Barrington and co-founder John Konstantopoulos started work on their artificial intelligence-driven tool for detecting coronary artery disease just three-and-a-half years ago.
Now they are following in the footsteps of multi-billion dollar imaging medtech Pro Medicus in looking to list on the ASX. The company dropped a prospectus last week to raise $40 million from shares at $1.35 to list on the local market.
Artrya has set its sights on a huge global target market:patients with heart disease. The company’s Salix platform is designed to help diagnose coronary artery disease without the need for invasive procedures by comparing a patient’s scans to a vast library of other scans to detect possible risk factors for heart attacks,like plaque on the wall of arteries.
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The founders have been raising small amounts of capital since 2019 and count the likes of Thorney and Regal Funds Management among their investors. Barrington says long-term investors are attracted to the global play from the beginning. The business is currently awaiting a decision from the US Food and Drug Administration to approve its products.
Artrya is part of a strong cohort of heart disease-focused companies emerging in Australia in the wake of the coronavirus pandemic.
Earlier thisyear ultrasound robot company Vexev,which is backed by local venture capital heavyweight Blackbird Ventures,came out of stealth mode.