Vancouver, BC – March 10, 2020 – Apteryx Imaging Inc. (“Apteryx”) refers to its previous announcement on September 18, 2019 that it had partnered with Lucerne-based 4th IR AG to co-develop cloud-based AI solutions for digital imaging in dentistry.
4th IR has now completed the Caries Module, which is intended to be an AI decision support module for use with Apteryx’s existing software platforms and as a standalone product for the general dental market. Under the software development agreement between Apteryx, Inc. and 4th IR, Apteryx has agreed, in addition to certain cash payments, to issue 4th IR a payment of US$50,000 upon acceptance of the Caries Module, which will be paid in common shares of Apteryx issued at a share price of CDN$0.40 per share.
4th IR is also developing a Quality Assurance Module, which is intended to be an AI module to assist in the identification of image related quality issues for use with Apteryx’s existing software platforms and as a standalone product for the general dental market. Under the software development agreement, Apteryx has agreed, in addition to certain cash payments, to issue 4th IR a payment of US$50,000 upon acceptance of the Quality Assurance Module, which will be paid in common shares of Apteryx issued at a share price of the lesser of CDN$0.40 and the current market price.
The issuance of common shares to 4th IR is subject to the approval of the TSX Venture Exchange. All shares issued will be subject to a four-month hold period.
Under the software development agreement, Apteryx owns all source code and intellectual property rights to the work product. The commercialization of the modules will be subject to regulatory approval, which may include approvals of the U.S. Food and Drug Administration and other government regulators.
To learn more about dental imaging technologies from Apteryx, please visit www.apteryx.com or call 877-278-3799.
About Apteryx Imaging Inc.
Apteryx Imaging has provided dentists and oral health specialists with advanced diagnostic imaging software and device technologies for over 20 years. Our proprietary technologies include XrayVision, XVWeb and XrayVision DCV imaging software solutions, the VELscope Vx Enhanced Oral Assessment and TUXEDO Intraoral Sensors.
Backed by an experienced leadership team and dedicated to a higher level of service and support, Apteryx Imaging is committed to providing dental practitioners with the best technology available by identifying and adding leading products to its growing portfolio. The Company is currently listed on the TSXV under the symbol XRAY, the OTCQB under the symbol APTEF, as well as the Frankfurt Stock Exchange under the symbol XRAY.