A technological SME of medicine assisted by artificial intelligence (AI) which is managed and financed by Montreal doctors is sold for 63 million US to a company in San Francisco, California.
This Montreal company, Pathway Medical, describes itself as “a platform fueled by AI which helps clinicians provide better, faster and better informed care by providing instant and based on evidence to medical issues. »»
Pathway Medical says it is dealing with “hundreds of thousands of registered users (by paying subscription), with a strong presence in the United States and internationally. »»
Among its leaders and investors, there are at least eight doctors, including three specialists linked to the University of Montreal hospital (CHUM): Moishe Liberman, thoracic surgeon, as well as urgentologists Louis Charbonneau and Alexandre Tratch.
The sale of their company Pathway Medical to the Californian group Doximity, specialist in digital medical care technologies, is carried out at an announced transaction value of US 63 million, or about 86 million in Canadian dollars.
From this amount, a share of 26 million US (around 35.5 million CAN) is paid in cash among shareholders-leaders and investors at Pathway Medical.
The other of US 37 million (around 50.5 million CE) will be paid to them in stock newly issued by the buyer, Doximity, who is listed on New York Stock Exchange up to US 10.9 billion in total capitalization.
On its corporate website, Pathway Medical indicates “having assembled in the past seven years one of the largest structured data sets in medicine, specially designed for AI, covering almost all the guidelines, drugs and highlights in all the main specialties. »»
Pathway Medical also claims that its “surpasses the others in terms of clinical precision, having recently obtained a record score of 96 % in the reference test for the medical license exam to the United States. »»
In her Californian sales press release Daximity, the head of management of Pathway Medical, Jonathan Hershon St-Jean, indicates that “hundreds of thousands of users have registered in Pathway, and thousands pay 300 dollars per year for our premium product. »»
“There is a growing need for medical tools in medicine that combine reliable evidence with the speed and adaptability of AI,” he adds.
“By joining Doximity, which is one of the most reliable platforms in the health field, we now offer our experience to millions of people by integrating it directly into the tools they already use at the” medical care. “
At Doximity, the chief executive officer and co -founder, Jeff Tangney, says he is “enthusiastic to welcome the Pathway team” in his business.
“They have meticulously built one of the best data sets in medicine, and this will bring our clinical reference capacities to a completely new level. “”
Established in San Francisco, Daximity is a development and operation of digital medical information and care platform operation for health care professionals and the pharmaceutical sector.
Its most recent financial results indicate assets of US 1.26 billion which generate annualized turnover of US 570 million, twice as five years ago, and a net profit of 223 million US, ten times more than five years ago.
