Emerald melanoma diagnosis system wins FDA approvalMar. 23, 2016
The system developed by Israeli company Emerald Medical Applications, formerly DermaCare, which is designed to diagnose melanoma, has been approved for marketing by the US Food and Drug Administration (FDA). Emerald's market cap is $10 million, following its merger with US stock exchange shell Zaxis in July 2015.
The company developed the DermaCare system, which uses image processing, data analysis, and artificial intelligence, for diagnosing and monitoring moles on a patient's body. The system is designed to support the doctor by enabling him to detect changes in comparison with previous images of the patient's skin. The system is aimed at early detection and shortening the diagnostic process. Because it is a software-based product, the FDA has classified it as low-risk, and there are relatively few regulatory requirements for it. Emerald says that its product is now available through a mobile devices app.
Founded in 2013 on the basis of its entrepreneurs' research and managed by founder and CEO Lior Wayne, Emerald has 16 employees. Many Israeli investors are among its shareholders, including well-known figures in the merger of companies into stock exchange shells in the Israel and the US: Itschak Shrem, Dr. Ben-Zion Weiner, Lavi Krasni, and Kfir Zilberman.