Parascript receives Affordable Care Act grant

by Olga Deshchenko, DOTmed News Reporter | November 08, 2010
Parascript, LLC, an image analysis and pattern recognition technology provider, received a $244,479.25 cash grant under the Affordable Care Act, the company announced Monday.

The Longmont, Colo.- based company was awarded the grant for AccuDetect, a Computer Aided Detection (CAD) software for mammography. AccuDetect CAD provides a second read of mammography images to aid radiologists in confirming that a suspicious area needs to be investigated.

"We are very thankful to be recognized by the U.S. government with this grant for our Computer Aided Detection (CAD) software," said Alexander Filatov, the company president, in prepared remarks. "This grant will help support our ongoing research to help radiologists detect cancers earlier and improve women's health."
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AccuDetect CAD integrates several algorithms and a voting scheme within a single CAD system to achieve high sensitivity and low false positive rates.

The grant was awarded as a part of the health care law's Therapeutic Discovery Project Program, which provides tax credits and grants to small firms that demonstrate potential for the development of cost-effective therapies and can boost America's global competitiveness in the health care industry.

According to the U.S. Department of the Treasury, which announced the launch of the program in May, companies that are awarded the grants are working on technologies that strive to advance the goal of curing cancer within the next 30 years.