RNS12 Jun 2019 08:57
Wed, 12th Jun 2019 07:00
RNS Number : 8669B
IQ-AI Limited
12 June 2019
IQ-AI Ltd
("IQ-AI" or the "Company")
Business Development Agreement with CorTechs Labs
IQ-AI Ltd (LON: IQAI), is pleased to announce that the Company's subsidiary, Imaging Biometrics®, LLC ("IB"), has entered into a non-exclusive business development and sales agreement with CorTechs Labs ("CorTechs"), a global leader in quantitative analysis of brain structures and lesions. The agreement with CorTechs means that IQ-AI's products will benefit from an extended and immediate sales representation in the US and other international markets. The agreement expands CorTechs' portfolio to include IB software's exclusive algorithms that advance clinical understanding of brain tumor pathology by quantitatively distinguishing tumor progression from confounding MR or CT image artifacts.
IB StoneChecker® analysis software is in the final stages of FDA clearance for distribution in the US and will also be added to the CorTechs' portfolio, internationally. StoneChecker provides a critical tool in the management of kidney stone treatment. The software analyses 32 different standardised parameters to distinguish kidney stone size, location and composition to provide conclusive data that determines if lithotripsy is an effective treatment option.
IB software's suite of quantitative and automated tools includes StoneChecker, IB Neuro and IB Delta® Suite. Clinically validated through decades of research, IB Neuro provides critical data about tumor biology that had not previously been available through conventional MR imaging. It is the only image perfusion solution available that automatically generates quantitative (standardised) relative cerebral blood volume (rCBV) maps, independent of scanner, field strength, patient or time point. It is also the only pathologically confirmed neuroimaging software product. IB Delta Suite automates quantitative difference (Delta T1) maps that help clinicians clearly distinguish tumor progression from treatment effect. IB's products complement those of CorTechs Labs which specialise in assessing neurological conditions, including Alzheimer's disease, multiple sclerosis, epilepsy and traumatic brain injury.
David Smith, CEO of IB, commented: "For the first time IQ-AI's full range of products will have direct sales representation worldwide. We are very excited about the shared revenue potential of this agreement. CorTechs Labs has a well established and rapidly growing sales and marketing team who can introduce IB's portfolio to their existing and new clients."
Dr. Chris Airriess, CEO of CorTechs Labs said: "We are delighted to partner with IQ-AI to help bring their innovative products to market. The StoneChecker and Imaging Biometrics products are very complementary with ours and help solve important clinical challenges faced by our global customer base."
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