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.
Despite previous plans to sell the business, the company has since said it will retain StoneChecker and is now preparing to release version 2.0 of the software in early Q4 2020.
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
- IB Stroke is an application that processes both MR and CT perfusion image sets of stroke victims
- The Keck Medical Center of USC has purchased IB Clinic software used for automatically generating IB's quantitative parameter maps.
- The firm has also launched IB Trax to further build upon its leading position in brain tumour imaging
- IB has achieved the significant milestone of the development of a zero percent Gadolinium-based contrast agents approach
How it's doing
In in its results for the first half of 2020, IQ-AI said treatment priorities are returning to something approaching normal following the disruption caused by the coronavirus (COVID-19) pandemic.
Despite the challenges presented by the COVID-19 pandemic, the company maintained its momentum in the first half of 2020. It said the most notable feature of the half-year was the artificial intelligence development work underway to fully automate the processing and display of its subsidiary, Imaging Biometrics’ (IB) quantitative biomarkers for brain tumour assessment.
IQ-AI's revenue in the first half dipped to £116,842, down from £142,375 in the corresponding period of 2019. The loss before tax expanded to £363,529 from £141,721 the year before.
Cash at the end of June 2020, stood at £611,363, up from £308,185 a year earlier, while the balance sheet also contained assets classified as held for sale valued at £404,348.
- 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
- Stonechecker potential following decision to retain the business
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.