Technology company Diagnos Inc. (TSXV:ADK) announced Wednesday it has received a Health Canada class 2 licence for its computer assisted retinal analysis application.
The company said it can now begin to market its product, called CARA-CCE, to the estimated $600-million global market for diabetic retinopathy screening.
CARA enhances retinal images and can automatically highlight areas of possible pathology, Diagnos said.
It is described as an automated platform accessible securely over the Internet that is compatible with all recognized image formats and brands of fundus cameras.
"We are very pleased with this significant milestone," Peter Nowacki, the company's general manager, medical, said in a news released. "Health Canada approval enables us to begin to market and sell our product to support diabetic retinopathy screening."
"Because diabetics require regular screening for eye disease, we estimate the global value of the retinopathy screening market at $600 million annually," added company president Andre Larente.
"We have established a global sales network and feel confident in our ability to begin to generate revenues with CARA," Larente said.
Diabetes has been identified as a global epidemic by the World Health Organization with the number of patients skyrocketing from 30 million worldwide in 1985 to 171 million in 2000 and is estimated to reach 366 million by 2030.
Diagnos shares were up 2.5 cents or more than eight per cent at 33 cents Wednesday on volume of over 570,000 shares on the TSX Venture Exchange.