Monday March 6, 2017 0 comments
DENVER -- Matrix Analytics, creator of LungDirect, announced it closed a seed round with an investment from billionaire investor Mark Cuban.
The company did not reveal the amount of the investment.
Matrix said the capital will be used to increase distribution of LungDirect, the only automatic registry software system enabling hospitals to track pulmonary nodule patients from detection through diagnosis.
An estimated 1.5 million pulmonary nodules are detected by CT scans each year, the company said. This creates a burden on healthcare systems and a complex management problem, which is exacerbated by hospital IT infrastructure not designed to capture nodule patients.
Roughly 4% of nodules will be malignant, however 85% of lung cancer is diagnosed late-stage and kills more people each year than breast, prostate and colon cancer combined.
Matrix Analytics said it is creating a paradigm shift in nodule management by identifying all nodule patients and registering them to an end-user dashboard.
"I'm thrilled to welcome Mark Cuban to the Matrix Analytics team," said Christine Spraker, Matrix Analytics president.
"Mr. Cuban joins our other lead investors, George Conrades and Chancy and Zach Love, and I'm excited by what this means for hospitals struggling to manage this complex problem. Mr. Cuban's investment will allow us to further our mission of putting a dent in lung cancer, and ultimately, more patients and families will benefit from it."
Dr. Aki Alzubaidi, an interventional pulmonologist and founder and CMO of Matrix Analytics, developed LungDirect after seeing the disjointed care pulmonary nodule patients receive. Electronic Medical Record systems are not equipped to manage nodule care coordination, so Alzubaidi and his staff were left to use spreadsheets and other outdated mechanisms to manage nodule clinic patients.
After much frustration, he decided there had to be a better way. Matrix said LungDirect offers an innovative way for providers to manage both lung cancer screening patients and other at-risk pulmonary nodule patients.