IQ-AI LIMITED ISSUES LETTER TO SHAREHOLDERS
IQ-AI Limited (“IQAI”) (LSE: IQAI) (OTCQB: IQAIF) a developer and manufacturer of medical image processing platforms, has today released a letter to shareholders on behalf of Michael Schmainda, CEO of IQ-AI’s wholly-owned subsidiary Imaging Biometrics (the “Company”), covering several material recent developments in the Company, including, inter-alia,
· Phase I clinical trial of gallium maltolate (GaM) making significant progress
· Additionally, the Company is increasingly focused on accelerating deployment of IB Clinic™
· External groups working to establish DSC-MRI as the clinical standard
· IB Nimble™ connects experts to help treat metastatic tumors
The full text of Mr Schmainda’s letter follows:
In 2022, the Company made progress on several key initiatives which paves the way for an exciting 2023.
Revenue generated during the year consisted of renewal subscriptions from existing clients and sales of new software platforms. The Company maintains an outstanding client satisfaction record as evidenced by a two-year retention rate of nearly 100%. Early in 2023, we anticipate commencing revenue from a new post-processing service offering.
IB Clinic Deployment
We have established strategies that we believe will help accelerate adoption of our core products. We invested in fresh marketing campaigns and doubled our outreach efforts. Our in-person marketing activities resumed to pre-pandemic levels as we attended ASNR (American Society of Neuro Radiology), SNO (Society of Neuro Oncology), and RSNA (Radiology Society of North America). Our attendance at these events has generated customer leads, which are being actively pursued. We also are launching an IB User Group forum with the first scheduled for January 24, 2023. The topic will be IB Delta T1 maps (FDA cleared, patent-pending) and its clinical value for radiologists, oncologists, and surgeons.
We are refocusing our approach with respect to partnerships. Specifically, we are working with select companies that offer different, yet complimentary, technologies for treating a common disease. We will merge “best-of-breed” applications into a single package which should have a more immediate and realistic appeal to clinicians treating complex diseases.
As experts in quantitative MRI, we continue to collaborate with world-renowned leaders in neuro oncology to establish DSC-MRI as the clinical standard. By example, in 2020 Professor Kathleen Schmainda at the Medical College of Wisconsin (MCW) led a large multi-investigator study that produced a national consensus recommendation for collecting perfusion data from MRI scanners. In 2022, Professor Schmainda received a grant from the US National Cancer Institute to identify the optimal way to post-process the collected data. The peer-reviewed grant application received a perfect score of 1.0 by the scientific review committee, which underscores the significance of the grant. These and similar multi-center efforts are creating a growing number of studies and outcomes that point to our quantitative imaging solutions, and specifically IB Neuro, as the potential standard for performing perfusion exams for brain tumor patients.
These studies are establishing the bar in how perfusion analysis should be performed across all of healthcare. They take time to complete but provide invaluable clinical validation which the Board believes will lead to IB Neuro’s acceptance as the clinical standard.
It is our belief that IB Nimble is changing the way healthcare is delivered. By facilitating secure, real-time decision making amongst multi-disciplinary experts, patients are receiving optimal treatment plans faster. We are in the process of deploying IB Nimble at another luminary site for the management of metastatic cancer. And, at another site, we are engaging with clinicians who treat an entirely different population of patients outside of metastatic cancer. As we intend to demonstrate, IB Nimble‘s potential application can be adapted to any disease or pathology.
Clinical Trial Update
Our sponsorship of the Phase I clinical trial of gallium maltolate (GaM) in the treatment of brain cancer remains a top priority. The screening and enrollment of subjects continue at an outstanding pace, and follow-up visits are increasing as more subjects remain on the study. In late 2022, an Orphan Drug Designation application for GaM was submitted to the US Food and Drug Administration (FDA). The FDA has 90 days to review the application. If granted, Orphan Drug Designation provides exclusive marketing and development rights, tax credits for clinical trial expenditures, and potential decreased wait-time for drug approval.
IB‘s products are used by clinicians worldwide to process thousands of neuro exams each year. Feedback from our clients fuels our development team with innovative ideas and solutions that seek to address real-world clinical gaps. Thank you all for your continued support as we continue to establish our unique products as the standard in healthcare.
CEO Imaging Biometrics, LLC
Director IQ-AI Ltd
The Directors of the Company accept responsibility for the contents of this announcement.
For further information, please contact:
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.