Resonance Health (ASX: RHT) has entered into a distribution agreement with the US makers of the world’s first cloud-based radiology marketing platform to promote and sell its FerriSmart automated liver-iron concentration quantification tool.
Under the terms of the agreement, US-based company EnvoyAI will retain the non-exclusive rights to market FerriSmart on its virtual EnvoyAI Exchange – a vendor-neutral distribution platform capable of integrating machine learning into medical imaging to give doctors access to a range of AI solutions.
EnvoyAI has agreed to cover all expenses related to FerriSmart market development including co-branded marketing material, and deploy a fully-trained sales force to sell Resonance products.
EnvoyAI will retain a commercially-confidential commission on all new sales of FerriSmart facilitated via the platform and will be paid a similar confidential commission for sales resulting from end-user referrals to other Resonance products.
For its part, Resonance will retain the right to distribute and sell products outside of the agreement, either directly or through third parties, and on platforms which may be considered to be in competition with EnvoyAI.
The distribution agreement will be for an initial 12-month period, after which it will rollover for successive two-year periods, unless either party provides 30 days notice of termination.
FerriSmart automatically analyses magnetic resonance images from most scanner makes and models, and claims to return a liver-iron quantification result “within seconds”.
The product received clearance last month from the US Food and Drug Administration, paving the way for Resonance to distribute and commercialise FerriSmart across that country.
Resonance chief executive officer Alison Laws said today’s distribution agreement will allow for the “seamless integration” of FerriSmart into EnvoyAI Exchange, which has a customer base of over 5000 installations worldwide and is used by 85% of the United States’ largest 100 hospitals.
“EnvoyAI [will help us] deliver accessible, scalable, solutions for radiology to provide the highest quality data and support tools to assist clinical decision-making and patient management,” she said.
“Existing and future customers of EnvoyAI will now have access to FerriSmart in seamless integration with their existing workflows.”
EnvoyAI facilitates the streamlined distribution and hospital implementation of trained machine learning via a vendor-neutral distribution platform.
It has been billed as a “content-rich AI marketplace for medicinal tools” and includes a suite of market-ready AI solutions aimed at promoting wider access and clinical use of medical imaging algorithms within busy radiology practices.
At mid-afternoon, shares in Resonance Health were trading 15% higher at $0.115.