DIAGNOS Provides Corporate Update for 2021 and Outlook for 2022
BROSSARD, Quebec, Jan. 26, 2022 (GLOBE NEWSWIRE) — Diagnos Inc. (“DIAGNOS” or the “Company”) (TSX Venture: ADK) (OTCQB: DGNOF), a leader in early detection of critical health issues based on Artificial Intelligence, is pleased to provide a corporate update on its major activities from 2021 operations. DIAGNOS would like to share some of the highlights and successes achieved this past year and also provide some insight into what we are working on for the upcoming year. Although COVID has presented many challenges for the Company, DIAGNOS was able to adjust and address a new Optometry market. The Company believes that the existing Government and Hospital clients should restart their coverage of diabetic patients this year.
2021 was an exciting year of accomplishment for DIAGNOS in terms of new customers and prospects.
On December 06, 2021, DIAGNOS began a clinical trial study with CommonSpirit Health Research Institute, Chattanooga Center for Neurologic Research LLC and conducted at the CommonSpirit Hospital in Chattanooga, to confirm early Proof-of-Concept results that showed a strong potential in the early detection of stroke through the inspection and analysis of the retina, as mentioned in its press release dated 2021-07-20. As per CDC-The Center for Disease Control and Prevention, stroke causes 1 out of every 20 deaths, the management of stroke represents a cost of around USD 34 billion per year in the United States. Hence, early diagnosis and treatment to prevent deaths from stroke is a time sensitive necessity. DIAGNOS’ clinical trials are proceeding well.
DIAGNOS, in September 2021 (see press release 2021-09-02), announced a contract renewal to provide its telemedicine platform based on CARA (Computer Assisted Retina Analysis) to Optina Diagnostics (“Optina”) for an additional three-year period. Optina uses DIAGNOS’ Cloud platform to upload images generated by the Optina-4CTM hyperspectral camera to be used with their awAIrTM Cerebral Amyloid Status test (for Research Use Only). Using the DIAGNOS Cloud platform, the Optina’s proprietary retinal images are processed, securely stored, and available to be shared and reviewed by healthcare professionals and clinics in various locations around the world. Optina benefits from the high throughput of the DIAGNOS Cloud platform as well as the ease of use of the teleophthalmology platform currently used by doctors and other medical professionals.
On August 16th 2021, (see press release 2021-08-16) DIAGNOS entered into a Memorandum of Understanding (MoU) with the Instruments division of Essilor International, a subsidiary of Essilor Luxottica. Essilor International is the world’s leading ophthalmic optics company. Essilor designs, manufactures and markets a wide range of lenses and diagnostic ophthalmic instruments. This MoU forms the basis of a potential distribution agreement with Essilor International for DIAGNOS’ next generation platform for the AI-enhanced analysis of wide-field retinal images, as well as of certain specified future developments of the CARA platform for a variety of applications. Discussions are ongoing.
During 2021, EssilorLuxottica completed the acquisition and integration of GrandVision with its 37,000 employees and operations in over 40 countries. EssilorLuxottica’s retail network now counts around 18,000 stores.
DIAGNOS announced on July 22nd 2021 (see press release 2021-07-22) the opening of five screening clinics at various locations of Magrabi Hospital & Centers (“Magrabi”) located in Riyadh, with the help of its Saudi business partner, Kanhoor Medical Co. (“Kanhoor”). Magrabi is one of the largest eye care networks in the world, providing eye care to more than 1 million patients and performing more than 100,000 sight-preserving surgeries annually. Magrabi operates in 30 locations in the Kingdom of Saudi Arabia, United Arab Emirates, Qatar, Saltanat of Oman, Yemen and Egypt.
The signing of a multi-year agreement in June 2021 with IRIS The Visual Group (1990) Inc. (“IRIS”), (see press release 2021-06-09) created a world leading platform launch for the deployment and enhancement of Artificial Intelligence (“AI”) based tests, screening for vascular changes in the retina for optometry clinics. In addition, DIAGNOS has entered into a 7-year agreement with New Look Vision Group Inc. (“New Look Vision”), IRIS’ parent company. The New Look Vision network totals 406 locations operating across North America. Installations are ongoing.
DIAGNOS announced several agreements in Latin America with Juarez Health & Medical Cluster, Cielo Vista Eye Clinics and Hospital Oftalmologico Buena Vista Sinaloa in Mexico. Grupo Opticalia in its establishment and consolidation in Colombia, COFIDES will help the Company again with its expansion in Mexico.
Multiple new applications involving AI-enhanced retinal imaging to address a growing need for general purpose pathology identification are under development. In addition to localized retinal pathology, such as macular degeneration and glaucoma, certain retinal pathologies are also known indicators of various systemic disorders, including cardiovascular and diabetic diseases.
The Company’s accomplishments in 2021 were truly transformational and have positioned DIAGNOS for success in 2022. Our team at DIAGNOS is committed to the task at hand; delivering growth and value for all shareholders. The Company anticipates being cashflow positive by the end of June 2022. We are thankful to our customers, employees and shareholders for their continued trust, support and belief in our Company.
DIAGNOS also announces the engagement of Red Cloud Securities Inc. (“RCSI”) to provide market making services to the Corporation. As per the agreement signed between RCSI and DIAGNOS, RCSI is entitled to a monthly flat fee of $5,000 for the period of February 1, 2022 to January 31, 2023. Either party may terminate the agreement with a thirty-day notice to the other party. As part of the services to be rendered to the Corporation, RCSI undertakes to use its best efforts to maintain a reasonable and consistent bid and offer spread for the Corporation’s common stock and supply liquidity as needed. The services will be mainly rendered by Mr. Adam Smith who is acting at arm’s length to the Corporation. As of the date of this announcement, RCSI, together with Mr. Adam Smith, own securities of the Corporation in the form of common shares. The engagement of RCSI remains subject to the acceptance of the TSX Venture Exchange.
Red Cloud Securities Inc. is an IIROC investment dealer focused on providing unique comprehensive capital market services and innovative financing alternatives. It was founded by capital markets professionals who designed the firm to service small public and private companies. This solution is a comprehensive platform that provides a full range of unconflicted corporate access services. Offering these services as a unified platform provides the ultimate value proposition for issuers.
DIAGNOS is a publicly traded Canadian corporation dedicated to early detection of critical health problems based on its FLAIRE Artificial Intelligence (AI) platform. FLAIRE allows for quick modifying and developing of applications such as CARA (Computer Assisted Retina Analysis). CARA’s image enhancement algorithms provide sharper, clearer and easier-to-analyze retinal images. CARA is a cost-effective tool for real-time screening of large volumes of patients.
Additional information is available at www.diagnos.com and www.sedar.com
This news release contains forward-looking information. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in these statements. DIAGNOS disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.