Complete IRB-approved research study in Q2-2023
Commercialize BRAIN AGEtm in Q4-2023
TORONTO, Jan. 31, 2023 (GLOBE NEWSWIRE) -- DiagnaMed Holdings Corp. ("DiagnaMed" or the "Company") (CSE: DMED), an artificial intelligence-driven digital health company focusing on improving brain health, today provided an update on its development and commercialization plans and expected milestones in 2023 for BRAIN AGEtm, a proprietary electroencephalogram-based ("EEG") artificial intelligence solution to detect and monitor an individual's brain age, as a potential brain health solution for athletes, and those diagnosed with a mental health and neurodegenerative condition.
"For nearly two years, we have been working on the development of a clinical-grade solution for BRAIN AGEtm that can be utilized in thousands of sports, mental health and neurology clinics committing to improving the brain health of over 50 million patients in the U.S.," said Fabio Chianelli, Chairman of DiagnaMed. "BRAIN AGEtm has the potential to be the only simple and affordable solution for licensed professionals to detect and monitor their patients' brain age. We expect to have BRAIN AGEtm available in clinics in Q4-2023."
The Company entered into an exclusive worldwide license agreement with Drexel University for the intellectual property of BRAIN AGEtm. In addition, it commenced late-stage development under a sponsored research agreement led by Dr. John Kounios, PhD, Professor of Psychological and Brain Sciences at Drexel University. The current development of BRAIN AGEtm is focused on integrating its software components into a unified turnkey pipeline, developing a standardized EEG recording protocol, collecting new EEG data from an ongoing research study, and using the latest data to validate the BRAIN AGEtm machine learning model for regulatory marketing authorization in the U.S.
Expected Milestones and Market Opportunity
In Q2-2023, the Company expects to complete its IRB-approved research study involving 100 subjects assessing the stability and reliability of BRAIN AGEtm over time which would finalize the headset, software, and brain age estimation modules. Once this is completed and if successful, the Company will seek to obtain regulatory authorization to market BRAIN AGEtm as a clinical tool in the U.S. by Q4-2023.
Commercialization and Market Opportunity
The Company is preparing for the build-out of its BRAIN AGEtm clinical provider network, which would be comprised of up to 10,000 licensed physicians, specialists (i.e. mental health, neurology) and sports clinics in the U.S. where the BRAIN AGEtm solution could be offered to eligible patients. The Company believes that the potential initial target market population for BRAIN AGEtm, comprised of athletes, mental health and neurodegenerative patients, is at least 50 million in the U.S. alone.
About BRAIN AGEtm
Currently, brain age is detected through various techniques, including magnetic resonance imaging (MRI) and positron emission tomography (PET). Both are expensive, complex, time-consuming, unscalable, intimidating, and require a large space to operate. EEG, which measures electrical activity in the brain, has shown potential due to the development of next-generation miniaturized EEG headsets. However, using EEG requires precise placement of nodules on a person's head and sophisticated and validated machine learning algorithms that analyze data to predict brain age.
BRAIN AGEtm offers an alternative solution to MRI and PET scans. BRAIN AGEtm combines a proprietary 16-channel wearable EEG headset and machine-learning technique for assessing whether an individual's brain is aging more quickly or slowly than is typical for healthy individuals. This method provides a window into general brain health by detecting the combined effects of physiological, pathological, genetic, environmental, and lifestyle factors that affect the rate at which a brain ages. Some people's brains function as if older than their chronological age; other people's brains function as if younger. The difference between chronological age and brain age is called the brain-age gap. It is believed that understanding how brains age is important for understanding and diagnosing age-related neurological disorders and mental health conditions so they can be detected, monitored and treated early. BRAIN AGEtm is an important resource for understanding how neurological disorders, brain injuries, and environmental insults may prematurely age a brain and how particular interventions and lifestyles may preserve or enhance it. BRAIN AGEtm aims to be affordable, easy to use, patient-compliant, and available at doctor's offices and specialty sport, mental health and neurology clinics globally.
About DiagnaMed Holdings Corp.
DiagnaMed Holdings Corp. (CSE: DMED) is an artificial intelligence-driven digital health company focusing on improving brain health for mental health and neurodegenerative disorders. The Company is developing BRAIN AGEtm, an electroencephalogram-based (EEG) artificial intelligence solution to detect an individual's brain age for clinical and home use. Learn more at DiagnaMed.com.
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Chairman of the Board
DiagnaMed Holdings Corp.
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