Avant Technologies Creating New Company for Expansion of Diabetes Program
Rhea-AI Summary
Avant Technologies (OTCQB: AVAI) announced plans to establish a new company focused on diabetes treatment expansion. This development follows their successful joint venture with Ainnova Tech through Ai-nova Acquisition Corp (AAC), which utilizes the Vision AI platform for detecting diabetic retinopathy and other diseases.
The company's Vision AI technology can identify early markers of various conditions, including diabetic retinopathy, which affects over 30% of diabetes patients. With over 500 million people globally living with diabetes, Avant aims to expand from diagnosis to treatment through potential joint ventures, partnerships, or acquisitions.
Positive
- Strategic expansion from diagnosis to potential treatment in the diabetes market
- Existing successful joint venture with Ainnova Tech through Vision AI platform
- Large market opportunity with over 500 million global diabetes patients
- Vision AI technology capable of detecting multiple diseases beyond retinal conditions
Negative
- No specific treatment solution identified yet
- Uncertainty about the form of expansion (joint venture, partnership, or acquisition)
- Trading on OTCQB market rather than major exchanges
Avant's Chief Executive Officer, Chris Winter, said, "It is the work we're doing with Ainnova to screen diabetes patients to identify the early signs of diabetic retinopathy that is driving Avant to contribute even more to the fast-growing disease - a potential treatment. We are exploring several promising opportunities to get involved in the development of a treatment for diabetes globally, and if successful, we want to be ready to hit the ground running with the formation of a company to house that opportunity."
In late 2024, Avant entered into a joint venture and licensing agreement with Ainnova Tech, Inc., when the two companies formed Ai-nova Acquisition Corp (AAC) to advance and commercialize Ainnova's technology portfolio, including its Vision AI platform and its versatile retinal cameras. Vision AI is a cutting-edge, AI-driven platform that can detect diabetic retinopathy and other retinal diseases with high accuracy and speed using retinal scans, as well as diseases unrelated to the retina like cardiovascular disease, prediabetes and type 2 diabetes, fatty liver diseases, and chronic kidney disease.
With over 500 million people living with diabetes globally, Vision AI is designed to detect the early markers of diseases like diabetic retinopathy, which is the leading cause of blindness among working age adults. Over
Avant expects that a new relationship will allow it to expand its diabetes program to both identify the early markers of the disease and to treat diabetes.
About Avant Technologies Inc.
Avant Technologies Inc. is an emerging technology company developing solutions in healthcare using artificial intelligence and biotechnologies. With a focus on pushing the boundaries of what is possible in AI and biotechnology, Avant serves a diverse range of industries, driving progress and efficiency through state-of-the-art technology.
More information about Avant can be found at https://avanttechnologies.com
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Forward-Looking Statements
Certain statements contained in this press release may constitute "forward-looking statements." Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements because of various important factors as disclosed in our filings with the Securities and Exchange Commission located at their website (http://www.sec.gov). In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, governmental and public policy changes, the Company's ability to raise capital on acceptable terms, if at all, the Company's successful development of its products and the integration into its existing products and the commercial acceptance of the Company's products. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date after the date of the press release.
Contact:
Avant Technologies Inc.
info@avanttechnologies.com
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SOURCE Avant Technologies Inc.
FAQ
What is Avant Technologies (AVAI) planning for its diabetes program expansion?
How does Avant Technologies' Vision AI platform work for diabetes detection?
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