Life science innovator Paragon Biosciences has launched Qlarity Imaging, a new company which will focus on leveraging artificial intelligence (AI) technology to boost medical outcomes and lower costs.

The new firm will advance QuantX, the first-ever FDA-cleared computer-aided breast cancer diagnosis system in radiology. The solution features intuitive displays, advanced analytics and machine learning.

In a clinical study, QuantX is said to have demonstrated effectiveness in helping radiologists interpret cancerous and non-cancerous breast lesions.

The AI solution showed a 39% decrease in missed breast cancers without a reduction in specificity, and a 20% overall diagnostic improvement.

Qlarity Imaging intends to further expand the AI technology’s diagnostic applications to other image modalities and medical conditions.

Paragon Biosciences chairman and CEO Jeff Aronin said: “By driving innovation across life sciences, Paragon fulfils its mission of improving outcomes for patients with severe medical conditions. So, we’re pleased to help further develop the first FDA-cleared, AI-enabled diagnostic software for breast cancer MRIs.

“We are entering an exciting time where advances in supercomputing and machine learning make it possible for AI to deliver on its promise for drug discovery, drug development, and diagnostics.”

Qlarity Imaging will leverage Paragon’s capabilities and investment to support further development and deployment of its computer-aided diagnosis system and expand AI diagnostic tools.

In addition, Paragon offers guidance on using AI to improve the diagnostic insight of medical devices, speed of drug development and enhance treatment efficacy.

Qlarity Imaging advisor Dr Maryellen Giger said: “Paragon is already delivering on its promise, helping Qlarity Imaging to expand its management team, pursue new product opportunities, extend its customer base, and seek additional venture financing.”

Qlarity’s AI image processing and diagnostic algorithms are based on Giger’s research, noted Paragon.