"Our technology, which screens for osteoporosis through AI-based chest X-ray analysis, is differentiated in that it does not improve existing medical practices with AI but rather creates a new medical practice. Once commercialized, it could prevent 1.8 million cases of osteoporosis worldwide and save 52 trillion won in costs."
Bae Hyun-jin, CEO of Prometheus, made the remarks in an interview with Seoul Economic Daily on Monday, adding, "We are the only company in the world to have developed technology that screens for osteoporosis using AI." Prometheus recently succeeded in attracting 21.5 billion won in Series B investment, more than double its target, thanks to such differentiated technological capabilities. In particular, the latest round drew attention as Daewoong Pharmaceutical and Naver participated as strategic investors (SI).
Osteoporosis has no symptoms, but the fractures it causes can be fatal. When a hip fracture occurs, the prognosis is so poor that the one-year mortality rate is higher than that of some cancers. Proper diagnosis is essential to prevent this, but due to the asymptomatic nature of the disease and the limitations of existing diagnostic methods, it is estimated that only about 21% of osteoporosis patients worldwide receive proper diagnosis. This is why Prometheus developed "Osteo Signal."
Osteo Signal entered the domestic market this year using the new medical technology assessment deferral system, and will undergo formal assessment after accumulating clinical evidence. Bae said, "Because we created a medical practice that did not exist before, it can be chosen with less resistance from medical professionals in the market, which will generate sufficient revenue." She stressed, "If Daewoong Pharmaceutical, our investor, supplies Osteo Signal, it can also increase sales of osteoporosis treatments, creating synergy in the sales division."
To receive appropriate compensation through either insurance coverage or non-coverage after the main assessment of the new medical technology, Prometheus conducted cost-effectiveness studies of Osteo Signal in six countries, including Korea. As a result, it was found that 1.8 million cases of osteoporosis could be prevented worldwide, saving 52 trillion won in costs. Bae said, "The differentiating point is that we can present such research during the review process for insurance coverage or non-coverage," adding, "Based on this, we are also in discussions with overseas partners on supply."
Prometheus is prioritizing the Asian and Middle Eastern markets among overseas markets. Bae explained, "In Asia and the Middle East, chest X-rays are taken frequently, while the frequency of DEXA, the precise examination that can diagnose osteoporosis, is low, making Osteo Signal highly useful." She added, "After proving the commercialization potential in the domestic market and in countries such as Vietnam and Indonesia, where we have obtained regulatory approval, we will decide on the timing of an initial public offering (IPO) within one to two years."
