Ultrasound sensor specialist Novosound has signed a commercial partnership agreement with PAVmed Inc., the Nasdaq-listed diversified medical technology company, to develop technology aimed at advancing intravascular imaging. The PAVmed agreement furthers Novosound’s move into healthcare, and its regional expansion into North America.
Dave Hughes, CEO and Co-Founder of Novosound, said: “PAVmed has a strong track record in delivering commercial stage medical technology across medical devices, diagnostics, and digital health – the group is the ideal partner for Novosound as we increasingly gain traction in the international healthcare sector.”
Lishan Aklog, M.D., Chairman and Chief Executive Officer of PAVmed, said: “We believe Novosound’s proprietary ultrasound technology has the potential to be a once-in-a-generation breakthrough in medical imaging. We are excited to partner with Novosound with the goal of revolutionising the global intravascular imaging market.”
Novosound recently secured its latest investment, a £3.7 million round led by Par Equity, supported by Foresight Group (via the Foresight Williams Technology EIS Fund), Kelvin Capital, and Scottish Enterprise.
Paul Munn, Partner, Par Equity, said: “Novosound has developed best-of-class remote sensor technology that is applicable across multiple sectors, the company continues to rack up international business wins including most recently with PAVmed, and Par is pleased to continue to support Dave and his team in the months and years ahead.”
Novosound’s patented thin-film manufacturing process, which eliminates conventional limitations in ultrasound sensors including the high cost of high-resolution imaging, also underpins the company’s pioneering non-destructive testing (NDT) products – the Kelpie, Belenus, and Nebula.
The company has announced a series of international contract wins over the last twelve months, including with aerospace groups BAE Systems and GE Aviation, and Israeli-based digital health company dSound.