Stonechecker Update

RNS Number : 2108V

IQ-AI Limited

05 August 2020

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon publication of this announcement via a regulatory information service ("RIS"), the inside information contained in this document is now considered to be in the public domain.

IQ-AI Ltd

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

StoneChecker™   Update

In December 2019, IQ-AI made the strategic decision to focus existing resources and expand upon the Company's leading position in the neuro imaging field. This decision, aimed to align resources on projects that maximise value for shareholders and overall Company value, launched a search for a buyer or partner for StoneChecker Software Limited.

Designed to analyse computed tomography (CT) datasets, StoneChecker evaluates the likelihood that kidney stones will break up during Extracorporeal Shock Wave Lithotripsy (ESWL), or "lithotripsy", procedure. Using shock waves to break up kidney stones into smaller pieces allows them to be easily passed thorough the body via the urinary tract. It is estimated, however, that lithotripsy procedures fail 29% of the time. Thus, the additional information provided by StoneChecker helps reduce the failed lithotripsy procedures performed on patients. In December 2018, StoneChecker was declared CE marked for European distribution. Then, on September 26, 2019, USA FDA 510(k) market clearance was obtained followed by Korean FDA (KFDA) market clearance earlier this year. 

IQ-AI has now signed a Letter of Intent (LOI) with a major international medical group wishing to buy Stonechecker and due diligence has commenced. The transaction, if completed, will comprise cash consideration plus ongoing royalty on sales. Further information will be released as events progress.

 

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 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 .

 

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