First OEM agreement for AI based imaging software

RNS Number : 4322E

Intelligent Ultrasound Group PLC

04 July 2019

 

Intelligent Ultrasound Group plc

("Intelligent Ultrasound" or the "Group")

First OEM partner agreement signed for its AI based imaging software

Intelligent Ultrasound Group plc (AIM: MED), the artificial intelligence (AI) based ultrasound software and simulation company, announces that it has signed its first long-term licence and co-development agreement for its AI software with one of the world's leading ultrasound equipment manufacturers.

The Group's range of AI-based software aims to boost scanning quality and to streamline sonographer workflow in medical ultrasound specialties, such as anaesthesiology, obstetrics, gynaecology, radiology and primary care medicine.

The long-term agreement will enable the integration of Intelligent Ultrasound's real-time image analysis software onto a range of specialty specific ultrasound systems marketed in the global healthcare market. Co-development work with the OEM partner will commence immediately, with initial royalty per unit revenues expected during 2021 following regulatory approval. Terms of the agreement are confidential and undisclosed for commercial reasons.

Stuart Gall, CEO of Intelligent Ultrasound, said:

"This is a milestone agreement for the Group and we are delighted to have signed our first long-term agreement with one of the world's leading ultrasound companies. We believe that ScanNav is one of the world's first AI software products to provide real-time image analysis and guidance to sonographers during an ultrasound scan. We expect this to be the first of many agreements for our range of AI based image analysis software."

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

Enquiries:

Intelligent Ultrasound Group plc				www.intelligentultrasound.com
Stuart Gall, CEO  Wilson Jennings, CFO				Tel: [phone]
Cenkos Securities - Nominated Advisor and broker				Tel:  [phone]
Giles Balleny / Cameron MacRitchie (Corporate Finance)
Michael Johnson / Julian Morse (Sales)
Walbrook PR	Tel: [phone] or [e-mail]
Anna Dunphy / Paul McManus		Mob: [phone] / Mob: [phone]

 

About Intelligent Ultrasound (www.intelligentultrasoundgroup.com/)

Intelligent Ultrasound (AIM: MED), the intelligent ultrasound software and simulation company, develops artificial intelligence-based clinical image analysis software tools, augmented reality-based needle guidance software and advanced hi-fidelity haptic and manikin-based training simulators for medical practitioners.

 
Based in Cardiff and Oxford in the UK, Atlanta in the US and with representation in Beijing in Asia, the Group operates two divisions:

Intelligent Ultrasound Simulation Division

Focusses on hi-fidelity ultrasound education and training through simulation.  Its three main products are the ScanTrainer OBGYN training simulator, the HeartWorks echocardiography training simulator and the BodyWorks Eve Point of Care and Emergency Medicine training simulator.  To date over 700 simulators have been sold to over 400 medical institutions in over 30 countries around the world.

Intelligent Ultrasound Clinical AI Division

Focusses on developing deep learning-based algorithms to make ultrasound machines smarter and more accessible. Products in development include ScanNav which uses machine-learning based algorithms to automatically identify and grade ultrasound images to provide scan assessment and audit of protocol-based ultrasound scanning; and AnatomyGuide, which aims to simplify ultrasound-guided needling by providing the user with real-time AI-based needle guidance software for a range of medical procedures.

Some products in the pipeline may require US FDA or other regulatory approval, as such this material should be considered informational only and does not constitute an offer to sell or infer claims or benefits.

 

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