Abdul Latif Jameel Health and Butterfly Network enter strategic distribution partnership to bring Butterfly iQ+ ultrasound device to a potential 2 billion¹ people across the Middle East, North Africa, Turkey & India

Rhea-AI Summary

Butterfly Network (NYSE: BFLY) has announced a strategic partnership with Abdul Latif Jameel Health to distribute the Butterfly iQ+ device, the world’s only handheld, single-probe ultrasound system. This innovative device aims to improve access to medical imaging for over 4.7 billion people globally, particularly in underserved communities. The iQ+ is expected to cost under $2,400 and will enable healthcare providers to perform assessments and share images seamlessly worldwide. The partnership will initially target markets in the Middle East, North Africa, Turkey, and India.

Positive

• Strategic partnership with Abdul Latif Jameel Health to enhance distribution of iQ+.
• Addresses medical imaging accessibility for over 4.7 billion people.
• iQ+ expected to cost less than $2,400, making it affordable.
• Utilizes Ultrasound-on-Chip technology, expanding healthcare capabilities.

Negative

• None.

• The Butterfly iQ+ is the world’s only single-probe, whole-body, handheld imaging device with the potential to bring medical imaging to remote communities often for the first time and assist physicians in difficult medical situations.
• The innovative device has been described as ‘the stethoscope of the future – a true window into the body’ – Butterfly Network is committed to democratizing healthcare by making medical imaging accessible to everyone around the world.
• Founded in 2020, Abdul Latif Jameel Health was created as a response to the ongoing global disparity in access to modern medical care, focusing on accelerating healthcare inclusion across the global south.

GUILFORD, Conn. & NEW YORK & DUBAI, UAE--(BUSINESS WIRE)-- Abdul Latif Jameel Health, part of international diversified family business Abdul Latif Jameel, and Butterfly Network, Inc. (NYSE: BFLY), an innovative digital health company working to democratize medical imaging and contribute to the aspiration of global health equity, today announced a strategic distribution partnership to broaden the availability of Butterfly iQ+ - the world’s only single probe, whole-body handheld ultrasound solution.

From underserved communities in the United States, to remote areas of Africa, more than 4.7 billion people around the world lack access to medical imaging². Abdul Latif Jameel Health will introduce the innovative ultrasound product, powered by Butterfly’s Ultrasound-on-Chip^TM technology to markets across the Middle East, North Africa, Turkey, and India.

Fusing semiconductors, artificial intelligence, and cloud technology, Butterfly has the potential to usher in a new era of healthcare with a device that is expected to cost less than US$ 2,400. The product is designed to dramatically expand the capabilities of practitioners working within and outside of hospitals in developed, underdeveloped and remote areas.

Healthcare providers can collect advanced imaging, perform rapid assessments, and guide critical procedures no matter where they are, and share those images seamlessly with doctors across the globe to help with reading and interpreting scans.

Dr. Akram Bouchenaki, Chief Executive Officer, Abdul Latif Jameel Health, said: “The mission that is so clearly driving the development of Butterfly Network and the innovation on display is entirely aligned with our vision at Abdul Latif Jameel Health, of how to improve access to healthcare for those who need it most and drive inclusive health care through innovation.

“The capabilities of this innovative, portable and versatile handheld ultrasound solution know no bounds and we are committed to delivering this technology to serve more than 2 billion people. It is our mission to collaborate with sector disruptors, those who question how healthcare services have always been delivered, and how the billions of people in underserved communities can be better served.”

Butterfly recently announced that its iQ+ device is even being delivered beyond Earth, providing medical imaging on the International Space Station, as part of the 22^nd SpaceX Dragon cargo resupply payload in June 2021.² Once delivered, astronauts will provide feedback on the ease of using the device, the quality of the produced ultrasound images, and the efficiency of image acquisition.

"Our partnership with Abdul Latif Jameel Health is about more than democratizing medical imaging and making it more accessible; it is about empowering all healthcare practitioners with an invaluable, advanced assessment tool,” said Dr. Todd Fruchterman, President and Chief Executive Officer, Butterfly Network. “The power of the Butterfly solution transcends the limits of traditional ultrasound by delivering valuable information to improve clinical decision-making and the care that is delivered. We are excited to work with an aligned partner, like Abdul Latif Jameel Health, to not only get Butterfly in the hands of more clinicians worldwide to improve global health equity, but to level the playing field for all by empowering practitioners to be better clinicians, wherever they may be."

