SELVAS HEALTHCARE INC

Neurophet AI to integrate with upcoming Alzheimer's treatment device Neurophet has entered into a partnership with ReadyCure for the development of a dementia treatment system called Helaxon. Based on a press statement, Neurophet will be integrating its AI solution, Neurophet AQUA, to support brain image analysis in Helaxon. The AI-based software can analyse and detect white matter degeneration in brain MRI scans of patients with Alzheimer's disease. ReadyCure will use this capability alongside its use of digital X-ray to deliver low-dose radiation to treat dementia, particularly Alzheimer's disease. New cardiac ultrasound AI coming to Korea Digital health company SELVAS Healthcare will be bringing to South Korea an AI-based heart ultrasound technology from Israel. It has partnered with UltraSight to help it secure regulatory approval in the country for its AI guidance software while also having exclusive distribution rights to the product. UltraSight offers an AI solution that assists in acquiring cardiac ultrasound images at the point of care. The Israeli company also has a long-term plan to enter other Asian markets, particularly in Southeast Asia. Latest healthcare blockchain offering for patient data safety Verida, a provider of decentralised data networks based in Singapore, has teamed up with Swiss company Partisia Blockchain to offer a new integrated tech solution for securing patient health data. Their new privacy tech stack combines Verida's decentralised network for data storage and Partisia's advanced multiparty computation technology to enable users to control access to their data by removing centralised data storage in the process. It also allows patients to securely contribute to healthcare research while maintaining total privacy and complete control of their data, a press statement noted.

Selvas AI, a medical tech company, has become the largest shareholder of Mediana, a medical device manufacturer. Mediana said Wednesday that the share transfer agreement between Selvas AI and its existing largest shareholder, signed in November last year, has been completed, making Selvas AI the largest shareholder of Mediana. On Monday, Mediana held an extraordinary shareholder and board of directors meeting to appoint six new internal and external directors and elected Kwak Min-cheol as its new CEO. The following day, Selvas AI became the largest shareholder of Mediana by closing a stock purchase agreement to acquire 5,893,993 shares (31.69 percent) of Mediana's common stock. As part of the transaction, Selvas AI acquired 5.2 million shares (32.0 percent) from Mediana's existing largest shareholder, CEO Khil Moon-jong, for about 73.2 billion won ($55.6 million). With the completion of the payment for the 16.78 billion won third-party allotment capital increase, in which Selvas AI and Selvas Healthcare participated on Wednesday, Selvas AI and Selvas Healthcare have a combined stake of 37.52 percent in Mediana with 31.69 percent and 5.83 percent. Selvas AI focuses on AI and voice recognition, and its subsidiary Selvas Healthcare commercializes digital healthcare devices, such as blood pressure monitors and body composition analyzers, as well as AI echocardiography by preparing to establish a joint venture with UltraSight, approved by the U.S. Food and Drug Administration. The company is also expanding its business in the AI medical field by promoting telemedicine in Indonesia. Founded in 1993, Mediana is a medical device manufacturer that develops and sells patient monitoring devices, AEDs (automated external defibrillators), and body composition analyzers. Its main products are pulse oximeters and AEDs, which account for approximately 65 percent of Mediana's annual sales. By integrating its AI' deep learning-based AI technology, AI recognition technology, IoT services, and medical diagnostic technology into Mediana's various hospital medical devices, Selvas AI plans to drive innovation in the medical technology market, including AI telemedicine. Medtech is an abbreviation for medical technology, which means the convergence of medicine and technology. It is an advanced technology that can be applied to all areas of medicine and healthcare, including disease prevention, diagnosis, and treatment. Former Mediana CEO Khil Moon-jong stepped down, and Selvas AI CEO Kwak Min-cheol has been appointed as the new CEO of Mediana. Selvas Healthcare CEO Yoo Byung-tak and Kim Jae-ho, head of the management support office, were appointed new members of Mediana's board of directors. "With the combination of the three companies, we have both hardware technology competitiveness and AI and SW technology," new Mediana CEO Kwak said. “We will create full-scale growth in the domestic and global AI medical market by creating customer value while solving social problems and practically helping medical sites that lack specialized personnel with AI technology.

Medical AI company Selvas AI has acquired medical device manufacturer Mediana. Selvas AI said Monday that it has signed a business cooperation and share transfer agreement with Mediana for AI medical business. Under the agreement, Mediana Chairman Khil Moon-jong transferred 5.2 million shares (32 percent of the total outstanding shares) for about 73.2 billion won ($56.7 million). Selvas AI will acquire Khil’s equity and participate in a third-party allotment capital increase of Mediana. As a result, Selvas AI will hold 5,893,993 Mediana shares, representing a 31.69 percent stake. Upon completing all procedures, Selvas AI will become the largest shareholder of Mediana. Selvas AI’s subsidiary, Selvas Healthcare, will also participate in Mediana’s capital increase, acquiring 1,083,591 shares (5.83 percent), bringing Selvas AI’s final stake to 37.52 percent. Following the acquisition, Khil, Mediana’s founder and chairman, will resign as CEO and step down from its management. Following the acquisition news, shares of KOSDAQ-listed Mediana rose 20.81 percent, or 1,640 won, from the previous day’s close to 9,520 won. The two companies said they entered into the share purchase agreement based on the judgment that building an alliance, including converging core competencies between medical devices, AI, and SW technologies and expanding the customer base, is essential to grow as an AI medical innovation company. Mediana is a medical device company for hospitals, supplying patient monitors, automated external defibrillators (AEDs), and medical consumables to the hospital market. It also supplies ODM products to global medical device company Medtronic. Selvas AI believes that Mediana’s patient monitoring device, the company’s flagship product that checks the patient’s pulse, respiration rate, and consciousness, can be a platform for AI telemedicine and AI diagnostic technology while enabling various AI medical commercialization through the collected patient biometric data. “This agreement is based on the judgment that convergence with AI and SW technologies is essential for the core competitiveness of future medical devices,” Mediana Chairman Khil said. “By applying AI and diagnostic technologies from the two Selvas companies to our medical devices, we expect to create innovative added value in the AI medical field as well as medical device competitiveness.” Selvas AI CEO Kwak Min-cheol said, “The combination of the three companies means the birth of the largest AI medical innovator in Korea with both hardware technology competitiveness and AI and SW technology.” Kwak added that AI technology will provide practical help for medical fields that lack specialized personnel, solving social problems and creating customer value to create full-scale growth in the domestic and global AI medical market.