IQ-AI Ltd

  • News & Announcements
  • Shareholder Information
  • Investor Relations
  • Significant Shareholders
  • Publications
  • Home
  • Corporate News & Announcements
  • IQ-AI RNS News & Announcements
  • IB and the Mayo Clinic enter into an Agreement
 

News

Monday, 09 November 2020 / Published in IQ-AI RNS News & Announcements

IB and the Mayo Clinic enter into an Agreement

RNS Number : 5886E
IQ-AI Limited
09 November 2020
 

IQ-AI Ltd

(“IQ-AI” or the “Company”)

IB and the Mayo Clinic Enter into an Agreement to Develop IB Trax™

Imaging Biometrics, LLC (IB), a subsidiary of IQ-AI, Ltd, has entered into an agreement (the “Agreement”) with Mayo Clinic to develop a brain lesion tracking platform, IB Trax. The collaboration’s objective is the development of an innovative AI technology to track metastatic and primary brain tumours. IB’s proven quantitative technologies will form the foundation of IB Trax and the overall workflow will receive direct clinical input from the Mayo Clinic.

 

This Agreement considerably expands the existing relationship between IB and the Mayo Clinic by appointing Dr. Leland Hu, MD, an Assistant Professor of Radiology at the Mayo Clinic Arizona, to IB’s Scientific Advisory Board.

 

Under the terms of the Agreement, IQ-AI will issue Mayo Clinic a token of $50,000 of shares in IQ-AI at a price equivalent to the three-month average share price prior to the effective date of the Agreement. In addition, IQ-AI will issue the Mayo Clinic, $10,000 of shares in IQ-AI at a price equivalent to the three-month average share price prior to the date the shares are issued, on the first anniversary and every successive year whilst the agreement is in existence. In addition, the Mayo Clinic will receive a 4% on-going royalty on each sale of IB Trax, including $20,000 on the initial commercial installation.

 

Ultimately, the aim is to leverage IB’s existing quantitative solutions and AI expertise to develop a streamlined workflow that systematically identifies, tracks, and reports changes to brain lesions. Currently, the way clinicians perform this task is cumbersome and subjective. The Mayo Clinic is ideally positioned to assist in this effort as it is renowned for excellence and commonly treats the most challenging of brain tumour cases from around the world.

 

“We are excited to team up with the Mayo Clinic to significantly expand the diagnostic utility of our core applications. This collaboration provides key clinical input to further enhance the design and guide development of IB Trax,” said Michael Schmainda, CEO of IB.

 

Trevor Brown CEO of IQAI, commented, “IB have now entered a period of exponential growth in their development of innovative medical AI technologies.”

 

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: 020 7469 0930

Peterhouse Capital Limited (Financial Adviser and Broker)

Lucy Williams/Heena Karani

Tel: 020 7220 9797

 

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom.

Article source

Recent Posts

  • Notice of AGM

    RNS Number : 4440K IQ-AI Limited 05 May 2022   ...
  • IB Broadens Quantitative Mapping

    RNS Number : 1476K IQ-AI Limited 03 May 2022   ...
  • IB Broadens Quantitative Mapping

    – Article source...
  • Final Results

    RNS Number : 7683J IQ-AI Limited 28 April 2022 ...
  • IQAI’s Sponsored Phase I Clinical Trial is Open

    RNS Number : 2319E IQ-AI Limited 09 March 2022 ...
Portions copyright © 2010-2022 IQ-AI Ltd. All Rights Reserved.
TOP
Our website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish.AcceptReject
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT