Immuno-oncology company that specialises in RNA therapeutics Mateon is teaming up with heavyweight development company Meridian IT to branch into a novel application of AI neural networks and blockchain technologies that will ensure compliance with the FDA while ensuring ROI for manufacturers by slashing labour costs. But most importantly, it will fast track drug manufacturing, which is critical in fighting the current global Coronavirus – Covid-19 crisis.
“Meridian has been a fantastic partner on this groundbreaking project,” said Dr. Vuong Trieu, who serves as Mateon’s CEO. “We are excited to be announcing our first partnership with a major systems integrator with deep expertise in IBM and PointR vision technologies. Together, we are offering a solution that brings pharmaceutical manufacturing into the modern age.”
“Meridian is committed to advancing technologies that create an improved, stress-free experience for our customers. In EdgePoint, we have found a partner who shares our commitment and who can help us bring this enhanced experience to life,” said Michelle Fuller, Vice President of Solutions at Meridian.
“With Meridian, we are creating convenience store fast-lanes where shoppers don’t have time to wait through checkout lines. They can grab a sandwich and soda and be on their way within minutes,” the Chief Business Officer of Mateon, Saran Saund, explained. “The same technology can be deployed to track men and materials in the pharmaceutical manufacturing industry increasing data integrity and compliance while reducing labour costs.”
EdgePoint, the AI division of Mateon, was formed after the acquisition of PointR Data, Inc., that specializes in AI machine vision for the retail sector. In retail, the underlying Amazon Go-like technology enables automatic, cashier-less stores, which the EdgePoint team has implemented as a use-case in a convenience store chain with the help of Meridian.
In this project, Meridian powers the underlying platform deploying these retail use cases leveraging AI Vision technologies. Mateon intends to leverage on the AI machine vision technology used in the retail use cases to pharmaceutical manufacturing, especially with our lead product OT-101, which we are testing for coronaviruses, including the current COVID-19.
Under Mateon, this technology will be leveraged to bring drug manufacturing into the modern age. Because of regulatory concerns, much of drug manufacturing is stuck in legacy processes with operating procedures that are largely manual. These practices are inefficient and prone to errors burdened with extra personnel for control. The product is a novel application of AI neural networks and blockchain to ensure compliance with the FDA while ensuring ROI for manufacturers by slashing labour costs.
iBIO Inc, a biologics drug manufacturer, has recently signed an agreement with Mateon to test and deploy the AI machine vision product to automate its shop-floor operating procedures. The companies envisage a revenue relationship post testing period which encompasses a combination of one-time installation fees, monthly subscriptions and transaction fees.
Mateon was created by the recent reverse merger with Oncotelic which became a wholly owned subsidiary of Mateon, creating an immuno-oncology company dedicated to the development of first in class RNA therapeutics as well as small molecule drugs against cancer. OT-101, the lead immune-oncology drug candidate of Mateon/Oncotelic, is a first-in-class RNA therapeutic targeting TGF beta that exhibited single-agent activity in some relapsed/refractory cancer patients in clinical trial settings. The founding team members of Oncotelic were responsible for the development of Abraxane as chemotherapeutic agents for breast, lung, melanoma, and pancreatic cancer. Abraxane was approved in 2005 and has more than $1B in sales annually. The same founding team was responsible for the development of Cynviloq, a next-generation Abraxane, which was acquired by NantPharma for $1.3B. Mateon/Oncotelic will leverage its deep expertise in oncology and RNA therapeutic drug development to improve treatment outcomes and survival of cancer patients. For more information, please visit www.oncotelic.com and www.mateon.com.