Echo IQ closer to commercialising EchoSolv heart screening platform
Echo IQ says its EchoSolv heart disease screening platform has the potential to better evaluate and manage patients with aortic stenosis.
Medical technology company Echo IQ (ASX: EIQ) has reported the achievement of several milestones during the six months to December as it advances towards commercialisation of its EchoSolv heart disease screening platform.
The company increased its profile with leading influencers in the scientific and healthcare communities, demonstrated positive results in two clinical trials and positioned itself to see initial commercial uptake of the cloud-based product later this year.
Central to its half-year achievements was the presentation of a research paper to delegates at the European Society of Cardiology conference in Spain outlining its technology which seeks to improve the identification of aortic stenosis.
New appointment
In September, Echo IQ appointed medical technology veteran Don Fowler to the newly-created role of president for its US division.
Mr Fowler brings with him more than 30 years of executive leadership in high technology medical systems, with particular expertise in business scale-up and commercialisation.
Much of that time has been spent with medical imaging giant Siemens Healthcare (US) and Toshiba (America) Medical Systems, where he held the roles of president, chief executive officer and director.
Mr Fowler’s technical knowledge, industry experience and network of decision-makers in Echo IQ’s priority channels (including hospitals, diagnostic labs and specialist physicians) is expected to help the company fast-track the introduction of its novel AI-backed solutions for structural heart health.
Clinical efficacy study
In December, Echo IQ reported positive results from an EchoSolv clinical efficacy study conducted at Harvard Medical School’s Beth Israel Deaconess Medical Centre.
The study demonstrated that the screening platform could identify a significant proportion of untreated patients who fall within current treatment guidelines based on echocardiographic criteria.
A separate cohort of patients outside current guidelines was also identified as being at similar risk of mortality.
Echo IQ said the technology had the potential to streamline clinical practice to better evaluate and manage patients with aortic stenosis.
Positive results
Towards the end of the period, Echo IQ announced a second set of positive results from a clinical study at Melbourne’s St Vincent’s Hospital, whereby EchoSolv was able to identify 100% of patients with severe aortic stenosis within current clinical guidelines.
The platform identified an additional group of patients at significantly increased risk of the disease.
The company said EchoSolv’s value to clinical practice was demonstrated by the fact that the platform was able to identify 45% of patients with guideline-severe aortic stenosis which has not been detected by cardiologists.
Financials
At year end, the company had a total cash balance of $3.5 million comprising cash equivalents of $1.03 million and term deposits of $2.5 million.
In October, Echo IQ completed a $3.5 million capital raising designed to provide future financial flexibility.
Funds raised will also provide the operating foundation for US commercialisation activities.