot, patellar instability, and hip dysplasia.
CurveBeam AI will host a press conference with CEO Greg Brown and COO, CTO (CT), & President (US Division) Arun Singh on Wednesday, Sept. 7 at 2 p.m. EST to discuss the merger. To register for the press conference, visit: https://marketscale.com/live/curvebeam-is-now-curvebeam-ai/
CurveBeam has installed more than 160 systems around the globe at leading orthopedic institutions.
StraxCorp specializes in providing AI and deep learning AI (DLAI) solutions for bone separation, segmentation, and microstructure as a means for improving bone fragility screening to aid clinicians in preventing fragility fractures.
The companies have been collaborating since 2018. CurveBeam AI will apply the same AI & DLAI solutions to automated orthopedic analyses and will deliver both platforms as “Software as a Medical Device’ through the Cloud.
“CurveBeam AI will offer proprietary tools to improve patient outcomes at a speed and scope that CurveBeam could not alone,” said Arun Singh, CEO of Curvebeam. “Weight bearing CT imaging will remain a core focus, however this merger signifies our steadfast commitment to build the complementary AI software tools that will reduce the barriers to adoption.”
In partnership with StraxCorp, CurveBeam adapted the resolution of its InReach cone beam CT imaging system for the distal extremities to assess bone microstructure. The InReach HR-pQCT (high resolution peripheral quantitative CT) offers a resolution of 80 micron to visualize cortical porosity and trabecular density. The solution takes HR-pQCT out of the research setting to the point-of-care to improve bone fragility assessment. Austin Hospital, located in Melbourne, has been conducting research studies using the InReach HR-pQCT.
“StraxCorp’s vision of delivering DLAI solutions at the point-of-care is best served by joining forces with a respected and trusted partner that ensures a new standard in high resolution CT imaging,” said Greg Brown, CEO of StraxCorp. “Often differences in scanner settings can be a major source of errors. Controlling image quality globally gives us an optimized platform to deliver a world class population health solution.”
Recent studies have validated the need for bone health assessment prior to orthopedic joint replacement surgery to prevent adverse outcomes. Bone Fragility (osteoporosis/osteopenia) is a major risk factor for complications, such as perioperative fragility fractures, periprosthetic fractures and late aseptic loosening associated with the implants. Bone density defined osteoporosis can miss up to 80 percent of fragility fractures1. Bone microstructure has been proven to be a more direct assessment of bone fragility than density alone.
CurveBeam AI’s global operations headquarters for product development, Regulatory, manufacturing and operations including marketing, sales and customer care will remain in Hatfield PA, USA. CurveBeam AI’s corporate office in Melbourne, VIC, Australia, will cover AI research & development, corporate finance, and IP functions. CurveBeam AI, which has 51 employees, will be an unlisted public company backed by several major professional investors and is targeting an Initial Public Offering in 2023.
About CurveBeam
CurveBeam researches, designs, and manufactures cone beam CT imaging systems for the orthopedic specialties. CurveBeam’s corporate headquarters is located in Hatfield, Pennsylvania.
About StraxCorp
StraxCorp is a specialist provider of cloud based medical software solutions to aid in the improvement of bone health. StraxCorp is located in Melbourne VIC, Australia.
1Samelson E et al, Cortical and trabecular bone microarchitecture as an independent predictor of incident fracture risk in older women and men in the Bone Microarchitecture International Consortium (BoMIC): a prospective study.Lancet .Published online November 28, 2018 http://dx.doi.org/10.1016/S2213-8587(18)30308-5
SOURCE: CURVEBEAM AI, PR Newswire, September 6 2022.
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