Lunit, a Founding Member of CancerX, Showcased in the Inaugural Project to Improve Equity and Reduce Financial Toxicity in Cancer Care

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Nov 13, 2023, 09:00 ET

- Lunit INSIGHT suite, Lunit's AI-driven solutions for early detection of cancer, featured in CancerX's first official project: enhancing equity and reducing financial burden in cancer care

SEOUL, South Korea, Nov. 13, 2023 /PRNewswire/ -- Lunit (KRX:328130.KQ), a leading provider of AI-powered solutions for cancer diagnostics and therapeutics, today announced its collaboration with CancerX in its groundbreaking first project. As a founding member of CancerX, Lunit is at the forefront of a digital revolution aimed at enhancing equity and alleviating the financial burden in cancer care and research.

CancerX has recently announced a set of resources for its inaugural project, aiming to harness the power of digital innovation to minimize the gap in cancer care access and reduce the financial impact of cancer.

Among these resources for health system executives and providers is a solutions catalog, which features 14 fit-for-purpose tools that bolster the implementation of a digital strategy. The catalog covers three critical areas of cancer care: screening+diagnosis, treatment+end-of-life care, and survivorship.

Lunit's flagship product, the AI-powered Lunit INSIGHT suite, is featured as a leading solution in the screening and diagnosis category of the solutions catalog.

The Lunit INSIGHT suite, which includes Lunit INSIGHT CXR for chest x-ray image analysis and Lunit INSIGHT MMG for mammogram analysis, uses AI to detect lesions suspicious of chest abnormalities and breast cancer with 96-99% accuracy. The suite also has demonstrated a 20% increase in early diagnosis detection, a 40% reduction in reading time, and a notable 30% decrease in recall rates. These transformative advancements hold the potential to alleviate the financial strain on patients and signal a leap forward in reshaping the landscape of cancer care.

"The harsh reality is that nearly half of all cancer patients in the US exhaust their life savings on treatment. This is an immense burden that patients have to bear," said Brandon Suh, CEO of Lunit. "As a founding member of CancerX, we are excited to have the opportunity to contribute to addressing financial toxicity and ensuring access to quality care for all. By leveraging our AI-powered solutions, we aim to bring about positive changes for patients and healthcare institutions as we tackle this challenge head-on."

Lunit joined the CancerX initiative as a founding member in June 2023 and has been actively involved since the first official meeting in early September.

About Lunit

Lunit is a deep learning-based medical AI company on a mission to conquer cancer. Our focus is on developing AI solutions for precision diagnostics and therapeutics, ensuring the right diagnosis, and treatment, at the right cost for each patient. Lunit is devoted to developing advanced medical image analytics and AI-based biomarkers via cutting-edge technology.

Founded in 2013, Lunit has been acknowledged around the world for its advanced, state-of-the-art technology and its application in medical images. As a medical AI company grounded on clinical evidence, the company's findings are presented in major peer-reviewed journals, such as the Journal of Clinical Oncology and the Lancet Digital Health, and global conferences, including ASCO and RSNA.

After receiving FDA clearance and the CE Mark, our flagship Lunit INSIGHT suite is clinically used in approximately 2,000+ hospitals and medical institutions across 40+ countries. Lunit is headquartered in Seoul, South Korea, with offices and representatives worldwide. For more information, please visit lunit.io.

About CancerX

Announced by The White House Cancer Moonshot in February, CancerX is a public-private partnership to boost innovation in the fight against cancer. Co-hosted by the Digital Medicine Society (DiMe) and Moffitt Cancer Center, alongside the Office for the National Coordinator for Health Information Technology (ONC) and Office of the Assistant Secretary for Health (OASH), it convenes the many diverse stakeholders needed to unleash the power of innovation to create a future that's free of cancer burden. To learn more or participate in CancerX's pre-competitive, evidence-generating efforts; Accelerator cohort, or demonstration projects, visit www.cancerx.health.

SOURCE Lunit