CALGARY, ALBERTA--(Marketwired - Feb. 26, 2016) - QuikFlo Health Inc. ("QuikFlo" or the "Company") (TSX VENTURE:QF)(FRANKFURT:1QF) is pleased to announce that the Company is currently in the process of submitting applications for non-dilutive funding of approximately $1.6 MM over two years. In addition, the Company will be taking advantage of smaller grant opportunities that may be available from time to time. The funding applications cover the research and development process of QuikFlo's first product of an automated image analysis program for stroke triage. The development process of QuikFlo's software is broken down into the following tasks and milestones:
- Research and development of automated image analysis algorithms;
- Implementation and software design;
- Validations of method and prototype;
- Expert engagement and clinical feedback;
- Regulatory approval process for quality assurance and validation.
The commercialization of QuikFlo's software may take a number of different forms:
- Licensing by the world's 4 major CT machine vendors who provide this equipment for stroke imaging;
- Partnership with telestroke companies who provide long-distance consultation in stroke cases;
- Direct sales to hospitals that have CT capabilities and see stroke patients, but lack the expertise to act quickly.
The Company has a reasonable expectation of receiving at least some of these grants, based on the academic track record and the success of prior research grants that were provided to its co-inventors through their work at the University of Calgary. However, the success and timing of such funds are not assured.
Vinny Jindal, the Company's President and CEO stated: "These non-dilutive funds will allow us to accelerate the development of our technology. In parallel, we are continually seeking other significant non-dilutive funding."
QuikFlo Health is a medical software company developing innovative solutions for the analysis of medical images. Our primary focus is on improving outcomes for stroke patients, where existing time delays are solvable through more efficient triage based on rapid, accurate analysis of medical images.
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.
Cautionary and Forward-Looking Statements
This news release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. Forward-looking statements are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward‐looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although management of the Company believes that the expectations and assumptions on which such forward looking statements and information are based are currently reasonable, actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the Company's ability to identify and complete suitable acquisitions to further the Company's growth, the suitability of the key members of ongoing management and the board of directors, the biomedical and technology sectors in general such as operational risks in development, research and regulatory delays or changes in plans with respect to research projects or capital expenditures; the uncertainty of the market; the uncertainty of estimates and projections relating to costs and expenses; health, safety and environmental risks; marketing and commercialization; loss of markets; competition; ability to access sufficient capital; failure to obtain required regulatory and other approvals and changes in legislation, including but not limited to tax laws, and government regulations, and other risks identified in the recent information circular available on www.sedar.com. Accordingly, readers should not place undue reliance on the forward‐looking statements, timelines and information contained in this news release.
No undertaking is given to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.