REG - IQ-AI Limited - Letter to Shareholders

IQ-AIAnnouncement

30/09/2022 07:01

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220930:nRSd2244Ba&default-theme=true

RNS Number : 2244B  IQ-AI Limited  30 September 2022

IQ-AI LIMITED ISSUES LETTER TO SHAREHOLDERS

 

Imaging Biometrics, a subsidiary of IQ-AI Limited (OTCQB: IQAIF: LSE: IQAI),
summarises the Company's achievements in 2022 to date, which includes:

·      Company focuses on deployment of IB Clinic™

·      IB NIMBLE™ connects experts to help treat metastatic tumors

·      Phase I Clinical trial continues to gain momentum

The entire letter from Director Michael Schmainda follows:

 

"Dear Shareholders:

As Q3 2022 draws to a close, we want to provide an update on progress made to
date, layout the work to be done on our key initiatives, and to thank you for
your on-going support. Together, we are weathering the instabilities of the
economy and markets by focusing on our core competencies and initiatives that
can bring short term, revenue-generating impact.

The backbone of our business is our imaging solutions. We continue to deliver
the most advanced magnetic resonance ("MR") perfusion platform which enables
our clients to make objective clinical decisions faster. We remain the only
quantitative perfusion solution used in multi-center clinical trials, and we
continue to gain interest from clients who are seeking more information from
their routine MRI exams.

Maintaining the momentum generated from our record 2021 performance remains
steadfast. Central to that effort is client retention and satisfaction. We are
very proud of our outstanding client retention track record and our ability to
quickly respond to the needs of our growing client base. As we onboard new
clients, whether through direct sales or through our channel partners, we will
remain committed to our client-centric focus. But we want to be more than
that. Our commitment to quality is evidenced by zero (0) findings from this
past summer's FDA inspection and ISO13485 quality audits. Due to our
collaborations with thought leaders around the world, we are uniquely
positioned to innovate clinical solutions that have high probability of
translating to routine clinical practice. All this is made possible by an
exceptional and passionate team that wants to make a difference for patients.

Revenue from annual subscription renewals from our existing clients continue
to fuel our business as well as our financial sponsorship of the Phase I
clinical trial. Product demonstrations and software trials at major sites are
at an all-time high due in large part to efforts made in 2022 by our channel
partners. Despite underwhelming results from past partnerships, we are
optimistic by the renewed focus of our newest partners. The post-pandemic
market conditions are proving more favorable for artificial intelligence
("AI") marketplace applications and, more specifically, we are being included
early in the sales process and speaking directly with end users.  Our upfront
involvement has led to trial evaluations of our solutions and will ultimately
compress the overall sales cycle.

IB Trax™ is our top development priority. Our developers are completing an
overhaul of our software architecture which is foundational to the development
of IB Trax. Specifically, their work simplifies the documentation required for
regulatory compliance, fosters rapid integration of new or 3rd party
applications, and reduces our cybersecurity footprint. As previously reported,
IB Trax will be a phased development effort. The first phase, due for release
during mid Q2 2023, will be a concise report that satisfies an unmet clinical
need; the graphical quantification of volumetric changes over time. Once that
initial phase is completed, a fully automated version will be released that
systematically organises and tracks metastatic lesions.

IB NIMBLE™ is an exciting handheld application that we recently obtained
world-wide exclusive rights to commercialise. Currently used at the Medical
College of Wisconsin (MCW), IB NIMBLE has proven to significantly reduce
in-patient hospital stays for patients with metastatic cancers. The novelty of
IB NIMBLE lies in the built-in decision-tree algorithm specific for metastatic
treatment decisions. The application enables instantaneous collaboration
between multiple medical specialists which translates to optimal care and
treatment decisions for patients. While we prepare to deploy the current
version at other institutions, plans are already being made to replicate this
technology for other diseases as well as to incorporate IB's proprietary
technology and quantitative reporting capabilities, such as IB Trax.

