TIDMIQAI
RNS Number : 2244B
IQ-AI Limited
30 September 2022
IQ-AI LIMITED ISSUES LETTER TO SHAREHOLDERS
Imaging Biometrics, a subsidiary of IQ-AI Limited (OTCQB: IQAIF:
LSE: IQAI), summarises the Company's achievements in 2022 to date,
which includes:
-- Company focuses on deployment of IB Clinic(TM)
-- IB NIMBLE(TM) connects experts to help treat metastatic tumors
-- Phase I Clinical trial continues to gain momentum
The entire letter from Director Michael Schmainda follows:
"Dear Shareholders:
As Q3 2022 draws to a close, we want to provide an update on
progress made to date, layout the work to be done on our key
initiatives, and to thank you for your on-going support. Together,
we are weathering the instabilities of the economy and markets by
focusing on our core competencies and initiatives that can bring
short term, revenue-generating impact.
The backbone of our business is our imaging solutions. We
continue to deliver the most advanced magnetic resonance ("MR")
perfusion platform which enables our clients to make objective
clinical decisions faster. We remain the only quantitative
perfusion solution used in multi-center clinical trials, and we
continue to gain interest from clients who are seeking more
information from their routine MRI exams.
Maintaining the momentum generated from our record 2021
performance remains steadfast. Central to that effort is client
retention and satisfaction. We are very proud of our outstanding
client retention track record and our ability to quickly respond to
the needs of our growing client base. As we onboard new clients,
whether through direct sales or through our channel partners, we
will remain committed to our client-centric focus. But we want to
be more than that. Our commitment to quality is evidenced by zero
(0) findings from this past summer's FDA inspection and ISO13485
quality audits. Due to our collaborations with thought leaders
around the world, we are uniquely positioned to innovate clinical
solutions that have high probability of translating to routine
clinical practice. All this is made possible by an exceptional and
passionate team that wants to make a difference for patients.
Revenue from annual subscription renewals from our existing
clients continue to fuel our business as well as our financial
sponsorship of the Phase I clinical trial. Product demonstrations
and software trials at major sites are at an all-time high due in
large part to efforts made in 2022 by our channel partners. Despite
underwhelming results from past partnerships, we are optimistic by
the renewed focus of our newest partners. The post-pandemic market
conditions are proving more favorable for artificial intelligence
("AI") marketplace applications and, more specifically, we are
being included early in the sales process and speaking directly
with end users. Our upfront involvement has led to trial
evaluations of our solutions and will ultimately compress the
overall sales cycle.
IB Trax(TM) is our top development priority. Our developers are
completing an overhaul of our software architecture which is
foundational to the development of IB Trax. Specifically, their
work simplifies the documentation required for regulatory
compliance, fosters rapid integration of new or 3rd party
applications, and reduces our cybersecurity footprint. As
previously reported, IB Trax will be a phased development effort.
The first phase, due for release during mid Q2 2023, will be a
concise report that satisfies an unmet clinical need; the graphical
quantification of volumetric changes over time. Once that initial
phase is completed, a fully automated version will be released that
systematically organises and tracks metastatic lesions.
IB NIMBLE(TM) is an exciting handheld application that we
recently obtained world-wide exclusive rights to commercialise.
Currently used at the Medical College of Wisconsin (MCW), IB NIMBLE
has proven to significantly reduce in-patient hospital stays for
patients with metastatic cancers. The novelty of IB NIMBLE lies in
the built-in decision-tree algorithm specific for metastatic
treatment decisions. The application enables instantaneous
collaboration between multiple medical specialists which translates
to optimal care and treatment decisions for patients. While we
prepare to deploy the current version at other institutions, plans
are already being made to replicate this technology for other
diseases as well as to incorporate IB's proprietary technology and
quantitative reporting capabilities, such as IB Trax.
