Optiscan Imaging (ASX:OIL) to acquire intellectual property

• Optiscan Imaging (OIL) enters a binding term sheet with Managing Director Professor Camile Farah to acquire intellectual property
• The intellectual property comes in the form of clinical and histopathological datasets that consists of 228 patient libraries across a range of image types and clinical data
• Optiscan plans to use the data to analyse images and create artificial intelligence algorithms for the development of computer assisted diagnostics
• In exchange for the intellectual property, Professor Farah will receive six million fully-paid ordinary shares placed in voluntary escrow for 12 months from the date of issue
• Optiscan is up 7.14 per cent on the market with shares trading at 15 cents at 2:40 pm AEDT

Optiscan Imaging (OIL) has entered a binding term sheet with Managing Director Professor Camile Farah to acquire intellectual property.

The intellectual property comes in the form of clinical and histopathological datasets that consists of 228 patient libraries of oral cancer, precancer subtypes and normal tissue across a range of image types and clinical data.

This acquisition is expected to improve Optiscan’s current and future US FDA 510(k) submissions and increase the use of its InVivage oral imaging system.

Optiscan plans to use the data to analyse images and create artificial intelligence algorithms for the development of computer-assisted diagnostics.

In exchange for the intellectual property, Professor Farah will receive six million fully-paid ordinary shares which will be placed in voluntary escrow for 12 months from the date of issue.

While the acquisition is subject to shareholder approval, it is expected to be complete on or around December 1.

Optiscan was up 7.14 per cent on the market with shares trading at 15 cents at 2:40 pm AEDT.