Avant Technologies Reaches Global Development and Licensing Deal with Partner, Ainnova Tech, Ahead of FDA Meetings
Rhea-AI Summary
Avant Technologies Inc. (OTCQB:AVAI) and its partner Ainnova Tech have expanded their joint venture agreement to include a global license for developing and marketing Ainnova's technology portfolio. The partnership, through Ai-nova Acquisition Corp. (AAC), will focus on advancing Ainnova's Vision AI platform and proprietary retinal camera technology.
The Vision AI platform can detect diabetic retinopathy and other retinal diseases, as well as non-retinal conditions like cardiovascular disease, prediabetes, type 2 diabetes, fatty liver diseases, and chronic kidney disease using retinal scans. Under the amended agreement, AAC will have global SaaS and hardware commercialization opportunities with opticians and eye care centers.
This expansion comes ahead of Ainnova's meetings with the FDA to prepare for a planned clinical trial of its Vision AI platform. Ainnova will request a pre-submission meeting for guidance on clinical testing for diabetic retinopathy detection, leading to an FDA 510(k) submission. For Avant, these FDA interactions will help define the budget for the regulatory process and are important for marketing the technology in the United States.
Positive
- Global expansion of licensing territory for joint venture
- Technology can detect multiple diseases beyond retinal conditions
- Preparing for FDA clinical trials and 510(k) submission
- SaaS + hardware commercialization model with eye care centers
Negative
- FDA approval still pending with uncertain timeline
- Clinical trial costs and budget not yet defined
- Success dependent on FDA interactions and clearance
LAS VEGAS, NV / ACCESS Newswire / February 25, 2025 / Avant Technologies Inc. (OTCQB:AVAI) ("Avant" or the "Company"), and its partner, Ainnova Tech, Inc., (Ainnova), a leading healthcare technology company focused on revolutionizing early disease detection using artificial intelligence (AI), today announced that the companies have agreed to expand the territory for Ai-nova Acquisition Corp. (AAC), the joint venture formed by both companies. In an addendum to the December 2024 Joint Venture Agreement between Avant and Ainnova, AAC's territory now includes a global license to develop and market Ainnova's "technology portfolio."
The partnership was formed to advance and commercialize Ainnova's portfolio, including its Vision AI platform and its proprietary versatile retinal camera technology. Vision AI is a cutting-edge, AI-driven platform that can detect diabetic retinopathy and other retinal diseases, as well as diseases unrelated to the retina like cardiovascular disease, prediabetes and type 2 diabetes, fatty liver diseases, and chronic kidney disease with high accuracy and speed using retinal scans. Meanwhile, Ainnova's next-generation versatile retinal cameras are seamlessly integrated with Vision AI for precise retinal scans.
Under the amended agreement, Ainnova's Vision AI software, combined with its retinal cameras, will offer AAC SaaS + retinal camera commercialization opportunities with opticians and eye care centers worldwide.
Avant has broadened its territory, through the joint venture, ahead of Ainnova's meetings with the U.S. Food and Drug Administration (FDA) to prepare for a planned FDA clinical trial with its Vision AI platform. Ainnova will begin by requesting a pre-submission meeting with the FDA for guidance on the clinical testing needed for its Vision AI platform in the early detection of diabetic retinopathy, which will culminate with an FDA 510(k) submission to obtain clearance from the FDA to market its technology.
For Avant, the presubmission meeting will help define a precise budget for the strategic partnership's entire FDA process, and the success of Ainnova's interactions with the FDA are paramount to AAC marketing the technology portfolio in the United States.
About Ainnova Tech, Inc.
Ainnova is a Nevada-based healthtech startup with headquarters in San Jose, Costa Rica, and Houston, Texas. Founded by an experienced and innovative team that is dedicated to leveraging artificial intelligence for early disease detection. Recognized with multiple global awards and renowned partnerships with hospitals and medical device companies, we proudly introduce VisionAI - our cutting-edge platform designed to prevent blindness and detect the early onset of diabetes. Explore how Ainnova is revolutionizing healthcare through advanced technology and proactive solutions.
About Avant Technologies, Inc.
Avant Technologies Inc. is an emerging technology company developing solutions in artificial intelligence in healthcare. With a focus on pushing the boundaries of what is possible in AI and machine learning, 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
SOURCE: Avant Technologies
View the original press release on ACCESS Newswire
FAQ
What is the expanded territory in Avant Technologies' (AVAI) deal with Ainnova Tech?
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