Upcoming Clinical trial in North American Hospital Expected to Provide Additional Third-Party Validation Ahead of Planned Commercial Launch
Toronto, ON – January 12, 2022 – Predictmedix Inc. (CSE:PMED) (OTCQB:PMEDF) (“Predictmedix” or the “Company”), an emerging provider of rapid health screening solutions powered by proprietary artificial intelligence (AI), today announced the results of its latest study using the company’s proprietary AI technology (patent pending) to detect alcohol and cannabis impairment, along with an upcoming trial in a North American clinical setting.
Predictmedix’s proprietary impairment detection technology detects cannabis and alcohol impairment using AI algorithms based on a multiparametric approach to identify unique features from multispectral imaging and voice analysis. The Company filed a US patent in 2020 (SYSTEMS AND METHODS FOR DETECTING IMPAIRMENT OF AN INDIVIDUAL, Publication number: 20200387696). The technology does not require biological fluids and is contactless, quick, and easy to use, cost-effective, and provides immediate results.
In a supervised environment with 128 participants, the Company’s proprietary AI technology demonstrated a 79-87% efficacy in identification of cannabis impairment and 76-92% efficacy in identification of alcohol impairment (depending on the amount of cannabis or alcohol consumed by the subject).
Building on the datasets and insights from this and other previous research and studies, we are excited to commence an additional clinical study in February 2022 with researchers and doctors at a North American hospital. If the study shows similar results, the hospital study will provide a third-party independent validation of the Company’s impairment detection solution ahead of commercial launch.
The data collected can be used by the Company to further fine-tune the AI algorithms. The results of the independently validated study will be published in a peer-reviewed medical journal. The Company has engaged an accredited consulting firm to assist the Company in seeking classification of the technology as a class II medical device in the US.
“We are incredibly pleased with the ability of our technology in detecting both Cannabis and alcohol impairment, which presents a global opportunity in industry-wide workplace settings and law enforcement agencies,” said Dr. Rahul Kushwah, Interim Chief Executive Officer of Predictmedix. “While the results as they stand now are impressive, it is important to note that, as an AI-based solution, the technology is inherently self-learning. Given this aspect of the technology, its efficacy should continue to improve over time as more data is obtained and processed, causing the system to become ‘smarter’.”
“Organizations are extremely concerned about workplace impairment and resulting injuries and accidents due to alcohol and drug use. We know from many studies that blood and oral fluid THC concentrations are relatively poor or inconsistent indicators of cannabis-induced impairment, so it is essential for employers to have an impairment detection solution that is accurate, contactless, quick, easy to use, cost-effective, and provides immediate results for both cannabis and alcohol presence,” stated Sheldon Kales, Chairman of the Board of Directors.
About Predictmedix Inc.
Predictmedix (CSE: PMED) (OTCQB: PMEDF) is an emerging provider of rapid health screening and remote patient care solutions globally. The Company’s Safe Entry Stations – powered by a proprietary artificial intelligence (AI) – use multispectral cameras to analyze physiological data patterns and predict a variety of health issues including infectious diseases such as COVID-19, impairment by drugs or alcohol, or various mental illnesses. Predictmedix’s proprietary remote patient care platform empowers medical professionals with a suite of AI-powered tools to improve patient health outcomes. To learn more, please visit our website at www.Predictmedix.com or follow us on Twitter, Instagram or LinkedIn.
Investor Relations Contact
Lucas A. Zimmerman
MZ Group – MZ North America
Caution Regarding Forward-Looking Information:
THE CANADIAN SECURITIES EXCHANGE HAS NOT REVIEWED NOR DOES IT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results of the Company. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management’s reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances. The Company’s securities have not been registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or applicable state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or “U.S. Persons”, as such term is defined in Regulations under the U.S. Securities Act, absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful. Additionally, there are known and unknown risk factors which could cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein, such as, but not limited to dependence on obtaining regulatory approvals; the ability to obtain intellectual property rights related to its technology; limited operating history; general business, economic, competitive, political, regulatory and social uncertainties, and in particular, uncertainties related to COVID-19; risks related to factors beyond the control of the Company, including risks related to COVID-19; risks related to the Company’s shares, including price volatility due to events that may or may not be within such party’s control; reliance on management; and the emergency of additional competitors in the industry.
All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except required by law.
Disclaimer: “The Company is not making any express or implied claims that its product has the ability to diagnose, eliminate, cure or contain the COVID-19 (or SARS-2 Coronavirus) at this time.”