OneMedNet secures data partnership with top medical device company

MINNEAPOLIS - OneMedNet Corporation (NASDAQ:ONMD), a $35.36 million market cap healthcare technology company, announced Monday it has secured a partnership with one of the world’s five largest medical device companies for its AI-powered Real-World Data services.

The agreement includes four purchase orders for OneMedNet’s data to support medical imaging AI model development. The partnership operates under a master services agreement with no fixed term, according to a company press release.

OneMedNet has begun fulfilling these orders, leveraging its iRWD network that encompasses clinical data from over 1,750 healthcare provider sites. The company provides de-identified datasets that include medical imaging and electronic health records.

"Our ability to provide the most current, large-scale data across our growing partner network is what continues to drive repeat business and long-term customer trust," said Aaron Green, President and CEO of OneMedNet.

The medical device partner, which was not specifically named in the announcement, specializes in diagnostic imaging systems, clinical software, and digital health solutions.

OneMedNet’s platform collects de-identified medical data across various medical specialties including rare diseases, oncology, and cardiology. The company states its data meets regulatory standards required by healthcare organizations.

Beyond healthcare applications, OneMedNet reports its AI technology is also used in other industries including finance, retail, and telecommunications for anonymizing sensitive data. With an EBITDA of -$9.32 million in the last twelve months, the company’s current market valuation appears high according to InvestingPro’s Fair Value analysis.

In other recent news, OneMedNet Corporation has expanded its cardiovascular data network by adding 85 new centers, solidifying its position as a major provider of cardiovascular real-world data. This expansion enhances OneMedNet’s capacity to deliver de-identified cardiovascular imaging and diagnostic reports to various sectors, including life sciences and medical device manufacturers. Additionally, OneMedNet has extended its real-world data repository to over 121 million clinical exams through collaborations with more than 1,400 healthcare providers. The company has also established partnerships with major data marketplaces such as Amazon Data Exchange and Bayer Data Marketplace.

In a strategic move, OneMedNet has partnered with Inka Health Corp., a subsidiary of Onco-Innovations Limited, to develop external control arms for cancer therapy trials. This collaboration will utilize OneMedNet’s patient data platform and Inka Health’s SynoGraph platform to enhance cancer therapy development. Moreover, OneMedNet has raised approximately $3.7 million through private placements, strengthening its financial position. These developments reflect OneMedNet’s ongoing efforts to expand its data network and enhance its capabilities in the healthcare data ecosystem.

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