Cosmo and Medtronic Unveil the Future of AI in GI: Genius Summit 2024 Reveals Innovations and Collaborations That Advance Endoscopic Care

Rhea-AI Summary

Cosmo Pharmaceuticals N.V. announces the launch of ColonPRO™ software, enhancing the GI Genius™ intelligent endoscopy system with improved AI-driven polyp detection and procedural highlights. Medtronic plc presents at the Genius Summit 2024, highlighting a new strategic collaboration with Cosmo and Modernizing Medicine® to enhance patient care. The GI Genius™ system has the potential to impact 2.7 million patients annually, with a 9% reduction in false positives due to the new software. The collaboration aims to streamline workflows, leverage augmented decision-making, and elevate the standard of care in endoscopic procedures.

Positive

• Launch of ColonPRO™ software enhances GI Genius™ system with improved AI-driven polyp detection and procedural highlights.
• GI Genius™ system has the potential to impact 2.7 million patients annually.
• 9% reduction in false positives with the new software.
• Collaboration with Medtronic, Cosmo, and Modernizing Medicine® aims to streamline workflows, leverage augmented decision-making, and elevate the standard of care in endoscopic procedures.

Negative

• None.

Dublin, Ireland--(Newsfile Corp. - April 12, 2024) - Cosmo Pharmaceuticals N.V. (SIX: COPN) (FSE: C43) (“Cosmo”) announces that Medtronic plc (NYSE: MDT), a global leader in healthcare technology, presented at the Genius Summit 2024 the latest advancements in artificial intelligence (AI) for endoscopic care by unveiling ColonPRO™, the latest generation software for the GI Genius™ intelligent endoscopy system developed by Cosmo IMD, along with a new strategic collaboration designed to enhance patient care.

The GI Genius™ system was the first commercially available computer-aided detection (CADe) system used AI to identify colorectal polyps. Its significant impact has been well researched with more than 30 academic and real-world publications across a combined total of 23,000+ patients.¹ Based on the current global install base, the GI Genius™ system has the potential to impact 2.7 million patients annually.² Now, with the launch of ColonPRO™ software, the GI Genius™ system takes a significant leap forward in AI-driven polyp detection by introducing an enhanced algorithm, supported by a dataset that is double the size of the previous one, resulting in a notable improvement in its detection capabilities. Specifically, there's been a 9% reduction in false positives.³ Additionally, the system as developed by Cosmo now incorporates a new feature that provides procedural highlights;⁴ an important milestone in its ability to automate physicians’ workflow, reduce administrative burdens in documentation, and pave the way for future integration with electronic health records. The update also provides user interface enhancements to support the development of third-party applications through the AI Access™ platform, introduced at last year's Genius Summit.

Medtronic also announced its collaboration with Cosmo and Modernizing Medicine® (ModMed), a pioneer in healthcare technology and Electronic Health Records (EHR), further emphasizing its commitment to a synergistic approach to the future of endoscopic care. ModMed's gGastro® EHR software is complementary to the GI Genius™ system, offering robust documentation solutions.

"Through our collaboration with ModMed, we can continue to help gastroenterologists achieve greater efficiency by streamlining workflows and leveraging augmented decision-making, freeing up valuable time for patient care," said Raj Thomas, president of the Endoscopy business, which is part of the Medical Surgical Portfolio at Medtronic. "We are committed to working with industry leaders and focusing on where we can best offer innovation, addressing unmet clinical needs and elevating the standard of care."

“The new developments at Cosmo on the GI Genius™ system, and specifically the release of the new operating system coped with ColonPRO™software, will accelerate the introduction of new features and streamline the development of the AI Access™ platform," said Nhan Ngo Dinh, President at Cosmo Intelligent Medical Devices.

The companies will begin testing out new capabilities for future integration, moving closer to their shared vision of enabling gGastro® EHR software to receive real-time, AI-generated data from the GI Genius™ system, making the documentation process more efficient and enabling physicians to spend more of their time on patient care. Medtronic’s announcements at the Genius Summit 2024 underscore its dedication to advancing colorectal cancer care with AI innovations and strategic collaborations. Cosmo and Medtronic remain at the forefront of delivering solutions that address the needs of patients and physicians alike.

About Cosmo

Cosmo is a pharmaceutical company focused on developing and commercialising products to treat selected gastrointestinal disorders, to improve endoscopy quality measures through aiding the detection of colonic lesions and to treat selected dermatological conditions. Cosmo develops and manufactures products which are distributed globally by selected partners including Lialda®/Mezavant®/Mesavancol®, Uceris®/Cortiment®, Aemcolo®/ Relafalk® and Winlevi®. Cosmo has also developed medical devices for endoscopy and has a partnership with Medtronic for the global distribution of GI Genius™ which uses artificial intelligence to help detect potential signs of colon cancer. The company also has a rich development pipeline. For additional information on Cosmo and its products, please visit www.cosmopharma.com.

Upcoming Calendar of Events
Annual Report 2023                              April 30, 2024
Annual General Meeting2024               May 24, 2024
ODDO BHF Nextcap Forum 2024        June 6, 2024
Half Year Results 2024                         July 25, 20024 

Contact
Hazel Winchester
Head of Investor Relations
Cosmo Pharmaceuticals N.V.
Tel: +353 1 817 03 70
hwinchester@cosmopharma.com 

Disclaimer

Some of the statements in this press release may be forward-looking statements or statements of future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. Cosmo does not make any representation or warranty, express or implied, as to the accuracy, completeness or updated status of such statements. Therefore, in no case whatsoever will Cosmo and its affiliate companies be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or for any related damages.

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¹ https://cosmoimd.com/gi-genius/
² Internal Medtronic data, based on shared colonoscopy volumes per facility
³ CB1708-MN-US: GI Genius™ systems User Manual
⁴ CB1708-MN-US: GI Genius™ systems User Manual

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FAQ

What is the latest software launched by Cosmo Pharmaceuticals N.V. to enhance the GI Genius™ system?

The latest software launched by Cosmo Pharmaceuticals N.V. to enhance the GI Genius™ system is ColonPRO™.

How many patients annually can the GI Genius™ system potentially impact?

The GI Genius™ system has the potential to impact 2.7 million patients annually.

What is the percentage reduction in false positives achieved with the new software?

The new software has achieved a 9% reduction in false positives.

Which companies are collaborating to enhance patient care in endoscopic procedures?

Medtronic, Cosmo Pharmaceuticals N.V., and Modernizing Medicine® are collaborating to enhance patient care in endoscopic procedures.