Medical technology company Echo IQ (ASX: EIQ) has joined forces with global health imaging company Pro Medicus (ASX: PME) to market its EchoSolv heart failure clinical decision support solution to the US healthcare sector.
Under the terms of a proposed strategic investment and commercial partnership, Pro Medicus will provide Echo IQ with an investment of up to $20 million and agree to become an EchoSolv HF reseller to its extensive network of leading US health systems, academic medical centres, and enterprise healthcare customers.
The investment will be split into two equal tranches, with an initial $10m paid upfront through subscription for secured convertible notes and the remainder payable in the same manner upon EchoSolv HF receiving US regulatory clearance.
Echo IQ expects the funds to provide it with sufficient balance sheet strength to accelerate commercialisation of its AI-powered cardiac diagnostic solutions and broader growth opportunities across the US.
Imaging Software Leader
Pro Medicus is one of Australia’s most successful healthcare technology companies and a global leader in the deployment of enterprise medical imaging software to some of the world’s most demanding clinical environments.
The company’s decision to pursue a strategic investment and commercial partnership with Echo IQ reflects the growing importance of AI within cardiovascular care, while also validating the EchoSolv platform’s clinical utility.
The proposed partnership will look to leverage the complementary nature of Pro Medicus’ enterprise healthcare footprint and commercial reach with Echo IQ’s AI-powered cardiac disease detection capabilities.
It aligns Echo IQ with one of the world’s leading healthcare imaging software companies, creating a potential pathway to accelerate adoption and scale across the world’s largest healthcare market.
Commercial Validation
Echo IQ chief executive officer Dustin Haines said the agreement validated the commercial potential of the company’s AI-powered cardiovascular diagnostic technologies.
“Pro Medicus is recognised globally as one of the most successful healthcare technology companies, with a proven track record of delivering enterprise-scale software solutions to many of the leading health systems and academic medical centres across the US,” Mr Haines said.
“Their decision to pursue both a strategic investment and commercial partnership with Echo IQ reflects the growing clinical relevance of AI in cardiovascular care and
the commercial opportunity we believe exists for the EchoSolv platform.”
“We believe this creates a compelling pathway to accelerate awareness, adoption, and commercialisation of EchoSolv across a broad range of healthcare providers.”
