IQ-AI Ltd

(“IQ-AI” or the “Company”)

Technology Portfolio Update

In 2020, IQ-AI secured major clients and partners, introduced new products, and accelerated the development of new technologies. Today the Company is pleased to provide an update and an outline of our major plans for 2021. IQ-AI’s development pipeline is extensive and growing.

Trevor Brown, CEO commented: “We are operating at a time of rapid innovation where the development and clinical translation of medical AI solutions will provide a paradigm shift in routine clinical practice, resulting in improved patient care. The Company is optimistic that substantial progress will be made in all these initiatives during 2021”.

1.   IB Trax™, an entirely new platform initially targeted to assist the assessment of metastatic brain tumours, is being developed in partnership with the Mayo Clinic. The core team, which includes Dr. Leland Hu, MD of the Mayo Clinic (Arizona, USA), has begun translating the desired workflow into software requirements and specifications. The focus is on providing a streamlined workflow to systematically identify, quantify, and organize volumetric analysis for metastatic brain lesions. The Board believes that the initial version of IB Trax will form the foundation for streamlining the assessment of other cancers and pathologies.

2.  The “Gad Free” technology is about to embark on the next round of validation testing which includes subjecting the algorithm to a comprehensive and extensive testing protocol. To accomplish this, a large number of test datasets are being prepared to fully assess the robustness of the technology. Although challenging, the Board considers that this novel solution would be the first in the world and the Company is confident the appropriate technical team is in place to deliver. The patent application submitted in Q4 2018, is advancing through the US Patent and Trademark Office review process.

3.  Interest continues to increase in the recent FDA-cleared and CE-marked LSN (Liver Surface Nodularity) platform. Prospective users are inquiring about LSN’s ability to perform virtual biopsies to help assess chronic liver disease for an extremely large patient population. In addition, the sales and marketing teams of the Company’s channel partners were trained on the functionality of the LSN platform. While trade shows and scientific meetings are still conducted virtually due to the pandemic, the Company will be launching a series of marketing campaigns in Q1 to help accelerate trials and adoption of LSN.

4.   New releases for IB Clinic and StoneChecker are planned throughout 2021. As more sites adopt IB Clinic’s automated processing, enhancing IB Clinic’s ability to account for various artifacts, such as head motion and inherent MR system variability, will further improve the robustness of the processing and maintain the high-quality output the Company’s users have grown to expect and appreciate. The Company continues to invest in its kidney stone analysis software, StoneChecker, with plans to gain traction in the market this year.

5.   Sales of products and especially those optimised for treating primary brain tumours will continue to be a priority in 2021. The Company’s fully automated and quantitative processing options available in IB Clinic continue to gain interest at leading cancer centres. There are currently six US-based sites that are arranging for trials of IB Clinic with additional sites in Europe evaluating IB software via one of the Company’s channel partners. Several key factors are driving increased interest. IB Clinic is the only platform that automatically generates truly quantitative parameter maps. It is the only commercially available perfusion platform whose output has been rigorously compared to tissue biopsy samples. It exactly matches the national recommended consensus standard in acquisition and post-processing of datasets, providing an ideal pathway for standardising on a proven brain tumour imaging protocol. It enables accurate longitudinal comparison regardless of scanner vendor, field strength, patient, or timepoint. Existing clients have provided examples how the Company software has provided an immediate impact to clinical decision making and has provided rich information that optimises patient care.

6. Auto-segmentation will fully automate the Company’s “fractional tumour burden” (“FTB”) mapping process. Eliminating this manual step will also enable FTBs to be offered via IB Clinic and render the full complement of IB software as a platform independent quantitative imaging solution. The technology is being implemented into a beta workflow for assessment by luminary sites including the Mayo Clinic, Keck Medical Center at USC, the Medical College of Wisconsin (“MCW”), and others. This beta evaluation is expected to conclude in Q1 and, if the feedback dictates, further refinements will be made to the technology.

7.  The Company is fulfilling the work outlined in its two funded grants collaborating with MCW and the Barrow Neurological Institute (“BNI”). Both grants are “industrial-academic partnerships”, aimed at commercialising technologies and incorporating them into routine clinical use, and each grant is entering into the second year of its five-year term. The grant in collaboration with MCW is the second such award as part of the Quantitative Imaging Network (“QIN”). The QIN is an initiative sponsored by the US National Cancer Institute (“NCI”) promoting research, development, and clinical validation of quantitative imaging tools and methods for the measurement or prediction of tumour response to therapies in clinical trial settings, with the overall goal of facilitating clinical decision making. The grant in collaboration with BNI includes working with major scanner vendors (GE, Siemens, and Philips) to harmonise the way perfusion MRI data is collected and post-processed. The involvement of the major scanner vendors is exciting and very positive, and the Company looks forward to their continued collaboration and support.

The Directors of the Company accept responsibility for the contents of this announcement.

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