What IQ-AI does:
IQ-AI Limited (LON:IQAI) is the company formerly known as Flying Brands. The name change reflected its aspiration of becoming a leader in the field of medical imaging diagnostics. It currently comprises two businesses - Stone Checker Software and Imaging Biometrics (IB).
This predictive, diagnostic software product helps urologists determine whether a kidney stone will disintegrate under a vibration process called lithotripsy. This capability becomes important in determining whether to subject patients to multiple rounds of lithotripsy or send them straight to surgery. Its products are now sold in the USA, UK, The Netherlands, Switzerland, Germany, Greece and South Korea. The business has been put up for sale to free up resources for the company's medical imaging products.
IB provides advanced imaging software used by cancer hospitals and universities in the US such as the Mayo Clinic and Stanford University Medical Centre. One application is commercialising aids in the detection and staging of chronic liver disease, while another “leverages deep learning algorithms” for breast cancer screening.
Its software could become part of the consensus methodology for brain tumour diagnosis and treatment, according to an award-winning research article published in March.
Developments and new products
- Fee per click service to make IB's products more economically accessible and to promote immediate widespread distribution
- IB Server is an application that provides immediate access to the company’s clinically-validated processing algorithms
- Artificial intelligence is being used to enhance and automate software
- PC-based version of IB plugins so the software is available on Microsoft Windows platforms and not just Apple computers
- Gadolinium-free imaging. IB has a patent for an image processing technology that doesn’t use the possibly toxic rare earth metal
- IB has signed a global distribution deal for imaging analysis software designed to detect chronic liver disease
How it's doing
In June, Imaging Biometrics was awarded a US$2.57mln, five-year grant from the US National Institutes of Health (NIH) – National Cancer Institute (NCI).
The effort is a collaboration between IB and the Barrow Neurological Institute (BNI), the Mayo Clinic (AZ), and the Medical College of Wisconsin (MCW).
Chad Quarles, professor and chair of the Division of Neuroimaging Research at BNI is the principal investigator and will lead the effort to provide brain tumour physicians with a novel MRI method that provides several different measures of tumour biology using just one MRI technique called SAGE (spin and gradient echo).
IQ-AI said the additional biological information will help doctors determine how best to combine therapies and complement IB’s current methods of monitoring treatment response.
- Sale of StoneChecker
- In the US alone, failed lithotripsy or sound wave procedures can cost US$2.3bn per year
- Gadolinium free agents momentum builds further
- IQ-AI estimates this market at around US$1.8bn.
All the company's products are based upon digitising information from medical imaging equipment on a voxel-wise basis – a voxel being the three-dimensional (3D) equivalent of a pixel (i.e. a point on a 3D grid).
In the technology IQ-AI is developing, each individual voxel is examined and compared to surrounding voxels, which is often the first step in identifying diseased or compromised tissue.
IQ-AI remains committed to its product development program, which has already produced the Auto-Segmentation, Gadolinium-Free and AI Programs, and is convinced additional products will be generated in future.
“The board believes that a portfolio approach balances risks and opportunities over several different organ systems and that the current AI development pipeline could yield further market-leading products over the coming months and years.”