To learn more about this partnership please watch this video: https://youtu.be/UKrPzDSGq-s. To learn about the impact of Butterfly technology and to view a demo of Butterfly iQ+, please visit: https://www.butterflynetwork.com. As part of this collaboration, Butterfly IQ+ will be brought to new markets as detailed above, beginning in the first quarter of 2022.

About Abdul Latif Jameel Health

Backed by Abdul Latif Jameel, one of the most respected diversified family businesses and investors with a 75-year heritage, deep roots, and established networks alongside a multi-sector presence in 30 countries across six continents, Abdul Latif Jameel Health is uniquely positioned as a trusted partner in realizing major innovations and opportunities in the healthcare world.

Abdul Latif Jameel Health reflects the Jameel family’s long-established commitment to innovating for a better future through Community Jameel, an international organization supporting science and technology-led solutions to global challenges. Community Jameel and MIT co-founded the Abdul Latif Jameel Clinic for Machine Learning in Health (Jameel Clinic) in September 2018 – which has rapidly become the very epicenter of AI and healthcare at MIT – and the Abdul Latif Jameel Institute for Disease and Emergency Analytics (Jameel Institute) co-founded with Imperial College London, in October 2019, using novel data analytics to reduce global risk of preventable disease most recently including the 2020 COVID-19 pandemic, and strengthening health systems in the most fragile settings.

Abdul Latif Jameel Health takes this commitment into the commercial environment addressing tangible real-world needs today, for a better tomorrow. It is focused on health care inclusion in the global south, accelerating access to modern medical care for those who need it most by opening up/growing new markets for distribution of existing solutions and investing in the future of MedTech.

Abdul Latif Jameel actively invests in innovative, early-stage and breakthrough ventures and technology, aiming to positively shape the future of core industries driving the global economy through its’ investments that span medical and healthcare industries, from pharmaceuticals and vaccines to cutting-edge medical technology, along with emergent technologies across FinTech, InsurTech, electric vehicles and future mobility solutions.

For further information, visit: https://aljhealth.com and our brand video here.

About Butterfly Network

Founded by Dr. Jonathan Rothberg in 2011 and recently listed on the New York Stock Exchange through a business combination with Longview Acquisition Corp., Butterfly Network created the world's only handheld, single-probe whole-body ultrasound system using semiconductor technology, the Butterfly iQ. Its mission is to democratize medical imaging and contribute to the aspiration of global health equity by making high-quality ultrasound affordable, easy-to-use, globally accessible, and intelligently connected—including for the 4.7 billion people around the world lacking access to ultrasound. Through its proprietary Ultrasound-on-Chip™ technology, Butterfly is paving the way for earlier detection and remote management of health conditions around the world. The Butterfly iQ+ can be purchased online today by healthcare practitioners in the United States, Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, New Zealand, Norway, Poland, Portugal, Spain, Sweden, Switzerland, and the United Kingdom.

Butterfly iQ is a prescription device intended for trained and qualified healthcare professionals only.

For more information, visit www.butterflynetwork.com .

Butterfly Network Forward Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. The Company’s actual results may differ from its expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s expectations with respect to future performance and development of products and services. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside the Company’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the impact of COVID-19 on the Company’s business; the ability to recognize the anticipated benefits of the business combination; the Company’s ability to grow and manage growth profitably; the success, cost and timing of the Company’s product and service development activities; the potential attributes and benefits of the Company’s products and services; the Company’s ability to obtain and maintain regulatory approval for its products, and any related restrictions and limitations of any approved product; the Company’s ability to identify, in-license or acquire additional technology; the Company’s ability to maintain its existing license, manufacture, supply and distribution agreements; the Company’s ability to compete with other companies currently marketing or engaged in the development of products and services that the Company is currently marketing or developing; changes in applicable laws or regulations; the size and growth potential of the markets for the Company’s products and services, and its ability to serve those markets, either alone or in partnership with others; the pricing of the Company’s products and services and reimbursement for medical procedures conducted using its products and services; the Company’s estimates regarding expenses, revenue, capital requirements and needs for additional financing; the Company’s financial performance; the Company’s ability to raise financing in the future; and other risks and uncertainties indicated from time to time in the Company’s filings with the Securities and Exchange Commission. The Company cautions that the foregoing list of factors is not exclusive. The Company cautions you not to place undue reliance upon any forward-looking statements, which speak only as of the date of this press release. The Company does not undertake or accept any obligation or undertake to release publicly any updates or revisions to any forward-looking statements to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based

