- MyFiziq (MYQ) has signed an agreement with Triage Technologies to use its artificial intelligence (AI) tech within its CompleteScan platform
- The technology can identify 588 skin conditions, including skin cancers, via just a smartphone and is currently available in 200 countries across the globe
- It’s also been tested and proven to be as successful, if not more successful, at identifying skin condition as a certified dermatologist
- MYQ will hand over around US$3 million (roughly A$4.05 million) in cash payments to Triage for the technology and also take a stake in the company
- Shares in MyFiziq were placed in a trading halt ahead of this announcement, with the stock now trading up 12.6 per cent at $1.07 each
MyFiziq (MYQ) has signed an agreement with Triage Technologies to use its artificial intelligence (AI) tech within its own CompleteScan health platform.
MYQ came out of a three-day trading halt to announce the deal before market opened today, leading to a solid bump in MYQ’s share price to back over $1 each.
AI tech
The AI technology MyFiziq has signed on to use essentially works to identify 588 skin conditions, including all skin cancers, via a smartphone.
Triage said the tech was currently available in 200 countries across the globe and over the last year has been used more than 500,000 times.
It has also been tested against dermatologists and proven to be more accurate than a dermatologist at times, with a U.S. patent expected to be granted next year.
The tech itself is also in high demand as an estimated one in five Americans and two in three Australians are sadly expected to develop a skin cancer by the age of 70.
“After losing a close friend to skin cancer, I set out to create the world’s best AI engine that could identify skin conditions in a cheap and accessible manner,” Triage Founder Tory Jarmain said.
“I am proud to say we have achieved this with Triage,” Tory added.
MYQ deal
Under the terms of the agreement, MyFiziq has agreed to pay US$3 million (roughly A$4.05 million) in cash to Triage to access its AI tech.
The company has also agreed to issue US$3 million worth of MYQ shares to Triage, who in return will hand over a 15.19 per cent equity interest in the business to MyFiziq.
The ASX-lister doesn’t expect to generate any immediate material financial return as a result of buying access to Triage’s tech, with revenue instead set to come from future licencing fees.
Both companies have said they expect to integrate Triage’s AI tech into the CompleteScan platform in the next quarter, with a new product to be made available then.
“I have identified Triage as a natural fit for the platform and for the expanded interest which MYQ has developed from the medical and remote care communities for triaging users, not only in the current COVID situation, but also in normal times,” MYQ CEO Vlado Bosanac said.
“Triage brings a complementary offering to our CompleteScan platform, which is ‘assisting in the completion of my vision in creating the ‘Tricorder” of digital health screening in your hand,” he added.
Shares in MyFiziq are trading 12.6 per cent in the green at $1.07 per share at 2:18 pm AEDT.