RadNet to acquire Quantib and Aidence, taking giant leap in the expansion of its AI technology
- The two acquisitions provide RadNet with the basis for future offerings for widespread cancer screening programs for the three most prevalent cancers (breast, prostate and lung) by complementing RadNet’s existing DeepHealth mammography AI division
- With customers in 20 countries worldwide, Quantib’s solutions for prostate and brain MRI already have FDA 510(k) clearance in the United States and CE mark in Europe
- Aidence’s AI for chest and lung CT scanning is currently used by customers in seven European countries and is pending FDA clearance
- Gregory Sorensen, President of RadNet’s DeepHealth division, will assume leadership responsibility for all of RadNet’s AI initiatives, including those within Quantib and Aidence
ROTTERDAM, The Netherlands, January 24, 2022 – RadNet, Inc. (NASDAQ: RDNT), a US leader in providing high-quality, cost-effective, fixed-site outpatient diagnostic imaging services through a network of 350 owned and operated outpatient imaging centers, today reported that it has acquired two unrelated Dutch technology companies, Quantib and Aidence. Quantib is a leading radiology artificial intelligence (“AI”) company focusing on clinical solutions for prostate cancer, breast cancer and neurodegeneration. Aidence is a leading radiology AI company focusing on clinical solutions for pulmonary nodule management and lung cancer screening.
Founded in 2012 as spin-off from the Erasmus Medical Center and based in Rotterdam, the Netherlands, Quantib has multiple AI-based solutions with both CE mark and FDA 510(k) clearance, including Quantib® Prostate for analysis of prostate MR images and Quantib® ND to quantify brain abnormalities on MRI. Quantib has customers in more than 20 countries worldwide, including the United States. All of Quantib’s solutions are deployed through Quantib’s AI Node platform which allows for efficient workflow integration and more accelerated regulatory clearance of future products. Quantib® Prostate summarizes multiparametric MRI results into a “heat map”, enabling faster and more accurate diagnosis of prostate disease. Currently, approximately one in every eight men is being diagnosed with prostate cancer in his lifetime, and according to the American Cancer Society estimates, there will be 268,490 new cases of prostate cancer in the United States in 2022. In addition to Quantib® Prostate, and Quantib® Brain ND, Quantib is in advanced development of an AI solution for MRI of the breast, which could be complementary to Deep Health’s solutions for mammography.
Founded in 2015 and based in Amsterdam, the Netherlands, Aidence is developing and deploying AI clinical applications to empower interpreting medical images and improving patient outcomes. Aidence’s first commercialized product, Veye Lung Nodules, is an AI-based solution for lung nodule detection and management. This product is CE marked in Europe, where it has a leading position for lung cancer AI screening tools. Aidence’s solution analyzes thousands of CT scans each week, with customers in seven European countries including France, the Netherlands and the United Kingdom (“UK”). In 2020, Aidence received an AI Award to help the UK’s National Health Service improve lung cancer prognosis, and is playing a leading role in large-scale deployments of regional lung cancer screening programs.
Quantib and Aidence will join RadNet’s AI division, formed after the earlier acquisition of DeepHealth in 2020, which to date has focused on breast cancer screening and detection. The acquisitions of Aidence and Quantib will further enable RadNet’s leadership in the development and deployment of AI to improve the care and health of patients.
Dr. Howard Berger, Chairman and CEO of RadNet, noted, “We remain convinced that artificial intelligence will have a transforming impact on diagnostic imaging and the field of radiology. We are very pleased to expand our portfolio of AI software into two other cancer screening domains. With the addition of Aidence and Quantib, we will now have effective screening solutions for the three most prevalent cancers. We believe that large population health screening will play an important role for health insurers, health systems and large employer groups in the near future. As the largest owner of diagnostic imaging centers in the United States, RadNet has relationships that can serve to make large-scale screening programs, similar to what mammography is for breast cancer screening, a reality.”
Dr. Berger continued, “Prostate cancer remains major cause of morbidity and mortality, and MRI has been shown to have a critical role in the diagnosis and management of prostate cancer. While prostate MRI is a growing area of our overall MRI business, the opportunity to create a lower-cost, more accurate service offering to Medicare and private payors allows for a conversation about creating large-scale screening programs for appropriately-qualified male patient populations, akin to how mammography is utilized today to detect and manage breast disease in women. Quantib’s Prostate solutions further these objectives. Furthermore, Quantib’s commercialized products for brain MRI will be important tools for our business and could have an impact with monitoring Alzheimer’s patients, particularly those who will undergo some of the newer drug and treatment therapies being developed in the marketplace today,” Dr. Berger stated.
Arthur Post Uiterweer, CEO of Quantib noted, "We are thrilled to join the RadNet family. Quantib aims to enable more accurate and efficient clinical decision-making for 10 million patients by 2030. Being part of RadNet enables us to take a major step towards this goal. Our products, that are already received very well by customers, will see a tremendous boost in performance over the coming years to the benefit of all of our rapidly expanding global user base.”
The full management including Arthur Post Uiterweer (CEO), Jorrit Glastra (CTO) and Quirine van Voorst (COO) will stay onboard with Quantib and are thrilled to continue to lead the company as it enters this exciting new phase.
About Quantib B.V.
Quantib’s AI radiology solutions enable faster and more accurate diagnosis by quickly identifying abnormalities, supporting adequate and timely patient care. Using state-of-the-art artificial intelligence techniques, Quantib’s software advances the diagnostic pathway by providing FDA-cleared and CE marked solutions related to neurodegeneration and prostate cancer. All solutions are deployed through Quantib’s AI Node platform enabling seamless workflow integration and rapid regulatory clearance of future products. Quantib was founded in 2012 as a spin-off of Erasmus Medical Centre in Rotterdam, the Netherlands. It has a rapidly expanding team of 35 employees and has customers across 20+ countries globally.
About RadNet, Inc.
RadNet, Inc. is the leading national provider of freestanding, fixed-site diagnostic imaging services and related information technology solutions (including artificial intelligence) in the United States based on the number of locations and annual imaging revenue. RadNet has a network of 350 owned and/or operated outpatient imaging centers. RadNet's markets include California, Maryland, Delaware, New Jersey, New York, Florida and Arizona. Together with affiliated radiologists, and inclusive of full-time and per diem employees and technicians, RadNet has a total of approximately 9,000 employees. For more information, visit http://www.radnet.com.
Arthur Post Uiterweer, email@example.com
Chief Executive Officer
Mark Stolper, 310-445-2800
Executive Vice President and Chief Financial Officer