Abdul Latif Jameel Copyright Notice and Disclaimer

© Meddist Company Ltd. (Abdul Latif Jameel Health). All rights fully reserved. The Abdul Latif Jameel name, and the Abdul Latif Jameel logotype and pentagon-shaped graphic are trademarks, or registered trademarks of Abdul Latif Jameel IPR Company Limited.

The term “Abdul Latif Jameel” refers broadly to several distinct, separate and independent legal entities. Abdul Latif Jameel is not itself a corporate entity, association or conglomerate run by an overarching parent company but merely refers to a group of distinct and wholly separate legal entities that are collectively referred to as Abdul Latif Jameel. Abdul Latif Jameel is not a corporate group as defined in section 1161(5) of the Companies Act 2006.

This document may contain forward-looking statements. Forward-looking statements are statements regarding matters other than historical fact, such as future results, events, activities, developments or circumstances or the beliefs, plans or expectations of Abdul Latif Jameel Health or Abdul Latif Jameel entities or their respective managements. Forward-looking statements often can be identified by the use of words such as ‘expect’, ‘project’, ‘anticipate’, ‘plan’, ‘estimate’, ‘believe’, ‘predict’, ‘intend’, ‘potential’, ‘possible’, ‘probable’, ‘likely’, ‘forecast’, ‘guidance’, ‘outlook’, ‘goal’, ‘target’, ‘may’, ‘will’, ‘should’ or ‘could’ or other similar terms or phrases. However, the absence of such words does not mean that a particular statement is not forward looking. Forward-looking statements are based on expectations and assumptions at the time of such statements and are subject to numerous risks and uncertainties, many of which are outside the control of Abdul Latif Jameel Health or Abdul Latif Jameel entities. Should any of such expectations or assumptions prove incorrect, or should any of such risks or uncertainties materialize, actual future results, events, activities, developments or circumstances may differ materially from those expressed in or implied by forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made, and neither Abdul Latif Jameel Health nor Abdul Latif Jameel assumes, and hereby disclaims, any obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise. All forward-looking statements made by Abdul Latif Jameel Health, Abdul Latif Jameel, or by any person on behalf of any of them, whether communicated in writing, electronically or orally, are qualified in their entirety by the foregoing cautionary statements.

No Offer or Solicitation

This communication is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, or an exemption therefrom.

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1		Cumulative population figures from World Bank/United Nations data for markets subject to the distribution agreement.
2		https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5704652/#R3
3		https://ir.butterflynetwork.com/news/news-details/2021/The-Butterfly-iQ-Catches-a-Ride-on-the-SpaceX-Dragon-to-Space/default.aspx https://finance.yahoo.com/news/butterfly-iq-catches-ride-spacex-120000013.html

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20211115005285/en/

Butterfly Network Contacts:

Media Contact: Holly Spring, media@butterflynetwork.com 781-888-8219

Investors: Agnes Lee, alee@butterflynetwork.com 650-577-9138

Abdul Latif Jameel Health Contact:

Media Contact: Email aljhealth@edelman.com or telephone: +971 54 996 9935 (GMT +4 hours UAE)

Source: Butterfly Network, Inc.

FAQ

What is the partnership between Butterfly Network and Abdul Latif Jameel Health?

Butterfly Network has partnered with Abdul Latif Jameel Health to distribute the Butterfly iQ+, aiming to enhance medical imaging access in underserved areas.

How does the Butterfly iQ+ improve healthcare access?

The Butterfly iQ+ can be used to provide affordable ultrasound imaging, targeting the 4.7 billion people without access to such technology worldwide.

What is the expected cost of the Butterfly iQ+?

The Butterfly iQ+ is expected to cost less than $2,400, making it accessible for healthcare providers.

Where will the Butterfly iQ+ be introduced first?

The device will initially target markets in the Middle East, North Africa, Turkey, and India.

What technology does the Butterfly iQ+ use?

The Butterfly iQ+ utilizes Ultrasound-on-Chip technology, which combines semiconductors, AI, and cloud technology.