NovaScan

Executive Summary

NovaScan is a privately held diagnostics company developing an AI-powered, point-of-care cancer detection platform. Its lead product, MarginScan™, uses spectral bioimpedance and machine learning to analyze the Cole relaxation frequency—a biophysical property that distinguishes cancerous from healthy tissue—enabling real-time assessment of surgical margins. This technology addresses a critical unmet need in oncology: reducing positive margin rates during tumor resection, which often necessitate additional surgeries and increase recurrence risk. By providing immediate feedback intraoperatively, MarginScan has the potential to improve surgical precision, reduce costs, and enhance patient outcomes. The company's platform is designed to be compact and user-friendly, suitable for integration into existing surgical workflows. Founded in 2008 and based in Milwaukee, NovaScan has focused on refining its proprietary algorithm and conducting clinical validation. While the company operates in a competitive landscape with other intraoperative imaging modalities, its non-invasive, label-free approach offers distinct advantages. Despite limited public information on funding or regulatory milestones, the technology's novelty and the strong clinical need suggest significant upside. Key upcoming catalysts include completion of a pivotal clinical study, FDA submission, and potential commercialization partnerships. NovaScan's ability to secure regulatory clearance and demonstrate clinical utility will be crucial for market adoption and valuation growth.

Upcoming Catalysts (preview)

• Q4 2026Completion of Pivotal Clinical Study for MarginScan70% success
• Q1 2027FDA 510(k) Submission for MarginScan65% success
• Q2 2027Strategic Partnership for Commercialization in the U.S.60% success