Check out our press release hub, powered by Business Wire. It's a one stop shop for industry announcements to help you stay on top of the latest technology and investment trends. Get the scoop here.
SEVERNA PARK, Md.–(BUSINESS WIRE)–August 12, 2014–
Appian Medical, a mobile health company inventing and commercializing solutions for obstructive sleep apnea (OSA), has secured $580,000 toward a $1 million seed funding goal for developing a diagnostic software technology licensed from The University of Queensland (UQ) in Australia.
The technology was developed by Dr. Udantha Abeyratne from the UQ School of Information Technology and Electrical Engineering and licensed to Appian Medical by Uniquest, the university’s main commercialization company.
The software uses neural network algorithms, a form of artificial intelligence, to detect the presence of OSA from the analysis of sound characteristics associated with snoring and airway collapse. In clinical studies, the technology has demonstrated the ability to distinguish OSA from snoring with a high degree of accuracy.
OSA is a serious sleep disorder that affects 100 million people worldwide. The global diagnostic market for OSA is more than $6 billion annually. Untreated, OSA causes or worsens many diseases such as high blood pressure and diabetes, yet as many as 85 percent of sufferers remain undiagnosed.
“There is an urgent need for a low-cost, accurate and easy-to-use method for identifying people who need treatment,” said Michael J. Thomas, founder and chief executive officer of Appian Medical. “Once commercially developed, this software can be accessible to tens of millions of people through a smartphone app or embedded in wearable sensors and fitness monitors.”
“Our goal is to provide consumer-directed tools that can aid awareness and guide people to treatment,” Thomas added. “We plan to partner with device companies and disease management firms to solve this unmet need.”
Appian Medical will apply the seed funding to validation studies for the neural network algorithm, its initial 510(k) application to the United States Food and Drug Administration, and operating capital.
For more information on Appian Medical, please visit www.AppianMed.com.
About Appian Medical:
Appian Medical is leading the way in the innovation of mobile health technologies to solve the universal need for accessible, accurate and affordable consumer-directed diagnostics. Appian’s first product is a validated tool for the detection of obstructive sleep apnea. The management team has successfully pioneered digital technologies and diagnostic methods to change the management of respiratory and sleep disorders globally. To learn more, please visit www.AppianMed.com.
About Michael Thomas:
Thomas has extensive experience in the commercialization of respiratory and sleep testing devices. As former CEO of iSonea Ltd. (ASX:ISN), he generated $250 million in shareholder value. While CEO of Sleep Solutions, Thomas raised more than $50 million and pioneered the home sleep testing industry, successfully lobbying the Centers for Medicare and Medicaid Services to change reimbursement policy. As EVP and a member of the Board of Directors for National Sleep Technologies (NST), he led acquisitions of 80 sleep labs, making NST the largest sleep-testing company in the U.S.
Appian Medical Pty Ltd
Michael Thomas, 410-777-5251
Kristen Bright, 704-516-6913