EQS-News: Predictmedix: How Artificial Intelligence is revolutionizing medical diagnostics

At the latest since ChatGPT, it should be clear to the last person how quickly and how radically artificial intelligence (AI) is changing our lives and habits. The change is unstoppable and it will undoubtedly continue to accelerate. In fact, we already use AI on a daily basis - mostly without even realizing it: when choosing what news to watch (which the platforms do for us) or when navigating by car. It won't be long before AI revolutionizes medical diagnostics as well. That's what publicly traded startup Predictmedix (CSE: PMED, OTC: PMEDF, FRA: 3QP), led by Indian-Canadian Scientist Dr. Rahul Kushwah, is all about.

The three-year-old Toronto-based company has developed a multi-patented platform that uses multispectral optical methods to detect vital signs such as body temperature, pulse, blood pressure, fatigue, and even drug and alcohol use in seconds - all without contact. The AI technology developed by Predictmedix, in enables a measurement accuracy of as high as 99.7 percent. Goodbye clinical thermometers! The handheld thermometers used during the Covid pandemic were primitive tools with measurement error of upto 50 percent compared to Predictmedix's technology. Using PredictMedix technology in a matter of seconds one has access to an individual’s vital parameters such as heart rate, breathing rate in addition to temperature with high accuracy.

One can imagine how such optical methods will one day be used as standard in hospitals or doctor's offices. Just as it is taken for granted that a cuff will be put on to measure blood pressure today, in the future a multitude of measurement data will simply be recorded by camera and immediately evaluated by means of an algorithm. Anyone who has experienced the time constraints of doctors who are responsible for an ever-increasing number of patients knows that doctors will be happy to use such aids - not as a substitute for their diagnosis, but as an aid.

The scenario described above may still be a few years away. But PredictMedix is already getting started with its first applications: to launch its platform, the company is focusing on "screening as a service" and placing its "Safe Entry Station" in entry points for security-related industries such as mining, manufacturing, warehousing, construction and hospitals. While the platform comes too late for Covid, the ability to search for infectious disease symptoms exists. But even without that, the workplace safety market is growing. Revenues in the sector were estimated at $14.2 billion in 2022. Experts expect revenues to triple over the next decade to $39 billion.

PredictMedix's Safe Entry Stations use multispectral cameras to analyze physiological data patterns and detect signs of fatigue, impairment from cannabis or alcohol, infectious diseases and critical physiological parameters. The data remains on-site and is not personalized. The platform thus ensures personal privacy.

Open platform - new diagnostic tools work like apps on a smart phone

The PredictMedix platform is open for further diagnostic algorithms at any time. In principle, new functions can be installed just as easily as apps on a smart phone. Artificial intelligence could, for example, be trained to recognize the earliest signs of dementia or Parkinson's disease, but also for high blood pressure or diabetes. PredictMedix's unique selling point is not just its patented software, but its access to clinical validation.

Just a few days ago, the company announced the successful connection of a 400-patient study at MGM Healthcare (one of the largest groups of medical universities in India). The study was designed to determine how efficient the technology is. The verdict from the Indian physicians is clear: "Safe Entry is ideal for use in hospitals to non-invasively screen patients for various diseases by checking vital signs. We found Safe Entry to be very accurate in measuring vital signs such as temperature, heart rate and respiratory rate. Our overall assessment of Safe Entry was very positive as it was used in several areas during the height of the covid outbreak at our hospital. Safe Entry was deployed at MGM for over 18 months, with several upgrades to the AI algorithms and models."

Recurring revenue through software as a service

Safe Entry has now reached a mature stage for commercialization. The first orders are expected soon. In the process, Screening as a Service offers the opportunity for recurring revenue with high margins and multi-year contracts. The technology behind Safe Entry is secured and proven (it is CE and ISO certified). Safe Entry gives organizations around the world the confidence and effectiveness they need through countless deployments and events with glowing reviews and successfully published trade journals.

A few days ago, Predictmedix completed a CAD 612,000 private placement, issuing 12.25 million shares at CAD 0.05. Currently, the stock is trading at 0.10 CAD, which corresponds to a market value of just 12 million CAD. The chart reveals that PredictMedix has already traded at more than one dollar at the beginning of the Corona Pandemic. At the time, however, the technology was not mature and the company unfortunately missed the pandemic-related demand for secure access solutions. PreditMedix's technology goes far beyond the temporary state of exception during a pandemic. The platform represents a piece of the future of medical diagnostics.

Conclusion: Predictmedix is a pioneer in the field of AI assisted diagnostics. Predictmedix's Safe Entry Stations are just the beginning. The company is already working on mobile designs where data can be read on an I-Pad, for example. In any case, the platform can be expanded in all directions, and because of its clinical validation, the measurement data is particularly valuable. The potential of the technology can be glimpsed if one takes the perspective of a manufacturer of conventional medical measuring devices for a moment. Think of thermometers, blood pressure monitors, etc. There is no doubt that by combining AI with optical measurement techniques, many devices can be replaced or supplemented in the future. The logic is the same as it was at the time with the I-Phone, which was simultaneously a phone, a music playerand a camera, but which only really took off because of the ecosystem of apps (in this case AI). We predict a great future for PreditMedix's technology. That's why we want to keep an eye on the company's further development from now on.

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According to §34b WpHG and § 48f Abs. 5 BörseG (Austria) we would like to point out that GOLDINVEST Consulting GmbH and/or partners, principals or employees of GOLDINVEST Consulting GmbH hold shares of Predictmedix and therefore a conflict of interest exists. GOLDINVEST Consulting GmbH also reserves the right to buy or sell shares of the company at any time. Furthermore, GOLDINVEST Consulting GmbH is remunerated by Predictmedix for reporting on the company. This is another clear conflict of interest.