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Nortech Systems announces Cooperation and Project Funding Agreement with Marpé Technologies and the BIRD Foundation
MINNEAPOLIS--(BUSINESS WIRE)-- Nortech Systems Incorporated (Nasdaq: NSYS) (the “Company”), today announced it has reached a bilateral Cooperation and
About this update from Nortech Systems Incorporated
[{"type":"text","content":" MINNEAPOLIS--(BUSINESS WIRE)--\nNortech Systems Incorporated (Nasdaq: NSYS) (the “Company”), today announced it has reached a bilateral Cooperation and Project Funding Agreement by and among Nortech Systems, Inc, Marpé Technologies (Marpé), and the BIRD (Israel-U.S. Binational Industrial Research and Development) Foundation. The agreement provides a conditional grant to Marpé Technologies and Nortech Systems to develop a total-body tele-dermatology scanning system. By using advanced scanning, sophisticated image processing algorithms, and state of the art AI, the system will save lives by reaching more patients through early detection.\n\nMarpé Technologies, an Israel company, and Nortech Systems, a Minnesota company, are working together to bring a diagnostic platform to dermatology with remote AI capabilities. “We are excited to assist Marpé in bringing their prototype skin cancer detection technology to market” said Jay D. Miller, CEO Nortech Systems, “Our unique ability to provide engineering services, supply chain management and manufacturing services will accelerate commercialization of the product.”\n\nThe BIRD Foundation works to encourage and facilitate cooperation between U.S. and Israeli companies in a wide range of technology sectors and offers funding to selected projects. The Foundation supports projects without receiving any equity or intellectual property rights in the participating companies or in the projects.\n\nMarpé Technologies, based in Haifa, Israel, is a science-based company developing innovative scanners for early detection of skin cancer. Marpé has developed a prototype screening system that will provide full body remote diagnosis and prevention into dermatology, using a Marpé invention - TAD (Technology Aided Dermatology) and AI-CAD (Artificial Intelligence – Computer-Aided Design) based system.\n\nTovi Bachar, CEO Marpé Technologies, stated, “The project will leverage the expertise of both companies working hand in hand in all aspects of the development and commercialization of the Marpé platform.” David Kunin, Chairman of the Board Nortech Systems added, “We are happy to bring two of the leading med device development communities, Israel and Minnesota, together in a joint project.“\n\nNortech, in partnership with our medical, industrial and defense customers, uses intelligence, innovation, speed a...