REG - IQ-AI Limited - Letter to Shareholders

IQ-AIAnnouncement

10/01/2023 07:00

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RNS Number : 1496M  IQ-AI Limited  10 January 2023

IQ-AI LIMITED ISSUES LETTER TO SHAREHOLDERS

 

IQ-AI Limited ("IQAI") (LSE: IQAI) (OTCQB: IQAIF) a developer and
manufacturer of medical image processing platforms, has today released a
letter to shareholders on behalf of Michael Schmainda, CEO of IQ-AI's
wholly-owned subsidiary Imaging Biometrics (the "Company"), covering several
material recent developments in the Company, including, inter-alia,

·    Phase I clinical trial of gallium maltolate (GaM) making significant
progress

·    Additionally, the Company is increasingly focused on accelerating
deployment of IB Clinic™

·    External groups working to establish DSC-MRI as the clinical standard

·    IB Nimble™ connects experts to help treat metastatic tumors

 

The full text of Mr Schmainda's letter follows:

 

In 2022, the Company made progress on several key initiatives which paves the
way for an exciting 2023.

Revenue generated during the year consisted of renewal subscriptions from
existing clients and sales of new software platforms. The Company maintains an
outstanding client satisfaction record as evidenced by a two-year retention
rate of nearly 100%. Early in 2023, we anticipate commencing revenue from a
new post-processing service offering.

IB Clinic Deployment

We have established strategies that we believe will help accelerate adoption
of our core products. We invested in fresh marketing campaigns and doubled our
outreach efforts. Our in-person marketing activities resumed to pre-pandemic
levels as we attended ASNR (American Society of Neuro Radiology), SNO (Society
of Neuro Oncology), and RSNA (Radiology Society of North America). Our
attendance at these events has generated customer leads, which are being
actively pursued. We also are launching an IB User Group forum with the first
scheduled for January 24, 2023. The topic will be IB Delta T1 maps (FDA
cleared, patent-pending) and its clinical value for radiologists, oncologists,
and surgeons.

We are refocusing our approach with respect to partnerships. Specifically, we
are working with select companies that offer different, yet complimentary,
technologies for treating a common disease. We will merge "best-of-breed"
applications into a single package which should have a more immediate and
realistic appeal to clinicians treating complex diseases.

IB Neuro

As experts in quantitative MRI, we continue to collaborate with world-renowned
leaders in neuro oncology to establish DSC-MRI as the clinical standard. By
example, in 2020 Professor Kathleen Schmainda at the Medical College of
Wisconsin (MCW) led a large multi-investigator study that produced a national
consensus recommendation for collecting perfusion data from MRI scanners. In
2022, Professor Schmainda received a grant from the US National Cancer
Institute to identify the optimal way to post-process the collected data. The
peer-reviewed grant application received a perfect score of 1.0 by the
scientific review committee, which underscores the significance of the grant.
These and similar multi-center efforts are creating a growing number of
studies and outcomes that point to our quantitative imaging solutions, and
specifically IB Neuro, as the potential standard for performing perfusion
exams for brain tumor patients.

These studies are establishing the bar in how perfusion analysis should be
performed across all of healthcare. They take time to complete but provide
invaluable clinical validation which the Board believes will lead to IB
Neuro's acceptance as the clinical standard.

IB Nimble

It is our belief that IB Nimble is changing the way healthcare is delivered.
By facilitating secure, real-time decision making amongst multi-disciplinary
experts, patients are receiving optimal treatment plans faster. We are in the
process of deploying IB Nimble at another luminary site for the management of
metastatic cancer. And, at another site, we are engaging with clinicians who
treat an entirely different population of patients outside of metastatic
cancer. As we intend to demonstrate, IB Nimble's potential application can be
adapted to any disease or pathology.

Clinical Trial Update

Our sponsorship of the Phase I clinical trial of gallium maltolate (GaM) in
the treatment of brain cancer remains a top priority. The screening and
enrollment of subjects continue at an outstanding pace, and follow-up visits
are increasing as more subjects remain on the study. In late 2022, an Orphan
Drug Designation application for GaM was submitted to the US Food and Drug
Administration (FDA). The FDA has 90 days to review the application. If
granted, Orphan Drug Designation provides exclusive marketing and development
rights, tax credits for clinical trial expenditures, and potential decreased
wait-time for drug approval.

IB's products are used by clinicians worldwide to process thousands of neuro
exams each year. Feedback from our clients fuels our development team with
innovative ideas and solutions that seek to address real-world clinical gaps.
Thank you all for your continued support as we continue to establish our
unique products as the standard in healthcare.

 

Sincerely yours,

Michael Schmainda,

CEO Imaging Biometrics, LLC

Director IQ-AI Ltd

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.

 

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