Echo IQ has secured a strategic collaboration with the Mayo Clinic Platform and raised $17.3 million, advancing its AI-driven cardiology tools towards FDA clearance and US commercial scale.
- Collaboration with Mayo Clinic Platform for EchoSolv HF validation study
- Anticipated FDA clearance for EchoSolv HF in H2 2025
- $17.3 million institutional placement strengthens balance sheet
- Listing on OTCQB enhances US investor access
- Reseller agreement with SARC MedIQ to scale EchoSolv AS across 300+ US sites
Strategic Partnership with Mayo Clinic Platform
Echo IQ Limited (ASX – EIQ) has made significant strides in its US commercialisation strategy during the quarter ended 30 June 2025. Central to this progress is a newly forged collaboration with the Mayo Clinic Platform, the innovation arm of the top-ranked US hospital. This partnership enables Echo IQ to undertake a critical validation study for its heart failure clinical decision support tool, EchoSolv HF, a key step before submitting for FDA clearance anticipated in the second half of 2025.
The agreement also grants the Mayo Clinic Platform rights to deploy EchoSolv HF across its network of 30 hospitals, leveraging proprietary integration software and co-branding opportunities. This collaboration not only validates Echo IQ’s technology but also positions it for broader adoption within a prestigious healthcare network.
Capital Raise and Market Access Enhancements
Echo IQ bolstered its financial position by completing a $17.3 million institutional placement, including participation from company directors. This capital injection provides the company with the necessary resources to advance regulatory approvals, commercialisation efforts, and product development initiatives in the US market.
Complementing this, Echo IQ commenced trading on the OTCQB Venture Market under the ticker ECHQF, enhancing visibility and liquidity among US investors. This move facilitates easier access to US capital markets and broadens the company’s investor base, supporting its growth ambitions.
Scaling EchoSolv AS Through Reseller Agreement
Post quarter-end, Echo IQ signed a significant reseller agreement with SARC MedIQ, a leading US-based AI imaging platform provider. This deal aims to scale EchoSolv AS, Echo IQ’s AI-powered platform for detecting aortic stenosis, across more than 300 healthcare sites including university hospitals and multi-clinic groups.
SARC MedIQ’s extensive network and experience in medical software distribution are expected to accelerate EchoSolv AS adoption, reduce sales costs, and create a predictable revenue stream. The agreement also includes provisions for payment on a per-scan basis, with potential adjustments following CPT code approval.
Regulatory and Clinical Validation Progress
Echo IQ is advancing its application for a Category III CPT code with the American Medical Association, aiming to secure reimbursement pathways for EchoSolv AS in the US. The company has resubmitted its application for the September 2025 AMA panel, reflecting ongoing engagement and refinement of its submission.
Supporting its regulatory efforts, Echo IQ published peer-reviewed research demonstrating the clinical potential of EchoSolv HF’s AI technology to improve heart failure diagnosis precision. This validation underscores the technology’s promise to enhance patient outcomes by aiding timely and accurate clinical decisions.
Outlook and Next Steps
Looking ahead, Echo IQ is focused on completing the Mayo Clinic validation study, advancing FDA submission and clearance, integrating EchoSolv AS through SARC MedIQ’s network, and progressing CPT code approval. These milestones will be critical in driving commercial uptake and establishing Echo IQ’s footprint in the lucrative US cardiology market.
Bottom Line?
Echo IQ’s strategic partnerships and capital raise set the stage for pivotal regulatory approvals and US market expansion in the coming months.
Questions in the middle?
- Will FDA clearance for EchoSolv HF be secured within the anticipated H2 2025 timeframe?
- How quickly can EchoSolv AS scale through SARC MedIQ’s network and translate into sustainable revenues?
- What impact will the CPT code approval have on reimbursement and adoption rates in US healthcare settings?