Revenio Group Corporation Stock Exchange Release, January 21, 2015
REVENIO AIMS TO LAUNCH SCREENING DEVICE TO DETECT SKIN CANCER - Revenio to cooperate with VTT Technical Research Centre of Finland and University of Jyväskylä to commercialize technology for skin cancer screening
The Revenio Group Corporation has signed a license agreement with VTT Technical Research Centre of Finland concerning intellectual property rights and know-how regarding the hyperspectral camera technology developed by VTT. Under the agreement, Revenio will license the technology, know-how, documentation, software, inventions and associated patent rights relating to VTT's hyperspectral camera. Revenio has also signed a cooperation agreement with VTT on commercialization of a hyperspectral imaging system suitable for skin cancer diagnostics and with the University of Jyväskylä on commercialization of the invention relating to the software code. During 2015, Revenio and VTT will develop second generation prototypes of the hyperspectral camera. The final schedule for the project will become clearer in the light of experience gained.
Revenio aims to launch an easy-to-use, mobile screening device for dermatologists to use to detect skin cancers and their precursors. According to the company's current view, the screening device is not expected to generate
significant commercial value for a few years.
"The license agreement we have signed will provide us with an opportunity to make an easy-to-use, mobile screening device to detect skin changes at an early stage available to dermatologists quickly and cost-effectively. Once again we are dealing with issues that are important to us - improving the quality of people's lives and lowering the costs of health care. At Revenio, we will continue to focus on our current range of products, in line with our strategy, and increasingly on screening-related products. With these products we aim to meet global public health challenges where common denominators are the need to make cost savings in health care through preventive measures. Screening and follow-up hold a significant role in preventive work and it is here that we want
to play a key role," says the Revenio Group's President and CEO Olli-Pekka Salovaara.
"VTT has developed the adjustable filter technology determinedly for a number of years now. It has an extremely wide range of use in various measurement and imaging applications and business operations have already developed around the technology. The cooperation with Revenio will open up wider possibilities for using the method in health tech applications - also an important growth area for VTT. This is a good example of how Finnish businesses can be created through VTT's technology," comments Petri Kalliokoski, Executive Vice President,
Knowledge Intensive Products and Services.
The basic invention, a spectral imaging device made up of a so-called Fabry-Pérot filter and a camera, was developed by Heikki Saari, Principal Scientist at VTT, some ten years ago and it has numerous different potential applications.
VTT developed the hyperspectral camera which utilizes the technology to detect skin changes caused by skin cancer on the basis of an idea of Professor Pekka Neittaanmäki. The first generation prototypes of the hyperspectral camera have been in trial use at the dermatology department of a Finnish hospital for over a year, and the results are very encouraging. The prototype has already received a great deal of publicity in Finland, with the technology magazine Tekniikan Maailma (No.11/2014) and the Finnish daily Helsingin Sanomat (October 10, 2014)
featuring articles on the technology.
Skin cancers and their precursors are increasingly rapidly throughout the world. The underlying cause of various skin changes lies in continuously increasing exposure to UV radiation. The earlier skin cancer is detected, the lower the mortality rate and costs incurred to society.
See the stock release on Revenio's web site