Ultrasound sensor specialist Novosound has signed a major deal that will see the firm move into the healthcare sector and expand into North America.
The Glasgow based firm has signed a commercial partnership agreement with US-based PAVmed Inc., the Nasdaq-listed diversified medical technology company, to develop technology aimed at advancing intravascular imaging.
Dave Hughes, Chief Executive and Co-Founder of Novosound, said: “PAVmed has a strong track record in delivering commercial stage medical technology across medical devices, diagnostics, and digital health - the group is the ideal partner for Novosound as we increasingly gain traction in the international healthcare sector.”
Lishan Aklog, M.D., Chairman and Chief Executive of PAVmed, said the partnership aims to revolutionise the global intravascular imaging market.
He said: “We believe Novosound’s proprietary ultrasound technology has the potential to be a once-in-a-generation breakthrough in medical imaging."
Novosound recently secured its latest investment, a £3.7 million round led by Par Equity, supported by Foresight Group (via the Foresight Williams Technology EIS Fund), Kelvin Capital, and Scottish Enterprise.
Novosound’s patented thin-film manufacturing process, which eliminates conventional limitations in ultrasound sensors including the high cost of high-resolution imaging, also underpins the company’s pioneering non-destructive testing (NDT) products - the Kelpie, Belenus, and Nebula.
The company has announced a series of international contract wins over the last twelve months, including with aerospace groups BAE Systems and GE Aviation, and Israeli-based digital health company dSound.
Novosound is set to exhibit its wireless wearable ultrasound platform at CES 2023 in Las Vegas in January.
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