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June 26, 2019
Investment will support commercialization of its radiation treatment planning solution
Quantitative Radiology Solutions (QRS) has raised an additional $230,000 from the University City Science Center’s Phase 1 Ventures program to support 510(k) clearance of its Automatic Anatomy Recognition (AAR) software for radiation treatment planning. The company is leveraging an STTR grant from the National Cancer Institute to complete its product development and conduct a clinical evaluation at 4 academic medical centers. Upon regulatory clearance, QRS will able to generate revenue with the first product release of AAR in the U.S.
AAR was developed at the University of Pennsylvania, and QRS is a Penn Center for Innovation startup. “Phase 1 Ventures supports the commercialization of promising technologies developed at our region’s research and academic institutions. QRS exemplifies how public and private funding can be combined to build new companies and ultimately have a lasting impact on our economy,” said Stephen Zarrilli, University City Science Center President and CEO.
“We appreciate the continued support from Phase 1 Ventures in helping us commercialize a technology that will limit the side effects for cancer patients undergoing radiotherapy,” commented Steven Owens, Chief Technology & Operating Officer for QRS.
About Phase 1 Ventures:
Phase 1 Ventures works with “long-horizon” intellectual property including pharmaceuticals, biotech, healthcare, medtech, materials and energy. The program leverages the Science Center’s network of experienced entrepreneurs along with corporate and product-development professionals to strategically contribute expertise to the commercialization process.
About Quantitative Radiology Solutions:
Quantitative Radiology Solutions, a privately held software company in Philadelphia, PA, offers advanced body-wide quantification of medical images for applications in radiology, radiation oncology, and medical oncology. Its unique Automatic Anatomy Recognition (AAR) software supports recognition and delineation of anatomical objects and diseased tissue in multiple body regions in MRI, CT, and PET/CT images. Additional information on the company can be found at quantitativeradiologysolutions.com.