Board Changes and Restructuring Initiatives

RNS Number : 3591X

IQ-AI Limited

18 December 2019

 

IQ-AI Ltd

("IQ-AI" or the "Company")

Board Changes and Restructuring Initiatives

StoneChecker Software Limited

Following a strategic review of its product portfolio, the Directors of IQ-AI have concluded that maximising shareholder value is likely to be enhanced by prioritising the application of resources to the accelerated development of innovative medical software solutions. As a result of this review, a buyer or partner will now be sought for StoneChecker Software Limited.

IQ-AI has previously announced its plans to develop a portfolio of products using the Imaging Biometrics, LLC ("IB" or "Imaging Biometrics") team in Milwaukee, Wisconsin that could reduce and eventually eliminate the use of Gadolinium in medical imaging, and last month, further plans were announced to leverage the Company's neuroradiology suite of products for use in stroke diagnosis. Products from this portfolio are expected to be introduced in 2020.

Trevor Brown, CEO of IQ-AI Ltd, commented 'The shareholder funds needed to deploy resources to develop the StoneChecker product ourselves would be more productively invested in software product development.  We are committed to building upon the core technologies of Imaging Biometrics because we believe it will show the greatest return for our shareholders, which includes board members and other members of the team. The size of the kidney stone market, relative to the other markets addressed by Imaging Biometrics' products, was an important factor in our decision making'.

Board Appointments

IQ-AI Ltd is pleased to announce the immediate appointment of Michael Schmainda as Non-Executive Director.

Michael has a 20-year history of successfully building global medical imaging businesses including Prism Clinical Imaging and Imaging Biometrics. As co-founder of IB, and has overseen all aspects of the company's development, operation, and growth since its inception. He has established strong collaborative relationships with leaders in the medical imaging field who drive new product development and has led the translation and commercialisation of sophisticated imaging solutions, achieved regulatory approvals in the US and Europe, and global product adoption.

Michael's career began with 3M Company, a company renowned for bringing new products to market, where he held leadership roles across multiple industries including the life science sector. Prior to IB, Michael was a foundational member of Prism Clinical Imaging, secured the initial investment for the company, and served as president and COO. 

There are no details in respect of Michael Schmainda's appointment requiring disclosure under paragraphs 9.6.13R(1)-(6) of the Listing Rules.

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: [phone]

Peterhouse Capital Limited (Financial Adviser and Broker) Lucy Williams/Heena Karani Tel: [phone]

About IQ-AI Ltd 

IQ-AI, Ltd, the parent company of StoneChecker® and Imaging Biometrics®, is focused on advanced and state of the art medical software and services. (IQ-AI.ltd). Imaging Biometrics develops and provides visualization and analytical solutions that enable clinicians to better diagnose and treat diseases with greater confidence. Through close collaboration with researchers and clinicians, sophisticated advancements are translated into platform-independent software plug-ins which can extend the base functionality of workstations, imaging systems, PACS, or medical viewers. By design, IB's advanced visualization software seamlessly integrates into routine workflows. Please visit www.imagingbiometrics.com for further information.  

 

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