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AI/ML Innovations Inc. introduces its proprietary Long ECG Neural Net technology, reducing labeling of long ECGs from days to minutes. The technology offers high accuracy, depth, and insight into cardiac data, catering to cardiologists, researchers, and pharmaceuticals. With over 100 million ECGs performed annually in the USA, this innovation aims to revolutionize ECG analysis, potentially detecting and predicting cardiovascular diseases. The company plans for FDA approval, online access, and accelerating diagnoses and predictions.
AI/ML Innovations Inc. has entered into a binding Letter of Intent to acquire strategic healthcare assets from Naiad Labs Inc., including a Long ECG Neural Net that reduces reading time to under 5 minutes. The acquisition involves issuing 6,700,000 Common Shares valued at $469,000 to Naiad, creating a new operating subsidiary, paying a streaming royalty, and granting stock options to Naiad management. The deal is non-arm's length due to AIML's Interim CPO's association with Naiad Labs. The closing is subject to due diligence and regulatory approvals, aiming for completion by May 30, 2024.