Agreement expands partnership between
Medtronic and Cosmo Pharmaceuticals, set to transform endoscopy
with cutting-edge AI technology
DUBLIN, Dec. 11,
2023 /PRNewswire/ -- Medtronic plc (NYSE: MDT),
a global leader in healthcare technology, announces that it has
entered into a definitive agreement to expand its partnership with
Cosmo Intelligent Medical Devices, a subsidiary of Cosmo
Pharmaceuticals. This AI-driven partnership will further capitalize
on the achievements already realized with the GI Genius™
intelligent endoscopy module, offering continued innovation and
scalable healthcare advancements for patients and caregivers
globally. Through this exclusive global partnership, Medtronic and
Cosmo Pharmaceuticals remain committed to revolutionizing endoscopy
by harnessing the power of AI to improve patient outcomes. This
strategic alliance reinforces Medtronic's position in AI-integrated
healthcare solutions and represents a significant leap in
incorporating AI into endoscopic care.
The collaboration's focus on innovative and scalable AI
platforms like AI Access™, which is designed to host multiple
third-party AI applications to allow for faster innovation and
streamlining of the AI development process across medical AI
applications, exemplifies an innovative approach to healthcare and
enables a broader spectrum of diagnostic tools and treatment
options.
"Our alliance with Cosmo Pharmaceuticals is a testament to what
can be achieved when two leaders in their fields unite for a common
goal: transforming healthcare through AI. The GI Genius
module, our first FDA-cleared AI product in gastrointestinal care,
represents the initial milestone of this collaboration," said
Ken Washington, chief technology
officer at Medtronic. "However, the AI Access platform is where our
partnership truly crystallizes our vision for healthcare
transformation; it's a springboard for expanding Medtronic's AI's
potential in healthcare. Our expanded partnership with Cosmo is
fostering a collaborative ecosystem where Medtronic's broad
spectrum of medical expertise converges with Cosmo's technological
prowess, creating a synergy that propels us forward."
The GI Genius module, a computer-aided polyp detection system
powered by AI, is the centerpiece of this collaboration and
has already made a significant impact since its U.S. launch in
2021. The platform has helped redefine the landscape of
gastrointestinal screening by assisting gastroenterologists
performing colonoscopies – increasing the physician's adenoma
detection rate by 14%1. With a continuous growth in
customer install base year over year, the GI Genius module is a
testament to the potential of AI in enhancing medical procedures.
The synergy between Cosmo's cutting-edge AI technology and
Medtronic's market development expertise has created a
powerful partnership, setting new benchmarks in healthcare
efficiency, accuracy, and patient impact.
"Our expanded partnership with Cosmo Pharmaceuticals is a
strategic milestone in our mission to leverage AI for enhanced
patient care," said Geoff Martha,
chairman and chief executive officer at Medtronic. "This aligns
with our business objectives to provide cutting-edge tools to our
customers while also elevating patient care standards in the fight
against gastrointestinal diseases. We're setting a new course for
the future, where AI-assisted healthcare is not just an option, but
a fundamental aspect of patient treatment and outcomes."
"The expanded agreement between Cosmo and Medtronic is a
testament not only to our mutual commitment to rapidly improving
the healthcare landscape but also to Cosmo's ability to transform
the GI Genius platform into a revolutionary force in healthcare,"
said Alessandro Della Chà, chief executive officer of Cosmo
Pharmaceuticals. "Our continued partnership with Medtronic, the
largest medtech company in the world, is pivotal in further
enabling the GI Genius platform to offer enhanced AI solutions and
improved clinical outcomes to patients globally. This collaboration
is set to unlock significant value, marking a major stride in our
journey towards healthcare innovation."
"Our collaboration and enduring commitment to bringing AI
advancements to the forefront of healthcare has culminated in
exceptional know-how within our company, which is finally bearing
fruit in line with our expectations," said Mauro Severino Ajani, non-executive director and
chairman of Cosmo Pharmaceuticals. "This marks just the beginning
of a remarkable journey, as our collective expertise in AI
continues to transform the future of healthcare."
Under the terms of this expanded agreement, Medtronic will pay
Cosmo $100 million upfront as well as
a double-digit royalty on net sales on par with market standards,
in addition to $100 million in
potential milestone payments expected to be reached by the end of
2024. Cosmo Pharmaceuticals will continue to be the exclusive
manufacturer, granting Medtronic exclusive, global, commercial
rights.
About Medtronic
Bold thinking. Bolder actions. We are
Medtronic. Medtronic plc, headquartered in Dublin, Ireland, is the leading global
healthcare technology company that boldly attacks the most
challenging health problems facing humanity by searching out and
finding solutions. Our Mission — to alleviate pain, restore health,
and extend life — unites a global team of 90,000+ passionate people
across 150 countries. Our technologies and therapies treat 70
health conditions and include cardiac devices, surgical robotics,
insulin pumps, surgical tools, patient monitoring systems, and
more. Powered by our diverse knowledge, insatiable curiosity, and
desire to help all those who need it, we deliver innovative
technologies that transform the lives of two people every second,
every hour, every day. Expect more from us as we empower
insight-driven care, experiences that put people first, and better
outcomes for our world. In everything we do, we are engineering the
extraordinary. For more information on Medtronic (NYSE:MDT), visit
www.Medtronic.com and follow @Medtronic on Twitter and
LinkedIn.
About Cosmo
Cosmo Pharmaceuticals 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® and Winlevi®. Cosmo has also developed medical
devices for endoscopy and has a partnership with Medtronic for the
global distribution of the GI Genius module 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 the Company's
website: www.cosmopharma.com.
Any forward-looking statements, including, but not limited
to, statements regarding the transaction between Medtronic and
Cosmo Intelligent Medical Devices, a subsidiary of Cosmo
Pharmaceuticals, strategic and other potential benefits of the
transaction, Cosmo products and product candidates, and other
statements about Medtronic managements' future expectations,
beliefs, goals, plans or prospects, are subject to risks and
uncertainties including, but not limited to, the ability to obtain
regulatory approvals, and other risks and uncertainties such as
those described in Medtronic's reports and other filings with the
Securities and Exchange Commission. Actual results may differ
materially from anticipated results. Medtronic cautions investors
not to place considerable reliance on the forward-looking
statements contained in this press release. These forward-looking
statements speak only as of the date of this document, and
Medtronic undertakes no obligation to update or revise any of these
statements except to the extent required by law.
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1 Repici A,
Badalamenti M, Maselli R, et al. Efficacy of real-time
computer-aided detection of colorectal neoplasia in a randomized
trial. Gastroenterology. 2020; 159:512–520.e7
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SOURCE Medtronic plc