Medical technology company Echo IQ Ltd (ASX:EIQ) has seen its share price rise more than 11% as clinical tests showed its Heart Failure AI system accurately detected heart failure in 86% of patients.
Results of the two clinical tests – which were run in collaboration with St Vincent’s Institute of Medical Research and the University of Notre Dame in Fremantle – showed that if AI and clinical evaluation were combined, they could raise diagnostic accuracy to 97% among high-risk individuals.
This achievement is a crucial step for Echo IQ, which will be using these results for its FDA application to get its AI solution recognised as a diagnostic tool in the detection of heart failure.
Further underpinning the importance of these clinical tests was the presentation of their results at the European Society of Cardiology (ESC) Congress 2024 – the world’s largest and most renowned cardoliology congress.
Echo IQ’s Chief Medical Advisor Professor David Playford said the study results were a further step in confirming the viability of using AI in this context.
“The findings are compelling and illustrate the capacity of Echo IQ’s AI-backed technology to enhance the diagnostic skills of doctors,” he said.
“As a cardiologist, I am focused on improving the lives of my patients, and look forward to the opportunity to enhance my clinical skills with the use of AI solutions such as this.
“Heart failure is a major global health priority, and widespread application of Echo IQ’s heart failure AI has the potential to improve countless lives by improving the detection rates of heart failure.”
Shares in Echo IQ were trading at 16.7 cents at 12:26 AEST – a rise of 11.67% since the market opened.