Echo IQ Signs Integration Agreement With Flagship US Hospital

December 10, 2024 at 14:00 PM EST

Integration agreement secured with Beth Israel Deaconess Medical Center, Boston USA

Integration follows successful trial of EchoSolv-AS by Beth Israel researchers on a historical cohort of 31,000 patients
Trial successfully validated the technology's key performance metrics, accuracy and potential to identify additional patients with Aortic Stenosis (AS)
Beth Israel Deaconess Medical Centre (BIDMC) is a world-renowned health facility of the Harvard Medical School
The organization undertakes 30,000 echoes annually

SYDNEY, AUSTRALIA / ACCESSWIRE / December 10, 2024 / AI and Medical Technology company Echo IQ Limited ("the Company") (ASX:EIQ) is pleased to advise that it has commenced integration of its EchoSolv-AS solution with Beth Israel Deaconess Medical Center (‘Beth Israel' or ‘BIDMC'), a leading Harvard Medical Teaching Hospital in Boston, Massachusetts. This marks Echo IQ's flagship deployment of EchoSolv-AS with a major hospital group in the USA, following the recent receipt of FDA clearance (refer ASX announcement: 8 October 2024).

Beth Israel is an academic medical center specializing in the latest technologies and teaching initiatives. It hosts 743 licensed beds, manages 37,606 inpatient discharges per annum and has nearly 50,000 emergency department visits and 803,000 outpatient visits annuallyⁱ. The organization undertakes approximately 30,000 echocardiograms yearly, and the integration is expected to further validate the application of EchoSolv-AS in real life practice.

The integration follows the completion of a successful trial of EchoSolv-AS at Beth Israel in September 2024, in which BIDMC researchers validated the technology's key performance metrics.

During the trial, BIDMC tested EchoSolv-AS across routine echocardiographic reports from over 31,000 US Medicare beneficiaries at Beth Israel. EchoSolv-AS identified 98% of patients who met clinical guidelines for severe aortic stenosis (‘AS'), as well as more than 1,000 patients who likely had severe AS, but did not meet clinical guidelines. Non-guideline patients had the same risk of death as those with severe AS, but only 6.6% of them received life extending treatment, compared to 20.2% of patients who were diagnosed with severe AS. The findings of the clinical trial were published in medical research journal, JACC Advancesⁱⁱ.

To integrate the technology, BIDMC will utilise EchoSolv-AS on a no-cost basis while the Company pursues relevant reimbursement codes for users of the technology under insurance. Reimbursement codes are anticipated to be secured in the coming quarters, marking an important commercial milestone which when achieved will allow for first revenues to be recognized.

The Company is confident that this flagship integration and deployment through BIDMC will provide important exposure for EchoSolv-AS across the industry, as well as increased real-world data highlighting the considerable benefit of the technology. Echo IQ remains in advanced discussions with other US hospital groups and expects further deployments to materialize over the coming months.

Management commentary:

Head of Cardiovascular Research at the Richard A. and Susan F. Smith Center for Outcomes Research at BIDMC, Dr Jordan B. Strom, MD, MSc said: "We are excited to collaborate with EchoIQ to deploy and evaluate their innovative EchoSolv-AS technology which detects the phenotype of individuals with severe AS. Incorporation of novel AI software such as this into clinical practice has the potential to improve the quality of echocardiogram reporting and identify at-risk individuals with the goal of improving the health and outcomes of the individuals we treat daily at BIDMC. This integration further underlines our resolute commitment to delivering the highest standards of clinical excellence to our patients."

Incoming CEO, Mr Dustin Haines said: "To have secured Beth Israel as our flagship deployment hospital in the US marks an early vote of confidence in the Company's EchoSolv-AS technology. Furthermore, it follows an independent trial undertaken by BIDMC researchers which validated the key performance metrics and accuracy of EchoSolv-AS across the hospital's extensive historical patient population. We look forward to providing further updates as this integration and others progress over the coming months."

Additional developments:

Further to the flagship deployment with Beth Israel, the Company advises it has integrated EchoSolvAS with four additional hospitals in the US. The new sites chose to utilize EchoSolv-AS as part of their existing use of Studycast (refer ASX announcement: 13 June 2023) and mark the commencement of a broader roll out across the USA through integration partners.

The additional hospitals are located in New York, Alabama, Dallas and Oklahoma and will allow Echo IQ to further expand its US foothold, prior to the receipt of reimbursement codes.

Further, the Company intends to commence a medical device pilot trial of EchoSolv-AS this year which will be rolled out as a quality assurance and patient recall program to highlight at risk patients for further review across Australia and New Zealand.

About Beth Israel Deaconess Medical Center

Beth Israel Deaconess Medical Center is a leading academic medical center, where extraordinary care is supported by high-quality education and research. BIDMC is a teaching affiliate of Harvard Medical School, and consistently ranks as a national leader among independent hospitals in National Institutes of Health funding. BIDMC is the official hospital of the Boston Red Sox. Beth Israel Deaconess Medical Center is a part of Beth Israel Lahey Health, a health care system that brings together academic medical centers and teaching hospitals, community and specialty hospitals, more than 4,700 physicians and 39,000 employees in a shared mission to expand access to great care and advance the science and practice of medicine through groundbreaking research and education.

About EchoSolv-AS:

EchoSolv-AS is a machine learning and AI-based decision support software specified for use as an adjunct to echocardiography for assessment of severe Aortic Stenosis. When used by an interpreting physician, EchoSolv-AS provides information to facilitate rendering an accurate diagnosis of AS. EchoSolv-AS includes both the algorithm-based Aortic Stenosis phenotype analysis and the application of recognized Aortic Stenosis clinical practice guidelines.

Disclosure:

Dr Jordan B Strom serves as a member of the Scientific Advisory Board for Echo IQ. Dr Strom discloses that he has received consulting fees in this capacity.

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Authorized for release by the Board of Directors of Echo IQ Limited.

Investor inquiries:

Andrew Grover, Executive Chair

Andrew.grover@echoiq.ai / investor@echoiq.ai

Henry Jordan, Six Degrees Investor Relations

Henry.jordan@sdir.com.au / +61 (0) 431 271 538

US Press Inquiries:

Jessica Goldberg

jgoldberg@rebelgail.com/ 212-675-8551

ABOUT ECHO IQ

Echo IQ uses AI-driven technology and proprietary software to improve decision making in Cardiology. The company is based in Sydney, Australia.