Discussion with Chris Wood, both CEO and Chairman, of The Lung Cancer Progress Company, featured in RevealDx
Chris Wood, a three-time entrepreneur and medical physicist, is leading the charge at RevealDx, a company based in Seattle that specializes in medical imaging software for lung cancer decision-support. Wood's personal experiences, coupled with his extensive background in the field, make him the ideal candidate to drive this innovative venture.
Wood's entrepreneurial journey began with the founding of three medical imaging software companies, including stints at major medical imaging OEMs like Siemens. His interest in diagnostic imaging was sparked by his mother's experience with illness anxiety disorder and further developed during his time at Moffitt Cancer Center in graduate school.
RevealDx, however, took a different path. Instead of building from scratch, Wood and his team acquired a company that had completed the core scientific research but had not commercialized its products due to various challenges, including the pandemic. In March 2021, after due diligence, Wood and a group of investors purchased the assets and formed RevealDx, giving them a significant head start of about five years in product development.
The company's focus is on improving lung cancer outcomes by delivering the most advanced, radiomics and AI-enabled lung cancer decision-support software. Their first product, RevealAI-Lung, provides a 'Malignancy Similarity Index' for each lung nodule found in a chest CT exam. This index helps doctors make more informed decisions about the potential malignancy of a nodule, aiming to enable optimal clinical pathways for patients.
RevealDx has already made a significant impact, with a patient's life potentially saved due to the company's mSI flagging a possible cancer that was later confirmed. The company has also published a landmark study in the Journal of the American College of Radiology.
The total addressable market (TAM) for RevealDx is at least $2 billion in the US and half that size for the rest of the world. Despite this potential, the capital raised by the company so far has been relatively small. This could change soon, as the company plans to seek its first institutional round of funding right after FDA clearance.
The regulatory environment around the use of AI in healthcare is rapidly changing, and the company needed to have advance meetings with the FDA to obtain clearance. RevealDx differentiates itself from competitors by offering higher performance and more generalizability.
Looking to the future, RevealDx aims to expand in Lung Cancer diagnosis and explore the possibility of creating a virtual biopsy using other lung cancer biomarkers. One of Wood's favorite memories working for the company is watching their AI-assisted diagnosis outperform Radiologists using guidelines. The first use of the company's product by a customer in the EU was a significant milestone, marking the beginning of their global impact.
- Chris Wood, with his background in medical physics and extensive experience in the medical imaging industry, is leveraging artificial intelligence and technology to drive RevealDx's initiative in creating advanced, radiomics and AI-enabled lung cancer decision-support software.
- Recognizing the significance of early detection and treatment in managing medical conditions such as cancer, RevealDx's innovative product, RevealAI-Lung, provides a 'Malignancy Similarity Index' for lung nodules, helping healthcare professionals make informed decisions and optimize treatment pathways for patients.
- In the ever-evolving landscape of health and wellness, particularly in the deployment of artificial intelligence in medical diagnostics, RevealDx is striving to expand its impact, not only in lung cancer diagnosis but also towards the creation of a virtual biopsy using other lung cancer biomarkers, aiming to revolutionize the field of oncology.