The Phase I clinical trial is gaining momentum. Patient recruitment,
screening, and enrollment continue as existing enrolled subjects are monitored
and receive follow-up imaging. Thus far, and as expected from prior studies
that used gallium, the subjects are tolerating the agent extremely well. Dr.
Jennifer Connelly, MD, the co-principal investigator of the trial, has
presented her talk "Disappearing Spoon - Disappearing Cancer" at North Shore
(Chicago) Health and at the recent Chasing Chad (www.chasingchad.com) annual
fundraising event. Her talk is always received with much enthusiasm and
interest. In addition, since IB's quantitative imaging solutions are used to
assess treatment response for the trial, there is a heightened awareness
amongst patients and clinicians about our unique capabilities which have
resulted in prospective sales. Bottom line, brain tumor patients need to know
as soon as possible whether their treatment is working, and we can help
determine that.

Work is also underway for the submission of a de novo FDA application for IB
Zero G™ market clearance. As determined by the FDA reviewers, no currently
marketed device compares to IB Zero G, which could be used as a predicate to
establish substantial equivalence. The next step is to schedule a
pre-submission meeting with the FDA for guidance and clarification.

More recently, we began offering a service option for the generation of our
advanced mapping technology. While automation has enabled imaging chains and
community hospitals access to our core output maps, those smaller sites do not
have the volume of patients or experienced physicists to process some of our
advanced maps. The service model is like the core lab processing services we
offer to clinical research organizations (CROs). The pay-per-process service
provides a low-risk option for those sites while avoiding lengthy budgetary
justifications and IT security approvals.

We look forward to exhibiting at upcoming trade shows and scientific meetings.
In November 2022, we will be attending two shows; the first will be an ISMRM
(International Society of Magnetic Resonance in Medicine
(https://www.ismrm.org/) ) workshop focused on cancer imaging. Then, in
mid-November, we will be attending the annual SNO (Society of Neuro Oncology
(https://www.soc-neuro-onc.org/) ). At SNO, multiple scientific abstracts have
been accepted for presentation that feature our software, the Phase I Clinical
trial, and we will even have IB NIMBLE™ on display. Joining us at SNO will
be Dr. Joseph Bovi, MD, an inventor of the NIMBLE app, as well as Dr. Jennifer
Connelly who will discuss matters related to the clinical trial.

I look forward to providing you with future updates as we continue to achieve
new milestones and grow. We have the laid the foundation of a great company
and we are conducting business in an exciting and developing area. Thank you
all for your continued support.

Sincerely yours,

Michael Schmainda, CEO

Imaging Biometrics, LLC"

 

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

 

-ENDS-

For further information, please contact:

 IQ-AI Limited

 Trevor Brown/Brett Skelly/Vinod Kaushal

 Tel: 020 7469 0930

 Peterhouse Capital Limited (Financial Adviser and Broker)

 Lucy Williams/Heena Karani

 Tel: 020 7220 9797

 

 

 

About Imaging Biometrics, LLC

IQ-AI Limited, (LON: IQAI) (OTCQB: IQAIF), the parent company of
Wisconsin-based Imaging Biometrics, LLC (IB), is focused on delivering
quantitative imaging platforms and therapeutics that transform how clinicians
diagnose and treat patients more efficiently and effectively. For more
information about Imaging Biometrics, visit the company's website at
www.imagingbiometrics.com (http://www.imagingbiometrics.com) .

 

Safe Harbor Statement

This press release includes statements that may constitute forward-looking
statements made pursuant to the safe harbor provision of the Private
Securities Litigation Reform Act of 1995. These forward-looking statements can
be identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates," or the negative of
these words and/or similar statements. Statements that are not historical
facts, including statements about the Company's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve inherent risks
and uncertainties that could cause actual results to differ materially from
the forward-looking statements. For example, statements about future revenues
and the Company's ability to fund its operations and contractual obligations
are forward looking and subject to risks. Several important factors could
cause actual results to differ materially from those contained in any
forward-looking statement. Potential risks and uncertainties include, but are
not limited to, the inability to raise capital to support the Company through
its growth stage, the Company's inability to generate projected sales and
trade relations between the United States and China. The Company does not
undertake any obligation to update any forward-looking statement, except as
required under applicable law.

 

Market Abuse Regulation (MAR) Disclosure

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation EU 596/2014 as it forms part of retained EU law
(as defined in the European Union (Withdrawal) Act 2018).

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. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  STREKLFLLKLLBBV