Shares inhave skyrocketed over 150%, at one point reaching up to 180% of this morning’s opening share price, following a new deal with “one of the world's leading ultrasound equipment manufacturers.”
The agreement for Intelligent Ultrasound’s AI software marks the company’s first long-term licence and co-development deal.
At the center of the deal is the integration if Intelligent Ultrasound’s real-time image analysis software onto a range of specialized ultrasound systems. The AIM-listed company develops software to boost scanning quality in medical ultrasound specialties, such anaesthesiology, radiology and primary care medicine.
Work on co-development with the OEM partner has already begun with initial royalty per unit revenues expected in 2021 following regulatory approval.
CEO Stuart Gall commented, “This is a milestone agreement for the Group and we are delighted to have signed our first long-term agreement with one of the world's leading ultrasound companies.
We believe that ScanNav is one of the world's first AI software products to provide real-time image analysis and guidance to sonographers during an ultrasound scan. We expect this to be the first of many agreements for our range of AI based image analysis software."
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The UK intellectual property investment group believes this particular partnership will flourish, in part, thanks to UTEQ’s prime location in the “high-tech zone” of Queretaro, cultivating the region’s technology and innovation scene.
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