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Friday 21 June 2024

Echo IQ (ASX: EIQ): Initiates new clinical study using AI

Artificial Intelligence and Medical Technology company Echo IQ (ASX: EIQ) is pleased to report that it has entered into an agreement with leading Australian research institute, St. Vincent’s Institute of Medical Research (“SVI”), to undertake a new clinical study to establish the operational characteristics of a novel AI-backed solution for heart failure.

Heart Failure Background Echo IQ has developed a novel AI algorithm for the automatic detection of heart failure. This life-threatening condition occurs when the heart is unable to meet the blood flow requirements of the body. Some forms of heart failure are notoriously difficult to diagnose despite established guidelines. Symptoms can include breathlessness, leg swelling, and fatigue. Treatment for heart failure has a significant impact on survival, hence making an accurate diagnosis is of great importance. Echo IQ expects its AI-backed solution may assist in the early detection of the condition and improve a doctor’s potential to expedite recommended treatments which include medication and general lifestyle improvements.

Highlights:

• Echo IQ has developed a novel Artificial Intelligence (“AI”) algorithm for the detection of heart failure

• Agreement with leading Australian research group St. Vincent’s Institute of Medical Research to advance a clinical study using new AI solution to detect risk of heart failure

• Clinical study underway following successful internal validation

Commentary:

Echo IQ Chairman, Andrew Grover said: “This agreement and clinical study with St. Vincent’s Institute considerably broadens the Company’s commercial opportunity and we are extremely excited by the clinical and commercial applications for this innovative new solution. Heart failure is a significant health issue, with more than 50% of sufferers currently dying within 3-4 years. Given the seriousness of this condition and its impact on hospital readmission rates, we are pursuing a clear pathway to obtain insurance reimbursement codes for this solution as a priority. We look forward to updating shareholders of our progress in due course.”

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