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Orthofix Announces Investment and Partnership with nView medical, Developer of Novel Imaging and Guidance Systems
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Positive)
Tags
partnership
Rhea-AI Summary
Orthofix Medical (NASDAQ: OFIX) has announced a partnership with nView medical to co-develop and market nView's innovative imaging system, the nView s1. This FDA-cleared system features low-radiation 3D imaging and surgical guidance technology, enhancing surgical procedures for pediatric limb deformities and cervical spine corrections. Orthofix will integrate this technology into its training facility and pursue additional FDA clearances. The collaboration aims to leverage AI for improved surgical outcomes while addressing the need for reduced radiation exposure.
Positive
Partnership with nView medical for co-development of imaging systems.
The nView s1 system enhances surgical procedures with low-radiation 3D imaging.
Joint educational programs for surgeons will be conducted at Orthofix’s training facility.
Plans to obtain FDA clearance for pediatric limb deformity solutions.
Negative
Risks associated with the successful co-development and market adoption of products.
LEWISVILLE, Texas--(BUSINESS WIRE)--
Orthofix Medical Inc. (NASDAQ:OFIX), a global medical device company with a spine and orthopedics focus, and nView medical, a Salt Lake City-based company developing surgical imaging and guidance systems enabled by artificial intelligence (AI), today announced a partnership and investment agreement to jointly develop and co-market the innovative nView systems with Orthofix cervical spine and pediatric limb deformity correction procedural solutions.
Image of nView Medical's novel nView s1™ system with insta-3D™ technology. (Photo: Business Wire)
The novel nView s1™ system with insta-3D™ technology is a U.S. Food and Drug Administration 510(k) cleared imaging system that features the unique ability to instantly capture 3D images with very low-dose radiation. This approach makes the 3D images available throughout surgery, enabling real time visualization. The nView s1 doubles up as a surgical guidance system with GPS-like technology that uses the true representation of the anatomy as maps and incorporates AI technology to augment the surgeon’s understanding of the surgery.
As part of the collaboration, Orthofix will utilize an nView s1 imaging and navigation system in its Lewisville, Texas training facility where they will conduct joint educational programs for surgeon customers. Orthofix and nView medical will work together to gain 510(k) clearances for Orthofix pediatric limb deformity solutions navigated with the nView s1 system. Additionally, the companies will pursue the development of an application of the technology for adult cervical spine procedures utilizing Orthofix’s comprehensive portfolio of cervical solutions.
“The nView s1 system’s insta-3D imaging technology complements Orthofix’s pre-planning and post-operative software platforms. It is an innovative digital solution aimed at better streamlining the surgery by reducing radiation exposure and decreasing OR time, which is so important for pediatric surgeons and their patients,” said Orthofix President and Chief Executive Officer Jon Serbousek. “We also look forward to working with nView to expand application of this technology for use in cervical spine procedures, utilizing Orthofix cervical solutions.”
“We are very excited to partner with Orthofix, who has a long history in pediatric limb deformity correction, and deep expertise with adult cervical spine procedures,” said nView medical Founder and Chief Executive Officer Cristian Atria. “As we continue the initial commercial rollout of our technology in pediatrics, we look forward to bringing our value proposition to more patients and surgeons, who are also served by Orthofix.”
About Orthofix
Orthofix Medical Inc. is a global medical device company with a spine and orthopedics focus. The Company’s mission is to deliver innovative, quality-driven solutions while partnering with health care professionals to improve patient mobility. Headquartered in Lewisville, Texas, Orthofix’s spine and orthopedics products are distributed in more than 60 countries via the Company's sales representatives and distributors. For more information, please visit www.Orthofix.com.
About nView medical
nView medical, based in Salt Lake City, UT, is a startup whose mission is to make surgery safer, faster, and consistently accurate. nView develops imaging and guidance systems, bringing breakthrough AI solutions for image creation and visualization to surgery. nView medical backers include; the National Science Foundation (NSF), the National Institutes of Health (NIH), the State Of Utah, the National Consortium for Pediatric Device Innovation, HealthTech Arkansas, MedTech Innovator, Dr. Kevin Foley, Fusion Fund, and now, Orthofix Medical Inc. For more information, please visit www.nviewmed.com.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, relating to our business and financial outlook, which are based on our current beliefs, assumptions, expectations, estimates, forecasts and projections. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “projects,” “intends,” “predicts,” “potential,” or “continue” or other comparable terminology. These forward-looking statements are not guarantees of our future performance and involve risks, uncertainties, estimates and assumptions that are difficult to predict, including the risks described in Part I, Item 1A under the heading Risk Factors in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Form 10-K”). Factors that could cause or contribute to such differences may include, but are not limited to, risks relating to: the ability of Orthofix and nView medical to successfully co-develop products that are useful and marketable for pediatric and cervical spine procedures; the ability of nView medical to grow and finance its ongoing business, such that Orthofix’s investment in nView medical will maintain or increase its economic value; and the surgical market’s continued adoption of both parties’ individual and collaborative products. As a result of these various risks, our actual outcomes and results may differ materially from those expressed in these forward-looking statements.
We discuss some of these matters more fully, as well as certain risk factors that could affect our business, financial condition, results of operations, and prospects, in reports we file from time-to-time with the SEC, which are available to read at www.sec.gov. Any or all forward-looking statements that we make may turn out to be wrong (due to inaccurate assumptions that we make or otherwise), and our actual outcomes and results may differ materially from those expressed in these forward-looking statements. You should not place undue reliance on any of these forward-looking statements. Further, any forward-looking statement speaks only as of the date hereof, unless it is specifically otherwise stated to be made as of a different date. We undertake no obligation to update, and expressly disclaim any duty to update, our forward-looking statements, whether as a result of circumstances or events that arise after the date hereof, new information, or otherwise.
What is the partnership between Orthofix and nView medical about?
Orthofix and nView medical are collaborating to co-develop and market the nView s1 imaging system, which utilizes innovative 3D imaging technology for enhanced surgical guidance.
What is the significance of the nView s1 system for surgeries?
The nView s1 system provides low-radiation 3D imaging that enhances real-time visualization during surgeries, important for pediatric and cervical spine procedures.
How will the partnership affect Orthofix's business?
The partnership aims to strengthen Orthofix's product offerings in pediatric limb deformities and cervical spine corrections, potentially increasing market share and surgical efficiency.
What does the FDA clearance for the nView s1 system entail?
The FDA clearance indicates that the nView s1 system meets safety and efficacy standards for surgical imaging and guidance, allowing its use in medical procedures.
What future developments are anticipated from this partnership?
Orthofix and nView medical plan to gain additional FDA clearances and expand the application of the nView technology to adult cervical spine procedures.
