Last checked at 9 Nov 2020 07:00
IQ-AI Ltd
("IQ-AI" or the "Company")
IB and the Mayo Clinic Enter into an Agreement to Develop IB Trax™
Imaging Biometrics, LLC (IB), a subsidiary of IQ-AI, Ltd, has entered into an agreement (the "Agreement") with Mayo Clinic to develop a brain lesion tracking platform, IB Trax. The collaboration's objective is the development of an innovative AI technology to track metastatic and primary brain tumours. IB's proven quantitative technologies will form the foundation of IB Trax and the overall workflow will receive direct clinical input from the Mayo Clinic.
This Agreement considerably expands the existing relationship between IB and the Mayo Clinic by appointing Dr. Leland Hu, MD, an Assistant Professor of Radiology at the Mayo Clinic Arizona, to IB's Scientific Advisory Board.
Under the terms of the Agreement, IQ-AI will issue Mayo Clinic a token of $50,000 of shares in IQ-AI at a price equivalent to the three-month average share price prior to the effective date of the Agreement. In addition, IQ-AI will issue the Mayo Clinic, $10,000 of shares in IQ-AI at a price equivalent to the three-month average share price prior to the date the shares are issued, on the first anniversary and every successive year whilst the agreement is in existence. In addition, the Mayo Clinic will receive a 4% on-going royalty on each sale of IB Trax, including $20,000 on the initial commercial installation.
Ultimately, the aim is to leverage IB's existing quantitative solutions and AI expertise to develop a streamlined workflow that systematically identifies, tracks, and reports changes to brain lesions. Currently, the way clinicians perform this task is cumbersome and subjective. The Mayo Clinic is ideally positioned to assist in this effort as it is renowned for excellence and commonly treats the most challenging of brain tumour cases from around the world.
"We are excited to team up with the Mayo Clinic to significantly expand the diagnostic utility of our core applications. This collaboration provides key clinical input to further enhance the design and guide development of IB Trax," said Michael Schmainda, CEO of IB.
Trevor Brown CEO of IQAI, commented, "IB have now entered a period of exponential growth in their development of innovative medical AI technologies."
The Directors of the Company accept responsibility for the contents of this announcement.
-ENDS-
For further information, please contact:
IQ-AI Limited Trevor Brown/Vinod Kaushal/Qu Li Tel: 020 7469 0930 |
Peterhouse Capital Limited (Financial Adviser and Broker) Lucy Williams/Heena Karani Tel: 020 7220 9797 |
ABOUT Imaging Biometrics, LLC
Imaging Biometrics®, a subsidiary of IQ-AI Limited (LON:IQAI), develops and provides visualisation and analytical solutions that enable clinicians to better diagnose and treat disease with greater confidence. Through close collaboration with top researchers and clinicians, sophisticated advancements are translated into platform-independent and automated software plug-ins which can extend the base functionality of workstations, imaging systems, PACS, or medical viewers. By design, IB's advanced visualisation software seamlessly integrates into routine workflows. For more information about Imaging Biometrics, visit the company's website at www.imagingbiometrics.com.