The Phase I clinical trial is gaining momentum. Patient
recruitment, screening, and enrollment continue as existing
enrolled subjects are monitored and receive follow-up imaging. Thus
far, and as expected from prior studies that used gallium, the
subjects are tolerating the agent extremely well. Dr. Jennifer
Connelly, MD, the co-principal investigator of the trial, has
presented her talk "Disappearing Spoon - Disappearing Cancer" at
North Shore (Chicago) Health and at the recent Chasing Chad
(www.chasingchad.com) annual fundraising event. Her talk is always
received with much enthusiasm and interest. In addition, since IB's
quantitative imaging solutions are used to assess treatment
response for the trial, there is a heightened awareness amongst
patients and clinicians about our unique capabilities which have
resulted in prospective sales. Bottom line, brain tumor patients
need to know as soon as possible whether their treatment is
working, and we can help determine that.
Work is also underway for the submission of a de novo FDA
application for IB Zero G(TM) market clearance. As determined by
the FDA reviewers, no currently marketed device compares to IB Zero
G, which could be used as a predicate to establish substantial
equivalence. The next step is to schedule a pre-submission meeting
with the FDA for guidance and clarification.
More recently, we began offering a service option for the
generation of our advanced mapping technology. While automation has
enabled imaging chains and community hospitals access to our core
output maps, those smaller sites do not have the volume of patients
or experienced physicists to process some of our advanced maps. The
service model is like the core lab processing services we offer to
clinical research organizations (CROs). The pay-per-process service
provides a low-risk option for those sites while avoiding lengthy
budgetary justifications and IT security approvals.
We look forward to exhibiting at upcoming trade shows and
scientific meetings. In November 2022, we will be attending two
shows; the first will be an ISMRM ( International Society of
Magnetic Resonance in Medicine ) workshop focused on cancer
imaging. Then, in mid-November, we will be attending the annual SNO
( Society of Neuro Oncology ). At SNO, multiple scientific
abstracts have been accepted for presentation that feature our
software, the Phase I Clinical trial, and we will even have IB
NIMBLE(TM) on display. Joining us at SNO will be Dr. Joseph Bovi,
MD, an inventor of the NIMBLE app, as well as Dr. Jennifer Connelly
who will discuss matters related to the clinical trial.
I look forward to providing you with future updates as we
continue to achieve new milestones and grow. We have the laid the
foundation of a great company and we are conducting business in an
exciting and developing area. Thank you all for your continued
support.
Sincerely yours,
Michael Schmainda, CEO
Imaging Biometrics, LLC"
The Directors of the Company accept responsibility for the
contents of this announcement
-S-
For further information, please contact:
IQ-AI Limited
Trevor Brown/Brett Skelly/Vinod Kaushal
Tel: 020 7469 0930
Peterhouse Capital Limited (Financial Adviser and Broker)
Lucy Williams/Heena Karani
Tel: 020 7220 9797
About Imaging Biometrics, LLC
IQ-AI Limited, (LON: IQAI) (OTCQB: IQAIF), the parent company of
Wisconsin-based Imaging Biometrics, LLC (IB), is focused on
delivering quantitative imaging platforms and therapeutics that
transform how clinicians diagnose and treat patients more
efficiently and effectively. For more information about Imaging
Biometrics, visit the company's website at
www.imagingbiometrics.com .
Safe Harbor Statement
This press release includes statements that may constitute
forward-looking statements made pursuant to the safe harbor
provision of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by terminology
such as "will," "expects," "anticipates," "future," "intends,"
"plans," "believes," "estimates," or the negative of these words
and/or similar statements. Statements that are not historical
facts, including statements about the Company's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties that could
cause actual results to differ materially from the forward-looking
statements. For example, statements about future revenues and the
Company's ability to fund its operations and contractual
obligations are forward looking and subject to risks. Several
important factors could cause actual results to differ materially
from those contained in any forward-looking statement. Potential
risks and uncertainties include, but are not limited to, the
inability to raise capital to support the Company through its
growth stage, the Company's inability to generate projected sales
and trade relations between the United States and China. The
Company does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
Market Abuse Regulation (MAR) Disclosure
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of Article 7 of the Market Abuse Regulation EU 596/2014 as it forms
part of retained EU law (as defined in the European Union
(Withdrawal) Act 2018).
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