HeartSciences Announces Allowance of U.S Patent for AI-ECG Assessment of Left Ventricular and Right Ventricular Heart Dysfunction
Heart Test Laboratories, known as HeartSciences (NASDAQ: HSCS; HSCSW), announced the allowance of a new U.S. patent for their AI-based ECG assessment tool. This technology aims to identify left and right ventricular heart dysfunction, enhancing early detection of heart disease. With heart failure affecting 64 million people globally each year, HeartSciences' AI-ECG algorithms offer a cost-effective solution for early diagnosis, potentially improving patient outcomes and reducing healthcare costs. CEO Andrew Simpson highlighted that this addition strengthens their extensive AI-ECG intellectual property portfolio.
- HeartSciences received a notice of allowance for a new U.S. patent focused on AI-ECG assessment of left and right ventricular dysfunction.
- The patent expands HeartSciences' AI-ECG IP portfolio, enhancing their technological edge.
- HeartSciences' AI-ECG algorithm aims to improve early heart disease detection, benefiting 64 million heart failure patients globally.
- The technology offers a low-cost solution for early diagnosis, potentially reducing healthcare expenses.
- None.
Insights
The recent patent allowance for detecting left ventricular (LV) and right ventricular (RV) dysfunction using deep learning significantly enhances HeartSciences' AI-ECG portfolio. This patented technology is important because it targets heart failure, a prevalent and severe condition affecting millions globally.
The innovation lies in its ability to detect early-stage heart dysfunction, potentially leading to earlier treatments and better patient outcomes. This is particularly valuable in primary care settings where advanced diagnostic tools are often scarce. This patent could position HeartSciences as a key player in improving early detection of heart disease, potentially leading to wider adoption of their AI-ECG technology.
It's important for investors to note that while this patent strengthens HeartSciences' IP portfolio, the actual impact will depend on successful commercialization and integration within existing healthcare systems. Nonetheless, the patent approval is a positive step towards achieving this goal.
The allowance of this new patent holds considerable implications for HeartSciences from a financial perspective. Patents can act as significant value drivers, providing competitive advantages and opening pathways to market exclusivity. This latest addition could attract potential partnerships, licensing deals, or even acquisition interest from larger entities within the medical technology space.
However, while the patent strengthens HeartSciences' intellectual property portfolio, the path to monetization remains complex. Investors should watch for any announcements related to commercialization strategies, partnership agreements, or revenue forecasts that can validate the financial benefits of this patent.
In the short term, this news might create positive market sentiment and a potential uptick in stock prices. Long-term benefits will hinge on HeartSciences' ability to effectively leverage their expanded IP portfolio into tangible revenue growth.
The healthcare market has seen a rising trend in the adoption of AI technologies and HeartSciences' new patent fits well within this trajectory. The early detection of heart disease using AI aligns with increasing demand for innovative diagnostic tools that can improve patient outcomes and reduce healthcare costs.
Given the high prevalence of heart failure and the substantial burden it places on healthcare systems, there is a clear market need for effective, low-cost diagnostic solutions like the AI-ECG. This patent could potentially boost HeartSciences' market share and position them as innovators in the medical technology field.
Nevertheless, the competitive landscape is intense, with numerous companies developing AI-driven healthcare solutions. HeartSciences will need to continuously innovate and validate their technology's efficacy through clinical trials and real-world applications to maintain their competitive edge.
Further expands HeartSciences extensive patent portfolio
Southlake, Texas, July 11, 2024 (GLOBE NEWSWIRE) -- Heart Test Laboratories, Inc. d/b/a HeartSciences (NASDAQ: HSCS; HSCSW) (“HeartSciences” or the “Company”), an artificial intelligence (AI)-powered medical technology company focused on transforming ECGs/EKGs to save lives through earlier detection of heart disease, today announced that intellectual property (IP) exclusively licensed to HeartSciences has received a notice of allowance from the United States Patent and Trademark Office (USPTO) for the detection of left ventricular (LV) and/or right ventricular (RV) dysfunction using deep learning, further strengthening the Company’s AI-ECG IP portfolio.
Heart failure (HF) is a growing worldwide public health issue affecting 64 million people annually1 and is associated with high mortality, lower quality of life and reduced physical capacity while placing substantial costs on the healthcare system. Low-cost testing for heart failure has not been readily available for front-line physicians. With the development of AI-ECG algorithms, HeartSciences improves the early identification of patients that need additional testing, allowing earlier treatment and improved patient outcomes.
Andrew Simpson, Chief Executive Officer of HeartSciences, stated, “This patent allowance further expands our extensive AI-ECG IP portfolio. AI-ECG is set to change the detection of heart disease and this latest patent further bolsters value to HeartSciences and our stakeholders.”
1. GBD 2017 Disease and Injury Incidence and Prevalence Collaborators. Global, regional, and national incidence, prevalence, and years lived with disability for 354 diseases and injuries for 195 countries and territories, 1990–2017: a systematic analysis for the Global Burden of Disease Study 2017. Lancet 2018;392:1789–1858.
About HeartSciences
Heart Test Laboratories, Inc. d/b/a HeartSciences is a medical technology company focused on applying innovative AI-based technology to an ECG (also known as an EKG) to expand and improve an ECG's clinical utility. Millions of ECGs are performed every week and the Company's objective is to improve healthcare by making it a far more valuable cardiac screening tool, particularly in frontline or point-of-care clinical settings. HeartSciences has one of the largest libraries of AI-ECG algorithms and is developing AI-ECG solutions to be made available on either a hardware agnostic cloud-based platform or its proprietary MyoVista® wavECG™ device, to help identify cardiovascular disease in any care setting worldwide in a manner to best suit different care providers. HeartSciences' first product candidate for FDA clearance, the MyoVista® wavECG™, or the MyoVista®, is a resting 12-lead ECG that is also designed to provide diagnostic information related to cardiac dysfunction which has traditionally only been available through the use of cardiac imaging. The MyoVista® also provides conventional ECG information in the same test.
For more information, please visit: https://heartsciences.com/. X: @HeartSciences
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and are relating to the Company's future financial and operating performance. All statements, other than statements of historical facts, included herein are "forward-looking statements" including, among other things, statements about HeartSciences' beliefs and expectations. These statements are based on current expectations, assumptions and uncertainties involving judgments about, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company's control. The expectations reflected in these forward-looking statements involve significant assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Potential risks and uncertainties include, but are not limited to, risks discussed in HeartSciences' Annual Report on Form 10-K for the fiscal year ended April 30, 2023, filed with the U.S. Securities and Exchange Commission (the "SEC") on July 18, 2023, HeartSciences’ Quarterly Report on Form 10-Q for the fiscal quarter ended January 31, 2024, filed with the SEC on March 14, 2024 and in HeartSciences' other filings with the SEC at www.sec.gov. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Contacts:
HeartSciences
Gene Gephart
+1-682-244-2578 (US)
info@heartsciences.com
Investors:
Gilmartin Group
Vivian Cervantes
investorrelations@heartsciences.com
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