Investor Ideas, Trading Ideas and Stocks to Watch : #AIEye Episode 417: Nuance (NasdaqGS: $NUAN) Announces Strategic Collaboration with MITRE and Cancer Genetics (NasdaqCM: $CGIX) Enters Definitive Merger with StemoniX

Monday, August 24, 2020

#AIEye Episode 417: Nuance (NasdaqGS: $NUAN) Announces Strategic Collaboration with MITRE and Cancer Genetics (NasdaqCM: $CGIX) Enters Definitive Merger with StemoniX

#AIEye Episode 417: Nuance (NasdaqGS: $NUAN) Announces Strategic Collaboration with MITRE and Cancer Genetics (NasdaqCM: $CGIX) Enters Definitive Merger with StemoniX

Global AI in Diagnostics Market to Reach $1.3 Billion by 2026

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Today’s Column- The AI Eye- Watching stock news, deal tracker and advancements in artificial intelligence

Stocks discussed: (NasdaqGS:NUAN) (NasdaqCM:CGIX)

Nuance Communications, Inc. (NasdaqGS:NUAN) has announced a strategic collaboration with not-for-profit R&D organization MITRE to “advance the mCODE™ (minimal Common Oncology Data Elements) data standard for improved cancer research and treatment using the AI-powered Nuance® Dragon Medical One solution.” Diana Nole, Nuance Communications, executive vice president and general manager of healthcare, explained:

“Collecting clinical data specific to oncology treatment has traditionally been a difficult task to overcome. Combining Nuance's AI expertise with the mCODE data standard provides oncologists with the ability to easily collect and gain access to critical outcome data by simply using their voice to securely dictate notes and search within the EHR using Nuance Dragon Medical One. This will garner significant advancements in data collection, which will, in turn, dramatically improve patient treatment and care."

Cancer Genetics, Inc. (NasdaqCM:CGIX) announced the entry into a definitive merger agreement with StemoniX, Inc., the latter of which is described as “a leader in developing high-throughput disease-specific human organoid platforms integrated with leading-edge data science technologies.” The terms of the merger agreement indicate that StemoniX will retain its name and merge with a newly formed subsidiary of Cancer Genetics. Jay Roberts, Cancer Genetics CEO, explained:

"The process of discovering and developing a new drug candidate takes years and comes with a price tag of hundreds of millions - or even billions - of dollars. However, we are at unique time in the drug discovery industry as the convergence of technological innovations in both biology and software will transform conventional workflows in time and accuracy. To convert the time-consuming and labor-intensive process of developing a drug for market, we now look to supplement traditional discovery and drug approval mechanisms to include humanized cell-based assays with artificial intelligence (AI) along with our core vivoPharm business. Given that our strategy and approach are strongly aligned with those of StemoniX, we are pleased to have moved forward with this proposed transaction.”

Global AI in Diagnostics Market to Reach $1.3 Billion by 2026

Research from ReportLinker finds that the global AI in Diagnostics market will reach $1.3 billion by 2026 with a compound annual growth rate (CAGR) of 27.4 percent in the forecast period 2020-2026. An outline from the report’s summary reads:

Artificial intelligence in healthcare is one of the most important scientific advancements in medicine so far. The participation of several start-ups in the development of AI-driven imaging and diagnostic solutions is a key factor contributing to the growth of the sector.

Artificial intelligence applications vary from image acquisition, processing to aided reporting, follow-up, data storage, data mining, etc. The report provides a balance between threats to AI and opportunities for radiologists in the modern medical world. The use of machine learning combines computational models and algorithms that replicate the brain’s biological neural network architecture, i.e., artificial neural networks (ANNs). Output wise, Deep learning has a higher rate of success relative to conventional machine learning.

Sam Mowers, Investorideas.com

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