At the end of November, the investment firm’s subsidiary, Imaging Biometrics (IB), said it had appointed a South Korean distributor for its diagnostic imaging products following a number of presentations at hospitals in the country which had generated “significant potential sales interest”.
READ: IQ-AI’s Imaging Biometrics appoints South Korean distributor as it receives regulatory certification
IB develops a number of ready-to-use software applications for the healthcare industry focused around medical imaging for conditions such as brain tumours.
The company has also recently received ISO 13485:2016 certification for its products, an internationally recognised quality standard supporting the design, development, manufacture, and distribution of medical devices that is a regulatory requirement for the industry.
StoneChecker clinches first commercial order
IQ-AI also received the first commercial order for its StoneChecker kidney stone medical imaging software from a “prominent” South Korean hospital.
Given that the country has an estimated 300,000 new cases of kidney stone disease each year, despite a population of only 51mln, South Korea is a key market for IQ-AI.
StoneChecker has already received European CE clearance, while approval from US regulators is expected soon.
The group is also working to tackle the relatively new issue of gadolinium toxicity, having filed a patent in October for gadolinium-free magnetic resonance imaging (MRI).
Gadolinium is the name for a group of chemical substances used in MRI scans, however research over the last decade has revealed that the compounds can potentially cause nephrogenic systemic fibrosis (NSF) in a small number of patients, particularly those with compromised kidney functions.
IQ-AI reckons it can eliminate the need for gadolinium-based contrast agents in MRI scans, saving healthcare systems money and avoiding the emerging toxicity concerns.
The firm’s invention is based on deep learning techniques – a form of artificial intelligence – using only non-contrast MR images as inputs.
“We believe the potential exists to develop, for the first time, a contrast agent-free imaging technology that should generate output comparable to traditional contrast-based imaging, offering significant savings to global healthcare systems” said David Smith, chief executive of IQ-AI’s operating subsidiaries.
Investors grease the wheels
Shareholders have also been helping to boost momentum at the firm, with the share price rising 18% since early October.
With shares currently trading at around 2.9p, IQ-AI carries a market cap of about £3.6mln.