Business Update

RNS Number : 5118P

IQ-AI Limited

08 February 2019

 

IQ-AI Ltd

("IQ-AI" or the "Company")

Business Update

The Board of IQ-AI Ltd are pleased to present an update of the Company's two key medical device investments.

IQ-AI Ltd has made the first sale of its Imaging Biometrics ("IB") software to South Korea. The company's distributor, Korea Computer ISG has sold a suite of Imaging Biometrics neuroradiology software to Haeundae Paik Hospital in Busan, South Korea. This will be installed in March 2019. The sale comprises IB's latest offering of IB Server (IB Neuro, IB Delta Suite, IB Diffusion and IB DCE, IB Rad Tech plug in).

The UK's National Institute for Health and Care Excellence ("NICE") has issued a Medical Information Bulletin on IQ-AI's StoneChecker Software, having evaluated the clinical value and cost effectiveness of the product. The StoneChecker software's regulatory approval process continues in the USA. The recent and continuing threat of a USA Government shutdown has delayed the review of the product. However, the Company is in frequent contact with Food and Drug Administration ("FDA"), updating and amending the pending application to meet the FDA's requirements.

Meanwhile IQ-AI continues to seek business development relationships that will expose its products to a broader audience worldwide. Several marketing and distribution alliances are under active consideration. These will be evaluated, and if appropriate, will be announced in the next few months.

--ENDS--

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

For further information, please contact:

IQ-AI Limited Trevor Brown/Vinod Kaushal/Qu Li Tel: [phone]

Peterhouse Capital Limited (Financial Adviser and Broker) Lucy Williams/Fungai Ndoro Tel: [phone]

 

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