News and Announcements
Nico.Lab wins grant from European Union for $700k+ & approached to use StrokeViewer® in 3 clinical trials
- Published August 06, 2018 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Nico.Lab wanted to provide an operational update on what the company have been working on since the AUS road show, as they head into the IPO in Q1 2019.
In July, Nico.Lab learned that it had won a grant from the European Union in excess of AUD 700,000. The funds received will be used to implement a project together with a Canadian partner, which received an additional amount AUD 450,000. With this subsidy, Nico.Lab will develop and test a new Artificial Intelligence algorithm to significantly enhance and speed up
stroke treatment in North America. The Canadian partner will develop the ‘visualization’ tool allowing complex output of artery segmentation over time in the brain. If successfully developed, this project will not only strengthen Nico. Lab’s unique product StrokeViewer®, but also allow cross-selling of this product through our Canadian partner upon receiving FDA
approval In Q2, we also engaged the 15 hospitals in the Amsterdam region who approved implementation of StrokeViewer®. Contracting in two hospitals is already under way and expected to close in Q3 2018. We also positioned StrokeViewer® successfully in two other regions where we are now also entering with new contracts.
To add to our positive momentum, Nico. Lab was recently approached to use StrokeViewer® in 3 clinical trials. One in North America, one European and one Dutch. The importance of participating in these trials is important from a revenue perspective, but more importantly, to leverage sales contacts and strengthen the brand awareness of StrokeViewer®,
Nico. Lab also received interest from potential overseas strategic partners, which will not only provide funding possibilities but can also offer immediate access to an existing worldwide sales force. Among these partners are: HP, Intel and Stryker (manufacturer of stents for clot removal in brains), listed on the NYSE. Google off course continues to support, given Nico.
Labs status as worldwide reference for Artificial Intelligence in the cloud. This quarter we will head to see Stryker and Google among other partners with our corporate advisor, Peak in San Francisco.
Given these positive developments it has been decided to accelerate market penetration outside the Netherlands. Together with relevant contacts in Australia, a ‘go to market’ plan is being developed for StrokeViewer® in Australia. Nico. Lab intends to finalize this plan by the start of Q4 2018 with a view to obtaining Australian TGA approval during that quarter.
Expansion to the North American market is expected to occur during Q1 2019. Nico. Lab is recruiting the relevant personnel in order to support this growth with a business development manager being the most recent addition to our team. Interviews are also being held with Artificial Intelligence engineers and regulatory experts, with engagements expected to occur during Q3 2018.
We have recently been working closely with our legal and accounting advisors both in the Netherlands and Australia to ensure that our corporate group is appropriately structured for the IPO. We are currently finalizing the corporate structuring, and once completed, will be in a position to issue investors their share certificates. We anticipate completing this process during August 2018.
Nico.lab’s StrokeViewer® uses AI to reduces time-to-decision for stroke patients to 3 minutes compared to the current manual protocol which can take hours.
StrokeViewer® has been approved for roll-out by 15 hospitals.
The company has an exceptional management team and board, with over €4M and years of research spent to date.
Investors have an opportunity at a compelling €4.5M pre-money valuation, ahead of an ASX listing in Q1 2019.