1 October 2019
(“IQ-AI” or the “Company”)
STONECHECKER USA MARKET INTRODUCTION AND DEVELOPMENT PROGRAM EXPANSION AT IQ-AI
Every year in the USA, 600,000 people get kidney stones. Some of these will be passed naturally through the urinary tract, but often a medical procedure is required to remove them. Extracorporeal Shock Wave Lithotripsy (ESWL), or “lithotripsy”, bombards the stones with sound wave energy, breaking them up into smaller pieces which allows them to be passed into the bladder and then exit the body through the urinary tract.
The equipment used for this procedure costs in excess of $1M, and the treatment is expensive. On average, each lithotripsy procedure in the USA costs more than $13,000, and often the procedure must be repeated to break up stubborn stones. It is estimated that 29%¹ of the time lithotripsy fails, and the patient must undergo a surgical procedure. The cost of these failed lithotripsy procedures is therefore almost $2.3 billion per year.
StoneChecker was developed to examine the computed tomography (CT) images used to diagnose the presence of the kidney stone and evaluate the likelihood they would break up during a lithotripsy procedure. Cost efficiencies can be realized by using advanced imaging to non-invasively screen patients who are unlikely to have a successful lithotripsy procedure, or by avoiding the much more expensive and invasive surgical procedure by accurately screening those patients who would be successful with lithotripsy.
Relationships with key strategic partners for StoneChecker have been cultivated for some time, including discussions with companies that are CT technology providers, suppliers of lithotripsy equipment and companies specializing in the kidney sector which sell directly to kidney specialists. These discussions are continuing, as we evaluate how best to optimize the commercial opportunities provided by last week’s FDA clearance.
The IQ-AI product development program is where projects are born and developed that we hope will yield revenues into the future. This approach has recently produced the Auto-Segmentation, Gadolinium-Free, and AI Programs.
The Board believes that a portfolio approach balances risks and opportunities over several different organ systems, and that the current AI development pipeline could yield further market leading products over the coming months and years.
The creation of a system for new product development is the core strategy for the future growth and expansion plans of IQ-AI, and we look forward to making further announcements as events unfold
¹Extracorporeal shock wave lithotripsy versus flexible ureterorenoscopy in the treatment of untreated renal calculi, Fankhauser et al; Clin Kidney J. 2018 Jun; 11(3): 364-369.
The Directors of the Company accept responsibility for the contents of this announcement.
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For further information, please contact:
Trevor Brown/Vinod Kaushal/Qu Li
Tel: 020 7469 0930
Peterhouse Capital Limited (Financial Adviser and Broker)
Duncan Vasey/Heena Karani
Tel: 020 7220 9797
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 top 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.