Echo IQ (ASX:EIQ) has reported notable progress in its quarterly update for the period ending 30 September 2024. The company secured 510(k) clearance from the US Food and Drug Administration (FDA) for its EchoSolv-AS software. This allows Echo IQ to market its technology to healthcare professionals in the United States.
The company also announced a successful capital raise of $7.1 million before costs, which will primarily fund the commercialisation of its heart failure AI solutions.
The EchoSolv-AS software uses advanced AI algorithms to detect severe aortic stenosis, focusing on identifying signs in heart imaging that may be missed during manual analysis. This decision support tool provides healthcare professionals with insights, improving diagnostic accuracy and patient outcomes. The company’s heart failure solutions, also AI-based, analyse large datasets of heart-related parameters to support early detection and better management of conditions, potentially reducing the risk of adverse cardiac events.
In another development, Echo IQ will appoint Dustin Haines as CEO, effective 10 January 2025. Haines, who has extensive experience in the biotechnology sector, will focus on executing the company’s growth strategy in the US market. Andrew Grover, Executive Chair, noted, “Dustin is joining the Company at a pivotal time, and his extensive experience will be invaluable as we seek to drive sales growth for EchoSolv”.