The system developed by Israeli company Emerald Medical Applications (OTC: MRLA), formerly DermaCare, which is designed to diagnose melanoma, has been approved for marketing by the US Food and Drug Administration (FDA). Emerald's market cap is $10 million, following its merger with US stock exchange shell Zaxis in July 2015.
The company developed the DermaCare system, which uses image processing, data analysis, and artificial intelligence, for diagnosing and monitoring moles on a patient's body. The system is designed to support the doctor by enabling him to detect changes in comparison with previous images of the patient's skin. The system is aimed at early detection and shortening the diagnostic process. Because it is a software-based product, the FDA has classified it as low-risk, and there are relatively few regulatory requirements for it. Emerald says that its product is now available through a mobile devices app.
Founded in 2013 on the basis of its entrepreneurs' research and managed by founder and CEO Lior Wayne, Emerald has 16 employees. Many Israeli investors are among its shareholders, including well-known figures in the merger of companies into stock exchange shells in the Israel and the US: Itschak Shrem, Dr. Ben-Zion Weiner, Lavi Krasni, and Kfir Zilberman. The Shrem-Zilberman group led the company's merger with the stock exchange shell and NIS 6 million private placement from private investors, which completed the process of registering the company in the US capital market.
Figures published by the company indicate that it already has distribution agreements, and has begun marketing the system at hospitals in Italy, Sweden, Israel, Australia, and New Zealand. Emerald is also negotiating with distributors in North America, Europe, and Asia. The company website states that 420 million people worldwide have a high risk of getting melanoma. Annual spending in treatment of the disease in the US totals $8 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on March 22, 2016
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