Nortech Systems Incorporated (NASDAQ:NSYS) is up in the pre-market session on Thursday.
Nortech Systems announces Cooperation and Project Funding Agreement with Marpé Technologies and the BIRD Foundation
- 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.
- The 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.
Marpé 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.”
Market Action
As of 8:34, NSYS stock went up 11% to $7.02. The stock has traded 26K shares so far in the pre-market session.
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