MaxQ-AI Files for IPO

MaxQ-AI (previously known as MedyMatch) recently filed for an $8 million IPO.  According to Nasdaq, MaxQ-AI filed confidentially on February 13. The prosepectus filed with the SEC describes MaxQ-AI as “a clinical stage artificial intelligence, or AI, company specializing in improving diagnostic accuracy through deep learning technology.”  MaxQ-AI is currently classified as an “emerging growth company” under the 2012 JOBS Act (meaning it had revenues of less than $1.07 billion last fiscal year).  MaxQ-AI’s CEO is Gene Saragnese.

According to it’s website, MaxQ-AI focuses on “artificial intelligence driven diagnostic tools.”  Its goal is “to deliver A.I. based patient specific clinical decision support applications to improve quality outcomes and reduce healthcare costs.”  MaxQ-AI says this will reduce the misdiagnosis rate in the medical industry.  MaxQ-AI is currently focused on “continuing to build out capability in the acute care ER setting with a natural extension into trauma.”

 

MaxQ-AI recently received CE mark approval for its Accipio software platform, which is used for “detection of intracranial hemorrhage” by analyzing non-contrast head CT images.  In addition, MaxQ-AI received a “breakthrough device” designation from the FDA for its Accipio software platform.  According to the prosepectus, MaxQ-AI has not submitted the Accipio products for FDA approval, but plans to do so in the third quarter 2018.

Last year, MaxQ-AI unveiled partnerships with GE Healthcare, Samsung, and IBM.  According to the press releases, each of these companies plans to integrate the Accipio software into existing technology.

MaxQ-AI’s IPO comes on the heels of the busiest quarter for IPOs in three years, according to MarketWatch.  In the second quarter of 2018, sixty companies raised $13.1 billion in IPOs.

Written by: Brandon G. Smith