MaxQ-AI Files for IPO

MaxQ-AI (previously known as MedyMatch) recently filed for an $8 million IPO.  According to Nasdaq, MaxQ-AI filed confidentially on February 13. The prosepectus filed with the SEC describes MaxQ-AI as “a clinical stage artificial intelligence, or AI, company specializing in improving diagnostic accuracy through deep learning technology.”  MaxQ-AI is currently classified as an “emerging growth company” under the 2012 JOBS Act (meaning it had revenues of less than $1.07 billion last fiscal year).  MaxQ-AI’s CEO is Gene Saragnese.

According to it’s website, MaxQ-AI focuses on “artificial intelligence driven diagnostic tools.”  Its goal is “to deliver A.I. based patient specific clinical decision support applications to improve quality outcomes and reduce healthcare costs.”  MaxQ-AI says this will reduce the misdiagnosis rate in the medical industry.  MaxQ-AI is currently focused on “continuing to build out capability in the acute care ER setting with a natural extension into trauma.”

MaxQ-AI recently received CE mark approval for its Accipio software platform, which is used for “detection of intracranial hemorrhage” by analyzing non-contrast head CT images.  In addition, MaxQ-AI received a “breakthrough device” designation from the FDA for its Accipio software platform.  According to the prosepectus, MaxQ-AI has not submitted the Accipio products for FDA approval, but plans to do so in the third quarter 2018.

Last year, MaxQ-AI unveiled partnerships with GE Healthcare, Samsung, and IBM.  According to the press releases, each of these companies plans to integrate the Accipio software into existing technology.

MaxQ-AI’s IPO comes on the heels of the busiest quarter for IPOs in three years, according to MarketWatch.  In the second quarter of 2018, sixty companies raised $13.1 billion in IPOs.

Brandon Smith
Brandon Smith is an associate in our Orange County office. His practice is focused on patent litigation and prosecution. Mr. Smith earned his Bachelor's of Science in Biomedical Engineering at California Polytechnic University, San Luis Obispo. Mr. Smith received his J.D. from the University of San Diego School of Law where he was Editor-in-Chief of Volume 52 of the San Diego Law Review. Mr. Smith was a summer associate with the firm in 2014 and joined the firm as an associate in 2015.
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